Does the St Vincent De Paul help people like us?

Meltdown, have you tried to restructure your mortgage? That would free up some cash for you. How much is the mortgage principal and over what term?

You have income of over €1700 a month. Your bills for the pair of you (phone, electricity, gas etc...) must top out at below €600 a month. If you have only €92 left for food, then your mortgage must be over €1,000 a month. That's a fairly hefty mortgage for an OAP.

Did you remortgage recently or something? How did you obtain the loan in the first place? Your difficulties are rooted in the fact that you are paying off a huge mortgage on a state pension.
 
Riad,

Meltdown did not ask for a money makeover - just some advice on how to get some help with the situation he is in. If he wanted a makeover he would have went on to that thread. Not everyone wants to disclose their finances to the whole world.

Give him a break - he is already stressed out enough.

Staff
 

I only just noticed your post now - sorry about the delay. These are the contact details for the office in Cork. Good luck with it if you go ahead - it is well worth it. You will make some great friends and it is very rewarding.

Address Ozanam House, 2 Tuckey Street, Cork
Telephone 021 4270444
Fax 021 4270644
Email info@svpcork.ie
 
Thank you Staff - I have just called them, there is an information night on the 29th if anyone else is interested in helping out.
 


Less of the ad hominem stuff, Staff. I am trying to help Meltdown.

The best way for him to get out of the situation he is in is to restructure his mortgage. Food stamps and the SVP will not solve the root of the problem. There is no other way other than to restructure his debts. An OAP cannot pay down a mortgage of over €1,000 a month on a state pension. It is impossible. An OAP on a state pension should never have been given such a mortgage in the first place.
 

Hi Riad

Sorry if you thought I was getting personal - it was not my intention. I just have a habit (good or otherwise) of taking the side of the underdog.

The difference with this case is that the need was immediate - he may well have to look into his mortgage etc but I am no expert in that field and that will take time. Meltdown was literally looking to put food on the table and that is my area.

Again sorry if you thought I was having a go.

Staff
 
The lady who took my call is sending me out an information packet with all the details. I believe it will be in cork city, presumably the main address.

She mentioned the Garda clearance etc. will be done over the coming weeks and we would not be in a position to start until September however training goes on over the summer. Theres a large range of ways we can help - from collections at mass to fundraising to house calls.
 


Yes, I was wondering about that too. How can a 71yr OAP be still on a mortgage? Surely this is unlawful.
 
Because I'm assuming that when the mortgage deal was been done, when calculating the repayment period, the mortgagee must be under or at 65 yrs old when final payments are made? Could be completely wrong on this!
 
UptheDeise said:
Because I'm assuming that when the mortgage deal was been done, when calculating the repayment period, the mortgagee must be under or at 65 yrs old when final payments are made? Could be completely wrong on this!
Click to expand...

Not unlawful, but highly, highly irregular. Why would a bank give a mortgage that size (€1,000 a month) to someone on a state pension?
 
It is neither illegal or irregular to give a mortgage past age 65, in fact most banks in the recent past gave them to age 70 provided there was likelihood of income past 65 e.g. work related pension or lump sum from pension to clear balance. Obviously the OP took out this mortgage when he was neither over 65 or on state OAP. Who knows what his previous situation was, there may have been a plan for paying this mortgage to age 70 but who knows what may have happended to ruin this plan in the current environment, business failure, pension failure, savings in bank shares, umemployment, there is a long list to choose from. The fact that it has continued on past age 70 could easily be accounted for by an arrears build up or a moratorium taken, either could have extended the term.

Unfortunately the chances of OP restructuring mortgage at present time are slim to none due to his circumstances and the banking industry in general.

I hope things improve for them, there is a lot of misery out there at the moment.
 
What would be the cut off point/age? Surely if he got his mortgage say when he was forty that would apply that he's not in negative equity? Could he sell the house, pay off the banks what he owes them and apply for social housing,they would be seen as a priority?
 

Hi Chocolate Cake, welcome to AAM.

In this instance you are well wide of the mark - for the OP to have a mortgage of that size at the age of 71, in his circumstances, is highly irregular. If any bank gave the OP a mortgage of over €1,000 a month when he has no hefty pension pot or other means of income, it would be bordering on the negligent. Also, there is no way the loan could be insured, which is usually a requirement for a mortgage. If it was taken out a long time ago, then the OP must live in a very very large house with a huge amount of equity in it.
 
Hi there,
A few years ago (my mum was in her early 60's) she was interested in possibly buying a rental property. She went to the bank, when they met with her they explained because of her age and the fact that mortgages cannot be given to someone who is 65, the repayments were calculated over 4 years. She obviously didn't buy.
But this would have been around the time banks were starting to do 100% mortgages.
 
My point was we do not know what income OP had when he got the mortgage, he may have had a very good job that he has now lost or have been self employed with a business that has failed like so many others.

I was a mortgage advisor from 1995 to 2009 with a main lender and I can assure you mortgages were given out to age 70 and beyond. As for the insurance side of it, a person can legally waive the need for life cover in certain circumstances one of them being if they are over 50 so insurance is not a requirement with all lenders for mortgages. In fact I saw one case where the applicant was well over 70 on application but very asset rich. It is not uncommon for people age 50 and over to take out mortgages, normally in the recent past as some sort of restructure of debt which could point to a failed business, but as pinkybear says the big problem is the older you get the shorter the term so the repayments are very high. He may have had an income to sustain this at the time, we just dont know.

And before anyone starts giving out about the lending that was done, I totally disagreed with a lot of it but I didnt make bank policy or approve the loans, my job was just to implement it and submit applications.

This is all irrelevant stuff anyway as OP obviously does not have income now, maybe there is equity in the house, maybe not, maybe there is nothing selling where he is, who knows, all we know is they are in a difficult position at the moment.
 
why do i feel so ashamed to ask for help

Hi i seen all the positive comments from users encouraging people to ask for help, i too have picked up the phone to stvp, and put it down again. i gave up job to become carer for mother last sept, i applied for carers allowance, but there is a 12 month wait for this, however my Mom sadly passed away in May this year. me my partner and 3 kids have been living on 400euro a week, needless to say we have used any savings we had, and now im in arears with everything from mortgage to refuse collection. After we pay something off bills we are left with 80 eoro for food, i cant remember the last time i treated the kids to a macdonalds. There just seems to be no way out. i am going to do a carers course next month that will qualify me to work as a carer next may, but am worried how i will pay for fuel/tax/insurance as i live in a rural area, and have had to leave my car in the drive over the last few months. im dreading the cold spell, and xmas. i guess im just going to have to put my pride aside and pray that one day i will be in a position to pay them back, thats if i ever do make THAT call x
 
Evo, there is no shame, please make the call. Often just receiving practical help and advice can make the difference to your life not just practically but in lifting your spirits and helping you see light at the end of the tunnel. You are not alone in that there are many people in the same boat as you but also in that there are people who are willing and able to help.
 
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