Alan Eubank
Registered User
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- 5
I have a question, perhaps someone can help?
I am 39 years old, married with four young children.
I bought a house in Monaghan in 2007 for €365,000 mortgage with EBS.
Interest rate variable of around 5%.
Monthly repayments were around €1750.
In 2008 I lost my job, in a very specialised field, and was out of work with no income, eventually got social welfare. €387 per week.
In 2011 I went back to college and retrained.
In 2012 I started working in Northern Ireland, self employed, vat registered, bank accounts and everything with Northern Ireland address.
I have paid Revenue Commissioners and HMRC, vat and income tax.
However I made little or no mortgage repayments from 2011 to 2013 and accumulated arrears.
From September 2013 i made steady monthly repayments of around €800 per month.
On 31st December 2013 EBS wrote to us saying they were commencing legal proceedings.
On 3rd of January we received Notice of Commencement of Legal Proceedings letter from Ivor Fitzpatrick & Co. Solicitors for EBS
Despite the many letters we wrote to EBS and their legal team, everything just seems to escalate, their Arrears Support Unit at one stage were roaring down the phone at me, that it was too late, everything was going legal!
Anyway I got in touch with Irish Mortgage Holders Organisation, and after months of sending requested SFS and bank statements to and fro, the best they could come up with was that we had to commence full repayments immediately and to capitalise the arrears of €70,000 other wise the house would be repossessed.
The banks legal team called personally to our house three times attempting to serve papers. Usually on a Friday evening or Monday evening around 8pm.
Anyway in 20th December last year, with Christmas tree up and four hungry children waiting on Santa we agreed to the "negotiated" figure and signed all we were asked to by the bank - arrears capitalised, new loan total €398,000!
Incidentally a house across the road from us had been repossessed and sold for €88,000 a few months previous.
New monthly repayments were now €2200.
Anyway, this went ok for a few months, but we missed two months in the summer due to having to do house repairs, and now the bank has added on the new arrears to the monthly repayments and we have to pay €2500 per month for the next 12 months.
Im the only one working. I work about 100 hours per week. Rarely get to see the children, because I'm never at home, and when I'm home I'm tired. We don't go out, don't go on holidays, don't drink or smoke, just work. I spend my week juggling money, kiting cheques, constantly playing catch up, running to the bank with money.
I feel like just throwing it all up in the air, I'm wrecked. We also recently learned the house is not insulated to proper standard, has some major defects, and is not in the homebound scheme.
Im wondering because my business and my work is in Northern Ireland, should I just go to Belfast and apply for Bankruptcy. Currently my house is worth about €130,000 and the total debt secured on it is €392,000
I have tried in the past to negotiate some kind of write down but it was a no no, and after all their talk, the bank just want their money in full each month. Im so fed up of it.
Thanks,
Alan
I am 39 years old, married with four young children.
I bought a house in Monaghan in 2007 for €365,000 mortgage with EBS.
Interest rate variable of around 5%.
Monthly repayments were around €1750.
In 2008 I lost my job, in a very specialised field, and was out of work with no income, eventually got social welfare. €387 per week.
In 2011 I went back to college and retrained.
In 2012 I started working in Northern Ireland, self employed, vat registered, bank accounts and everything with Northern Ireland address.
I have paid Revenue Commissioners and HMRC, vat and income tax.
However I made little or no mortgage repayments from 2011 to 2013 and accumulated arrears.
From September 2013 i made steady monthly repayments of around €800 per month.
On 31st December 2013 EBS wrote to us saying they were commencing legal proceedings.
On 3rd of January we received Notice of Commencement of Legal Proceedings letter from Ivor Fitzpatrick & Co. Solicitors for EBS
Despite the many letters we wrote to EBS and their legal team, everything just seems to escalate, their Arrears Support Unit at one stage were roaring down the phone at me, that it was too late, everything was going legal!
Anyway I got in touch with Irish Mortgage Holders Organisation, and after months of sending requested SFS and bank statements to and fro, the best they could come up with was that we had to commence full repayments immediately and to capitalise the arrears of €70,000 other wise the house would be repossessed.
The banks legal team called personally to our house three times attempting to serve papers. Usually on a Friday evening or Monday evening around 8pm.
Anyway in 20th December last year, with Christmas tree up and four hungry children waiting on Santa we agreed to the "negotiated" figure and signed all we were asked to by the bank - arrears capitalised, new loan total €398,000!
Incidentally a house across the road from us had been repossessed and sold for €88,000 a few months previous.
New monthly repayments were now €2200.
Anyway, this went ok for a few months, but we missed two months in the summer due to having to do house repairs, and now the bank has added on the new arrears to the monthly repayments and we have to pay €2500 per month for the next 12 months.
Im the only one working. I work about 100 hours per week. Rarely get to see the children, because I'm never at home, and when I'm home I'm tired. We don't go out, don't go on holidays, don't drink or smoke, just work. I spend my week juggling money, kiting cheques, constantly playing catch up, running to the bank with money.
I feel like just throwing it all up in the air, I'm wrecked. We also recently learned the house is not insulated to proper standard, has some major defects, and is not in the homebound scheme.
Im wondering because my business and my work is in Northern Ireland, should I just go to Belfast and apply for Bankruptcy. Currently my house is worth about €130,000 and the total debt secured on it is €392,000
I have tried in the past to negotiate some kind of write down but it was a no no, and after all their talk, the bank just want their money in full each month. Im so fed up of it.
Thanks,
Alan