In deep debt and looking for best option

Alan,

Sounds like you have let the good advice seep in and lessen your anxiety = a big plus.
Remember you killed no-one !
Remember you and your family are important.
Remember you are far far from the 1st to be caught in this housing mess.
Importantly . Think about this;
Mr Bank has lent you money,
Mr Bank has a customer who can,t afford mortgage,
Mr Bank has an asset worth much less than Mortgage; that all adds up to
Mr Bank (not just you) being worried.

So let the brain -cells cool down over Christmas and review with a clearer head in 2016.
Good luck.
 
Hi Alan! I wish you and your family a great Christmas this year.
Try not to let the money worry you.

You have a wonderful family to stand by you.
The money is not important.
 
Hi Everyone, and a Happy New Year to all.
Wel I thought Id update everyone on my progress with EBS so far.
I filled in their SFS and sent it back. I filled it in with realistic figures, and wrote an explanatory note for all the figures i provided. I even included various large debts from the business. Ive sent them the required 6 months business bank statements and also paid them 800euro in January, just so they can't say I'm not paying anything.
Now I have to send them 3 months personal bank statements, and they've been in touch by phone, looking for my UK tax returns (I'm self employed in UK) and my accountants estimate of my future earnings.
I notice that anytime they write to you any correspondence is just signed off as the Arrears Support Unit, you never get a name on a letter for you to respond to.
Very cloak and dagger.
 
Alan Eubank said:
Now I have to send them 3 months personal bank statements, and they've been in touch by phone, looking for my UK tax returns (I'm self employed in UK) and my accountants estimate of my future earnings.
Click to expand...
Tell them you will only respond to written requests.
 
You are looking for them to agree to a reduced payment. Arrears Support Units (ASU) are common to all banks/BSocs and there are no names on letters because there will be no 1 individual dealing with your case. Fairly common practice. Tax returns are needed to verify your historic earnings and accountants estimate of future earnings would also be a standard request from self employed borrowers. Easy option is to send them the information requested as this will only help you getting a decision.
In my experience I have found EBS to be extremely slow in coming back with a decision. In the interim just continue to meet a level of affordable payments.
 
An Update:
I have sent the bank the requested bank statements and my Tax Returns. They called me yesterday by phone and asked me for two things:
1. My accountants estimate of my future earnings. (My accountant says he can write a letter, but that he sees no reason why my income should rise in the foreseeable future.
2. The bank asked me if I had a proposal for them.
Now that they have asked me to make a proposal, which I was never asked the whole time I was in the MARP last time, I feel the tone may be slightly less confrontational.
However, I want to make a realistic proposal, something that will stand up to scrutiny or stress testing, and that won't be dismissed out of hand by the bank. Reality is the outstanding debt is €395,000 the house value is about €140-150,000, and I can only afford to pay about €800-€850 per month. Similar houses would rent for €600-€700 per month in the area, and the house next door to us, which is of a similar standard has been for sale for over 12 months.
Any advice on what proposal I should make to the bank would be appreciated.
Thank you everyone.
 
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