Missold Mortgages

True Sarah, hindsight is a wonderful thing, if, it were available before you make the wrong choice. I can see your reasoning wbbs, but fortunately for the banks the same reasoning doesn't' apply, they can borrow billions, bankrupt the country and carry on as normal with no penalties. The sad part is there doesn't have to be debt write down to fix the mortgage crisis, most people are the same as me and would be willing to pay the banks back in full if the banks would show any level of common sense about it, my own example for instance, I pay around 1800 per month on interest payments on the loans, there is no money left over and never will be to pay down the capital debt, why would it not make sense to the banks to say Ok we'll take 1000 euro pm as the interest portion and the remaining 800 would be used to pay the capital down, in 10 years time the negative equity would be paid down and borrowers could sell and repay the remaining debt, and the banks will have made 120000 in interest payments over the same period of time and receive full repayment of debt as well. Instead of forcing people in to short sails and possibly never receiving a fraction of the remaining debt.

You came here looking for practical advise and so far you have not really received much.

I do agree with Bronte that your income appears adequate to live on after paying your loans.

You need to stop focussing on the circumstances surrounding the taking out of the mortgages. It sounds like you were badly advised but at this stage that is ancient history, You should give due consideration to suing PTSB for mis-selling, talk to your solicitor and the decide to forget about it. I very much doubt this is a fruitful road for you.

You say at one point that you have nothing left to loose. Yet that does not really come across in your posts.

You have a home you like, work and a life. You sound to me like you have a lot to lose.

You said that you have not paid the credit cards this month "I was told by PTSB not to pay them" This is back to blaming others, you must decide what is in your best interest, don't rely on PTSB to tell you what to do.

My advice is to continue paying the mortgage capital and interest on your home, if you keep doing that I cannot see your home being repossessed certainly while it is in negative equity.

Next the loan and the credit card. If you put 270 per month in total to these they would be paid off in 6 years. I suggest going to these lenders telling them that PTSB have told you to stop paying them and asking them to freeze interest in return for 300 a month for 3 years and write off the balance. Just keep writing to them telling them this is what you are doing and also tell them that if they accept the money they are accepting your terms.

Then pay IO on the rental properties, you can afford it and in time they may recover the NE or rents may rise, things may improve.

Your situation is difficult but not impossible.

Take your own decisions and tell the bank, don't ask for their instructions

Thank's Cremegg, already contacted my bank today regards consolidating existing loan and the highest credit card debt which is with the same bank, I am hoping that as I have only missed one payment and I have always been up to date on previous loans etc, that they will agree to do this, I have to call in to my local branch on Monday, if it works out I will just be extending the original loan period by a couple of years at very little extra cost per month.

The reason I said I have nothing else to lose is because I know that if I continue paying interest only on investment properties and full repayments on home mortgage it is inevitable that at some point they will come after my home as unless property market recovers at least to a level of the outstanding debt on my investment properties, I am never going to be able to repay the capital.

I have already asked if the capital repayments I am making on my home could be shared equally among the three properties to basically spread the risk, but at least I would be paying some capital off all loans, in the hope that in 10 years time the property market will have recovered and allow me to sell the investment properties and continue paying my home mortgage, they refused, I have asked for an extension to the term of my home mortgage of 7 years to allow me to pay some of the capital on the investment properties, they refused, I have also asked if I continue making full interest payments on the investment properties and continue making full payments on home mortgage, could they guarantee that they wouldn't come after my home if full capital could not be repaid on investments and they said no, even though at that stage 15 years from now they would have received over 200000 in interest on investment properties and would still get value of the sale. They seem happy for me to, a) continue paying current interest only option on investments or, b) sell investments and agree to pay the 105000 deficit there will be between sale price and debt owed, so we have to strongly consider giving up our home now, rather than later when it will be too late for us to start again.

I agree that 1600 a month is adequate to live on but reality of investment properties is they cost a fortune, I had to complete an SFS giving a breakdown of all outgoings, I put down 90pm for maintenance and repairs for each of the investment properties, because the bank feels that is more than a reasonable amount, yet I have had 9 tenants in 6 years, Houses need substantial repairs and maintenance after each tenant and often no rent coming in for 2-3 months, 2 years ago a tenant who had provided good references which I checked moved in to my property, I saw him most weeks when he dropped off a cheque, nice young man, he never missed a rent payment, after 4 months I went to do a check on the property, he had smashed the house to pieces, I am talking claw hammer through most walls, all doors, kitchen cudboards, even the wooden floor in the living room, he had slashed the sofa's all beds and pulled all the wardrobe doors off, seems he had used them for firewood, when I tried to claim off insurance I was told, I could not claim because I had invited him in to the house, I asked what Landlord insurance covered and they told me I was covered for the same as normal household insurance and also covered should the tenant have an accident in the house and claim off me, the repairs cost me 5000, the tenant was charged with vandalism but has now left the country without it ever going to court. I also had the house empty and was paying full interest payments, hence loans and credit cards, point i'm making is a big portion of my 1600pm goes on investment properties, One of my current tenants has not paid me rent for three weeks because she lost her job, her FB page shows she was at Robbie Williams two weeks ago and Slane last week, if I evict her I will have to redecorate the house before letting it again. And chances are it will sit empty for 2-3 months. Sorry for ranting on so much, I was hoping that someone would say offer the banks this or that, I just want my life back.