chuckchuck
Registered User
- Messages
- 2
Hi,
Seeking some advice on which way to go now. I am a Separated Mum trying to manage a home without any support from ex spouse. Have met with Mabs who have advised me to seek an interest only restructure on mortgage to give me time to think on the best route to take as Judicial Separation has only been finalized since July gone. Bank have refused this and want me to agree to sell home on the basis of MIS not being a long term payment and my income at present cannot sustain the mortgage payments.
Income details
Invalidity Pension: 967.33 pm
Household Benefits package: e35.65
Child Benefit: e260.00 pm
Mortgage Interest Supplement: 400.40 pm
Non dependent child contribution: 80.00 pm
e50pm maintenance awarded by court but not received yet
1 adult family
2 dependent children ages 14 & 12yrs
Do you need a car for work or do you use public transport?
Living in the countryside a car is necessary as public transport is limited
Home loan
Lender: Ptsb
Amount outstanding: 171,174
Value of home: Estimate e250,000
Interest rate: 4.3% variable
Monthly repayment: e940.58 due. Paying e500 pm
Amount in arrears: e17,545
Remaining Term: 202 months
Not sure how long in MARP.
No supplement being received from Aug `12 to July 2013 so no regular payments being made during this time.
However, I made payments of e1500 approx from Sept-Dec 2012.
Moratorium also secured from Feb-April 2013.
Regular weekly payments of e125 now being paid since July `13
Ex spouse makes no contribution to mortgage, property upkeep, property insurances nor does he communicate with lenders.
I have kept my lenders informed of my situation since repayment difficulties began.
Judicial Separation finalized in July 2013: Home to be sold in 2022 by court order. 70/30 split in my favour
Approached bank a few weeks ago to apply for an interest only restructure.
This was refused. Bank want me to agree to sell home now. No other options offered.
Credit Union:
Amount of shares: 3,700
Amount of loan outstanding: e13,000
Monthly repayment: e40
Term left: not sure
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding: e1,800.00
Credit Card - amount outstanding e1,700.00
Credit Card - monthly amount you are paying e40.00. No interest or charges are being applied as part of an agreed payment option
How important is retaining the family home to you?
Its important to me to keep the children in their home and this is part of a court order that they remain so.
Any other relevant information
What is your preferred realistic outcome?
Less stress and to be able to manage payments till house has to be sold in 9yrs as per court order and in the meantime hopefully secure any equity in it to enable me to downsize and secure accommodation
Seeking some advice on which way to go now. I am a Separated Mum trying to manage a home without any support from ex spouse. Have met with Mabs who have advised me to seek an interest only restructure on mortgage to give me time to think on the best route to take as Judicial Separation has only been finalized since July gone. Bank have refused this and want me to agree to sell home on the basis of MIS not being a long term payment and my income at present cannot sustain the mortgage payments.
Income details
Invalidity Pension: 967.33 pm
Household Benefits package: e35.65
Child Benefit: e260.00 pm
Mortgage Interest Supplement: 400.40 pm
Non dependent child contribution: 80.00 pm
e50pm maintenance awarded by court but not received yet
1 adult family
2 dependent children ages 14 & 12yrs
Do you need a car for work or do you use public transport?
Living in the countryside a car is necessary as public transport is limited
Home loan
Lender: Ptsb
Amount outstanding: 171,174
Value of home: Estimate e250,000
Interest rate: 4.3% variable
Monthly repayment: e940.58 due. Paying e500 pm
Amount in arrears: e17,545
Remaining Term: 202 months
Not sure how long in MARP.
No supplement being received from Aug `12 to July 2013 so no regular payments being made during this time.
However, I made payments of e1500 approx from Sept-Dec 2012.
Moratorium also secured from Feb-April 2013.
Regular weekly payments of e125 now being paid since July `13
Ex spouse makes no contribution to mortgage, property upkeep, property insurances nor does he communicate with lenders.
I have kept my lenders informed of my situation since repayment difficulties began.
Judicial Separation finalized in July 2013: Home to be sold in 2022 by court order. 70/30 split in my favour
Approached bank a few weeks ago to apply for an interest only restructure.
This was refused. Bank want me to agree to sell home now. No other options offered.
Credit Union:
Amount of shares: 3,700
Amount of loan outstanding: e13,000
Monthly repayment: e40
Term left: not sure
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding: e1,800.00
Credit Card - amount outstanding e1,700.00
Credit Card - monthly amount you are paying e40.00. No interest or charges are being applied as part of an agreed payment option
How important is retaining the family home to you?
Its important to me to keep the children in their home and this is part of a court order that they remain so.
Any other relevant information
What is your preferred realistic outcome?
Less stress and to be able to manage payments till house has to be sold in 9yrs as per court order and in the meantime hopefully secure any equity in it to enable me to downsize and secure accommodation
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