Mortgage Arrears and Other Debt

C

CP71

Registered User
Messages
12
Hi,

Hope someone can give me some advice on my debt.

Mortage €240,039.14
including Mortgage Arrears of € 21,482.30
Credit Union Loan € 22,161.48
including Credit Union Loan Arrears of € 14,135.78
Bank of Ireland Unauthorised Overdraft € 14,000.00

My monthly Mortgage repayment is €1190 which I have paid most months and have been short some months. I have mortgage interest relief of approx €260 per month but this now changes depending on how much I've paid the previous month.
My credit Union loan is €131 per week and I can't pay the full amount some weeks.
My BOI unauthorised overdraft is €55 per week and they also heap on around €600 - €700 per quarter of interest fees, so I'm not making much inroads to that. They want me to pay more but I can't. This came about as a result of my ex husband giving cheques which bounced last year and the bank cleared so I had accesss to the money.

Childrens Allowance 390
Credit Union 568
Diesel 300
My Take Home Pay 2066.65
Husbands Take Home Pay 1915
Overtime (Most months) 260
Mobile Phones 55
Telephone/Broadband/Satellite TV 140
Childminder 730
Mortgage 1190
Electricity 200
Groceries 500
Oil 100
Car Insurance 70
Car Tax 115
LPT 25
Orthodontist 200
TV Licence 13.33
BOI 240
House Insurance 21.73
Phonewatch 25.25

My ex also left me with his share of our son's orthodontic treatment. I had my half nearly paid and then discovered he hadn't even paid anything off.
My mortgage is with a sub prime lender, is it possible they might consolidate my existing mortgage and other loans so I can make one payment to them monthly?
 
Just to clarify,you mention a husband and an ex.Are these different people?Do you get maintenance?
 
Hi vandriver,

Yes 2 different people. I last got maintenance about two years ago. I have a court order but was told it's only a piece of paper and if he hasn't got the means to pay anything he can't.
 
Thanks Brendan

Income details
Net monthly 2066.65(i.e. after tax) Income self: nature of income: public servant
Net monthly income partner/spouse: 1915.00 plus another 260 over time most months nature of income: Employed
Income history:
Amount of child benefit received (Should be €130 per child) 390.00

Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for reasonable living expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family
Do you need a car for work or do you use public transport? Car
Number of children 0- 2 years old:0
Number of 3 years old children: 0
Number of 4 - 11 years old:1
Number of 12 - 18 years old:2
Monthly childcare costs: 730
Montly spend on special circumstances: Orthodontist 200



Home loan
Lender: Springboard
Amount outstanding: 240,039.14
Value of home: 170,000
Interest rate: specify whether tracker or SVR or fixed rate SVR
Monthly repayment 1190
Amount in arrears 21,482.30

Summary of discussions and agreements with the banke.g. in Marp since 2010 . Have paid in full most months

Credit Union
Amount of shares 2300
Amount of loan outstanding 22161.48
Monthly repayment 568
Term left 3 years


Other loans and creditors - delete those which don't apply to you
Overdraft - 14000


Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
May be HSE redundancies later this year.

How important is retaining the family home to you?
Which of the following best describes your situation?

I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.


Any other relevant information

What is your preferred realistic outcome?
For example:I know I can make repayments for my mortgage its just the other loans are getting on top of me.
 
using our internal statistical data your living expenses for a family with 3 children (1 under12 & 2 over12) with 1 car would be c38,000 pa or roughly 3,200pm. This excludes childcare and non standard costs, which in your case amount to 930pm. By being frugal you can reduce this level of expense, but I'm assuming that you have currently pared your costs to below that level because your net income is 4,631 and net expenses using the above figures would be c4,130. Very little left over to meet even minimum level of mortgage payment, let alone other debt. Even assuming that you can cut back on the above figurres, you are never going to be in a position where you can meet the non mortgage obligations without an increase in income. You need to obtain advice from a good financial advisor and make decisions based on your ability to pay rather than your current obligations.
 
This came about as a result of my ex husband giving cheques which bounced last year and the bank cleared so I had accesss to the money.
Click to expand...
I'd stop paying this for starters. I know its not much of a saving but the bank have to take some responsibilty here (I assume you did not ask them in good faith to clear them quickly and give you access to the money). Tell them they need to chase your ex for payment.
You mention that the Sub-prime lender said they may be willing to consolidate ? Don't touch that one. They are charging way too much interest already.
Personally, as Brendan44 stated, I would consider giving up the house as the interest rate is huge and will always drag you down. If you plan on this you could stop payments for a while and let them repossess which will take over a year. Use the money saved from that as a rental springboard i.e. keep that money seperate and don't spend it so you have a few bob for moving on.
While giving up the house is a big loss it will free you up to start afresh and things will only get better.
Good luck.
 
44brendan said:
. You need to obtain advice from a good financial advisor and make decisions based on your ability to pay rather than your current obligations.
Click to expand...

Thanks 44brendan. I will look up financial advisors in my area and see what I can do.
 
Hi elcato,
No I didn't ask bank to clear cheques quickly I was a bit surprised when I had access to the money the same day but I just presumed they had sped their systems up a bit. Can they chase my ex even though it's my account that's overdrawn? Would it take up to a year for mortage company to repossess even though I'm in MARP?
 
You must log in or register to reply here.
Back
Top