Secured and unsecured debt and judgements

B

Ben100

Registered User
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5
Hello,

I am looking for advice on my financial situation, I have a mortgage and some personal debts but also have judgements against me as a guarantor.

Mortgage €110000 value of home €105000. Joint with my spouse, I am sole income. To a family with 2 children.

Judgement €53000 to bank as a guarantor. Bank secured Jm on this paying €120pm
Judgement €10400 to finance company as a guarantor paying €60pm
Judgement €9000 to finance company as a guarantor paying €60pm
Credit card debt €5100 paying €150pm
2nd card debt €3500 no current payment

My income is €3510 after tax.
No savings.

Each month is a challenge to break even and a limp to payday, could I apply for a DSA?

Any advice would be appreciated!
 
Hi Bronte,

Thanks for replying!!!

The judgements are for a failed business bank account, I was a joint guarantor. The smaller judgements are also as a guarantor for a 2 vans.

I have not yet spoken to a PIP but intend to and am considering any options possible.
 
Best advice is to talk to a PIP and assess your options. Given that the JM's are registered against your house these may now be regarded as secured debts.
 
So the judgements are now on the house? That means it's 110 + 53 + 10 + 9 = 182K on a house worth 105K.

But you are making repayments on all of them. Are you sure it's not instalment orders you have?
 
I have no installment orders. These payments were agreed between myself and the banks after the judgements were secured so as to prevent any further action. They are also on a 6 monthly basis subject to review each time. Only the large judgment of €53000 is a JM. They are currently pushing me to increase my payments but I really cant afford too. I don't want to be tied to this for the next 35 years! What do you think?
 
As Brendan44 advises;

Get a PIP on the case . It is not realistic to have this over you for umpteen years.
The PIP should give you a viable option that gives closure over a reasonable time frame.
Good luck.
 
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