Tracker and positive equity; ptsb refusing any rescheduling under MARP

K

kerrygold!

Registered User
Messages
3
Income details
Net monthly , public servant €2500 p/m
Separated 6 months no maintenance , ex on disability.
Income history:
Amount of child benefit received €260
Amount of Mortgage Interest Supplement received : nil

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 - yes
Number of 4 - 11 years old: 2

Monthly childcare costs: € 650 , cash in hand to local , au pair not feasible as only 1 car and no one to do school pick ups
Monthly spend on special circumstances: e.g. DD has severed allergies and kidney issues could be€ 50 one month , then 150 another it varies .



Home loan
Lender: ptsb
Amount outstanding: 175000
Value of home: ?? 200,000
Interest rate: tracker
Monthly repayment € 850
Amount in arrears €2400

Applied to MARP but was refused any help , appealed with no change



Credit Union
Amount of shares €1000
Amount of loan outstanding € 8200
Monthly repayment €260 reduced from €500
Term left 4 1/2 years


Overdraft - €1200
Credit Card -€750 paying minimum payment
oil €80 p/m budget acc
elec €70-90 p/m
health insurance cancelled
phone € 30
internet 30
sky 20 - wanted to cancel but have no aerial for rte etc....
food €280 p/m again due to dd's allergies shopping is a little more difficult
waste €10 p/m
tv license €13 p/m
property tax 26 p/m
home insurance 28 p/m
life insur €100 pm Joint but ex refuses to pay
car insur €26 p/m
petrol €150 p/m
school costs - dd starting school in sept , monthly €20-30 for ds
christmas savings € 10 p/w
I am probably leaving out things but can add if needed.



How important is retaining the family home to you? the house is on family land so i would preferable like to keep it

What is your preferred realistic outcome?
i have cut so much i cant see what else i can cut , any suggestions would be gratefully accepted. In september i will hopefully have an increase of €150 p/m or so as i will be incresing my hours by 5 per week
 
Hi kerrygold,
On what grounds did PTSB decline your application?
The figures presented above suggest income of 2760 less chilcare of 650 less household exp of c.11k leaving 1k to service mortgage and other debts, from the above it looks like mortgage repayments at 850 affordable, leaving the bal to service the balance of your short term debts! I suspect, ptsb declined your application based on same...
Your household expenditure seems very low...considering child care and additional medical costs...have you been to mabs? They may be able to assist with your SFS!
The level of arrears on your account is currently at a low level, have arrears been accumulating on your account for a while or have you missed repayments in full recently? Is there any scope to extend the term if your loan? Would that reduce repayments to an affordable level? In sept if your income increase by the 150, will you be in a position to pay full repayments.
 
You want a deal from ptsb on a cheap tracker, but you are paying off your expensive Credit Union loan over 4.5 years.

This makes no sense to ptsb. Why should they give you a deal when you can sell the house and pay off your debts in full?

ptsb could well target you for repossession, and they would be right to do so. Your priority is to save your home and keep your cheap tracker.

Tell the CU to set the shares against the loan amount and to reduce the loan to interest only. Ask them to reduce the rate to 5%.

You absolutely must prioritise your great value mortgage over your unsecured debts.

Brendan
 
Kerrygold;
Put yourself in PTSB,s shoes.
1. You hold a tracker that costs PTSB money.
2. You hold a house worth more than your mortgage.
3. You have a steady proven income.
4. You pay CU and CC before them and they charge more than tracker rates.
............................................
If I was in PTSB Iwould then wonder , does this customer understand what he is doing?

In a nutshell;
1. Pay your very valuable mortgage.
2. Scrap credit card and negotiate with them on shortfall.
3. Ask Cu to review your case.
Means you end up with house and crankey CC & CU .
 
thank you for the advise.
to be fair i am not looking for a deal , i have gone from a 2 adult household to 1 but being left with all the bills/debt.I am just doing what i can to keep my children and myself going.
i applied for interest only when we initially separated because i thought ex would pay maintenance after a few months which would help but i know realise he wont pay a penny.
i have cut back in everyway but still feel ike im threading water , i wanted any suggestions as i am not very clued into the financial side of things all i know is i earn less than i pay out each month and i dont know what to do.
 
Because when i applied for interest only they automatically connected me with MARP . Brendan I really am'nt tryin to pull a fast one here i am trying to keep my head above water, i didnt know what else to do but figured a few months of interEst only would give me so breathing space while trying to adjust to the new circumstances.
 
I think you need to look at your Standard Financial Statement again. The Reasonable Living Expenses for a Household with One adult and 2 primary school children is €1505 per month plus childcare so €2155 per month for you. That would leave you €345 per month for mortgage and other debt.

You need to contact your Credit Union and Credit Card and reduce your payments to them and focus on your mortgage.
 
I don't acceppt that anyone should be criticised for looking for some mitigation on loan repayments. Cheap interest rate or not, you are perfectly entitled to approach the bank looking for a deal. However, from the Bank's perspective their expectation is that the mortgage should be given priority over other loans and unfortunately you are unlikely to make any headway here. try approaching your unsecured borrowers. However, as other posters have advised you are technically in a position to afford your repayments.
I do have sympathy for your change in circumstances, but in the current climate, lenders are taking a firm view on all approaches for repayment reductions!
 
I was in a similar situation (without the separation bit) to you recently. As others have said once you are servicing your unsecured debt, credit card, credit union etc, the mortgage people probably wont entertain interest only or payment break etc.

I think its unfair people begrudging you for having a tracker mortgage, right time and place for you, maybe not for them. Some people can be jealous of those with trackers when they are paying over 5% on theirs. Cant blame them but that's not your fault.

I was slow to approach my CU and CC too as I didn't want to loose my credit rating with them as they were my only source of emergency money. But hopefully this will only be a temporary arrangement for you and payments can get back to normal in time.

Also on another note, I would be pursuing my ex for maintenance. May not be much but it might help towards the CC maybe?. Also apply for medical card and FIS, asap.

Hope things work out for you
 
You must log in or register to reply here.
Back
Top