Voluntary sale offer (AIB)

[BrokeGuy]

Hi there,

I have issued my details before but long story short. 3 rentals and one home, 3 mortgages with BOS and another with AIB. Some are joint mortgages and some are single.

I think we can afford the €286k mortgage on the home loan but only if we get rid of the rentals.

Certus/BOS answer to everything is just put us on reduced repayments again and again (they even put me on reduced repayments when I wasn't paying anything on the rentals - since August 2014).

AIB wrote to us saying if we sell the rental and the house gets €120k (doubt it will) they will accept €10k from us over 84 months, being €130 per month. It is fair enough but we cant accept until we know what Certus will do.

Also I do wonder what AIB can actually do "legal proceedings" when we have no assets and actually also owe then €20k in credit cards.

PIPs wont touch us as we dont have sufficient funds to do a PIA so we are trying to manage it ourselves. I'd like to keep the house because the €286k is affordable in the future when my salary scale starts bearing fruit and it is a tracker mortgage.

My question then is what can AIB really so if we dont even agree to the €130 per month?

 

[Bronte]

I'm not totally following you and remember you from before but not all the details.

Let's look at this another way. You can agree to pay the 130€ per month and not follow thru on it. But sign that you will so that you can get rid of this property. Otherwise AIB might scupper the sale.

Doesn't really matter what you sign as you owe them the money anyway (do you mind telling us how much AIB are losing on the sale - just want to get an idea of how much they will write down)

After the sale you will owe 10K plus 20K in CC. To AIB.

What can they do. They can go for an instalment order, but if you're at the limits (of the living limits of the Insolvency service) then they won't get an instalment order, they certainly will not get it if you are on social welfare.

So can they 'attach' the amount owing to a property. You have 3 mortgages with BOS, one of which is your home? Are all in NE ?

Have you considered going bankrupt. It's very cheap now and you can do it yourself. In addition you just need to pay a PIP around 250 (based on a poster I read yesterday) for a document stating you're not eligible for any other type of insolvency arrangement. Looks to me like the Insolvency service is now dying for customers as they're another white elephant and need to justify themselves, seeing as they've changed their tune they will be delighted to help you.

 

[Brendan Burgess]

Without reading all the stuff, it seems to me that you should try to sell the rentals, especially where they offer to write off a good part of the shortfall.

If you have three rentals, what are you doing with the rental income? Instead of paying it to the lenders, save it for a month or two and pay a PIP.

Brendan