Lisa & Mathew
Circumstances
Lisa and Mathew qualified for bankruptcy as they didn’t have sufficient disposable income to honor their debts. This means that they were released from their €169,000 liability. Bankruptcy is granted in the High Court and is monitored by the Insolvency Service of Ireland for the duration, usually 12 months
- Married
- 2 children (11yrs & 13yrs)
- Former small business owners
- Lisa works part-time
- Mathew works full-time
- €169,000 in debt
- €1,200 rent per month
- €3,180 total income per month
Ariana & Patrick
Circumstances
Ariana and Patrick consulted a Personal Insolvency Practitioner (PIP). The PIP submitted a 5-year
joint formal proposal to all Creditors which got the couple lower mortgage payments each month
and an affordable plan to pay the credit union loan and credit card balance.
- Not Married
- No children
- Ariana works part-time as child minder
- Patrick works full-time as a retail assistant
- €3,350 total income per month
- €2,300 monthly mortgage repayments
- €150 monthly credit union loan repayments
- €7,000 credit card debt
- €34,000 in mortgage arrears
Mary & Joe
Circumstances
Mary and Joe’s bank agreed to a Split Mortgage. This means that 45% of the loan will be warehoused/parked, there will be no interest charged on this portion for the lifetime of the loan.
- Married
- 3 children (7yrs, 9yrs & 14yrs)
- Mary works full-time as retail assistant
- Joe works part-time as civil servant
- €4,420 total income per month
- €375,000 mortgage
- €11,000 mortgage arrears
Steve & Andy
Circumstances
Steve and Andy’s bank agreed to give them Reduced Interest Rates. While some lenders offer rate reductions, the period of rate reduction varies, it can be from 3 to 6 years, and very much depends on individual circumstances.
- Married
- No children
- Steve works full-time as an administrator
- Andy works full-time as a sales manager
- €2,900 total income per month
- €300,000 mortgage
- €17,000 mortgage arrears
- 3.95% variable rate on mortgage
Anne & Simon
Circumstances
Simon and Anne’s bank agreed to include them in the Mortgage to Rent scheme. This means their house was bought by an approved housing body and they stayed in their home as tenants.
- Married
- 2 children (4yrs & 14yrs)
- Anne unemployed
- Simon works part-time
- €2,030 total income per month
- €315,000 mortgage
- €295,000 home current value
Please Note
The advice of the IMHO is never sell or surrender a property without a written agreement and confirmation as to what happens the residual balance (if applicable) after the property is sold.