Lisa & Mathew
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
Ariana & Patrick
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.
Mary & Joe
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.
Steve & Andy
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.
Anne & Simon
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.
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.