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Posted: Wed Feb 19, 2014 3:48 pm
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Totally agree with Claire C and Mrs Dara , get advice from a source outside the bank if you can.

Can I ask is there a reason why you would choose to relocate to Dublin, would you think of another part of the country, say Cork or Galway, if your jobs allowed it, you would get a lot for 100K there and commute times wouldn't be a bad as Dublin, cutting down on expense as well, you could still have your lifestyle and not spend hours in a car going and coming from work.


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Posted: Wed Feb 19, 2014 6:45 pm
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Loads more posts I have to catch up on but just to respond to the first few...

ClaireC you are absolutely right. Since the letter last Thursday I've been in a spin and definitely need to take a step back and breathe. I think I've been in a complete panic mode. The mortgage is with ICS, they are part of bank of Ireland now. That's interesting re possible eligibility for rent allowance. Thank you. We rang mabs and they are seeing us on Friday so I hope they can help and advise us.

So upset as we are people who want to pay our mortgage, we would never try to walk away from commitments. I hope they will be willing to work with us to allow us retain a smaller mortgage over a bit longer, so we may buy something a little more feasible.


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Posted: Wed Feb 19, 2014 6:50 pm
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March12baby wrote:
Are you currently paying anything towards your mortgage? I'd suggest paying something (interest only if possible) and appeal . Keep communicating. However if the mortgage is unsustainable in the long term, you may have to relocate but hopefully you will buy yourself time.


Yes we have been paying the interest, although our arrears are still mounting up due to not eating into the capital we owe iykwim.


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Posted: Wed Feb 19, 2014 6:52 pm
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mad4lfc wrote:
Have you considered bray, greystones or delganey


Yes those areas are way out of our league unfortunately.


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Posted: Wed Feb 19, 2014 7:01 pm
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Mrs Dara wrote:
ClaireC wrote:
Maybe step back a little.

Do you really need to sell your house? I know the bank have said you do but have you taken advice on this? Is it worth appealing the decision. "Sell your house" is a very easy default answer for the bank which solves their problem but may not solve yours. Don't rush into anything. If you do really decide the best thing is to sell look at the process for that. Will the bank pay the costs of sale under an "assisted sale" process. How long will it take. They usually give at least 12 months.

If you do sell will you qualify for Rent Supplement? If neither of you are working you may qualify even if you have savings/proceeds of sale. There is a formula for taking savings into account. A letter from your bank saying your mortgage is unsustainable should get you on the housing list in your area. This is the first step for getting rent supplement or even a local authority house.

Buying or renting somewhere else is perhaps jumping the gun a little.

Letters like that from the bank can cause panic so just breathe a little and try to get advice.


Good advice from ClaireC. This is the first letter you've received advising to sell the property. I wouldn't even be looking at other properties at the moment. Are their organisations who will help people (apart from MABS) negotiate a deal with the bank that will allow you to stay in your home. Are you getting independent advice from anyone.



The bank letter said we could appeal, but when dh rang them on Thursday he was told that the girl who spoke to him had rarely if ever seen an appeal make a difference. The letter did mention paying up to I think it's €250 towards financial advice. We were going to see mabs first and then find out about other possible advice.

The more I think about it the more I realise how my reaction was complete panic. Already since receiving the letter almost a week ago I have had agents in to value the house, decided who to give the property to for sale, made an appointment for Friday for the BER survey, and driven myself mad looking at where to buy. Jesus I thought I was managing to stay calm and sane but the facts speak otherwise!!


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Posted: Wed Feb 19, 2014 7:06 pm
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Bank of Ireland are the worst for flexibility at the moment. No wonderful deals but that said I don't think they will repossess in a hurry. Especially if you are paying the interest.
I would appeal, keep paying what you can and stay where you are. In a year or so BoI might have better options available.

Just for perspective I think on the last quarter of last year about 20000 of those sell your house letters went out.

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Posted: Wed Feb 19, 2014 7:18 pm
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Red-Nica wrote:
Totally agree with Claire C and Mrs Dara , get advice from a source outside the bank if you can.

Can I ask is there a reason why you would choose to relocate to Dublin, would you think of another part of the country, say Cork or Galway, if your jobs allowed it, you would get a lot for 100K there and commute times wouldn't be a bad as Dublin, cutting down on expense as well, you could still have your lifestyle and not spend hours in a car going and coming from work.



I was hoping for Dublin for a couple of reasons really. We have family there so there could be a possibility of some support or help with childcare etc. also the bigger jobs market. My husband has been unable to work for a few years due to health issues. Because these problems prevented him from safely being able to care for our kids I have been a stay at home mam with them as my min wage job was paying less than my travel costs let alone adding in childcare fees. The youngest will be eligible for ecce from September though so I will be able to try to get a job again or even retrain if possible. But because I haven't been signing on as unemployed I have had no income and don't qualify for fas courses etc, understandably!


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Posted: Wed Feb 19, 2014 7:25 pm
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ClaireC wrote:
Bank of Ireland are the worst for flexibility at the moment. No wonderful deals but that said I don't think they will repossess in a hurry. Especially if you are paying the interest.
I would appeal, keep paying what you can and stay where you are. In a year or so BoI might have better options available.

Just for perspective I think on the last quarter of last year about 20000 of those sell your house letters went out.



Just our luck we are with the worst lender!! I hope they won't repossess too quickly. What worries me with that though is that they could easily take it and comfortably sell for very low price and still have plenty to pay off our balance as we have equity in the house. Whereas I know people who have comfortable lives with disposable income as they haven't paid a penny to their mortgage company in years! But because they are in huge negative equity the bank has no chance of getting their money back so they appear to be leaving them in their homes for now at least!


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Posted: Wed Feb 19, 2014 7:41 pm
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Make sure you appeal the decision at the very least , never mind what the girl on the phone said . Bank policies change every day so you never know what might work out. The worst thing you could do is spend all of your proceeds to buy a house in a panic somewhere you are not sure off. What happens if you don't get work or if the location is unsuitable , then you will really be stuck . Take a breath and look at all your options but personally the last thing I would do is buy anything in a rush .


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Posted: Wed Feb 19, 2014 7:49 pm
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You might consider contacting New Beginings as well http://www.newbeginning.ie/services/debt
They might be able to offer you some perspective and help you figure out what is best for you and your family.

It may well be that you are better off moving etc but it would be better to make this decision with the best information possible, rather than with your back against the wall.
Good luck.


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Posted: Wed Feb 19, 2014 7:52 pm
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Bank of Ireland will not rush to repossess. Honestly if you are paying the interest I don't think they will move to repossession for years if at all.

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Posted: Wed Feb 19, 2014 7:55 pm
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Thanks too to every one of you who have taken the time to share your experiences, of areas and of commutes as well as the advice to slow down and stop the panic reaction. That has been my biggest message from this thread and I have heard it loud and clear. I'm really grateful and I'm so glad I posted as I was so embarrassed that I very nearly didn't post at all. Thanks MM, once again you all know what to say:-)

ETA
Thanks torbrek, I will look them up. Hadn't known of them.

ClaireC thank you once again. That is very reassuring!


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Posted: Fri Feb 28, 2014 9:31 pm
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That's an awful situation but it may be a positive thing for you. Glass half full :) we live in Longwood, Meath. Though we paid €300k for a 3 bed semi you'd get one now for about €100k. It's 50km fr Dublin City centre so bit of a haul commute wise when u consider all the traffic going in and out but it's only half an hr from Mullingar and from Navan & about 40 mins from Athlone.
Best of luck with the move. I hope u get lots of help!


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