Originally Posted by bronaghc
I just spoke with IBRC, my options are
1) fill out income/exp form and have payments reset accordingly with the arrears added onto terms of mortgage(do I admit to renting?)
2)make full payments for 6mths and have my arrears cleared
Admit to everything. Remember that renting your home out might be income but you are renting a place which is expenditure. You never know, IBRC might be happy with the 70% that you are paying at the moment as long as they have an agreement from you proving that is all you can pay for now and committing to paying the the balance over a longer term or going back to paying the full amount if your circumstances change in the future. I'd say that they have people in a much worse position than yourself on their books.
I'd imagine that the only reason your account was handed over to a debt collector was because you started to pay 70% of your mortgage without contacting and having a full dialogue your provider first - this should be the first thing anyone what is in trouble should do. Contacting them and then leaving it if you don't hear back is no use.
If you can't make the full payment at the moment what makes them think you can pay it for the next 6 months - filling out this form will prove to them that you won't be able to afford it over the next 6 months (if you truly can't of course).
Originally Posted by Gurgle
You may be getting tax relief on your mortgage interest that you're not entitled to.
This is important - be sure that you're not claiming or receiving interest relief you're not entitled to because the Revenue could come after you for it and you could be hit with a big bill in the future.