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Insolvency Bill

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  • 09-02-2012 2:25pm
    #1
    Registered Users Posts: 1,908 ✭✭✭


    Hi there,

    Anyone summarise what this is all about. Hearing 25% of mortgages could be written off or something?

    I don't want to miss the boat here because we own nearly €700k across 4 properties are althought are paying the mortgages (2 capital plus interest, 2 interest only) it is coming at a cost in that we dont have any surplus funds or anything. Also one of us is in a parttime job which could pack in any day now and one of the properties is now vacant.

    We cleared down our car loans to nil now to hear that unsecured debt might be written off. My fear is that some will benefit from these write downs and rise again while I will be left with unsustainable debts or debts so much that we can't look after the kids. All I am looking for is equality.


Comments

  • Registered Users Posts: 435 ✭✭Gordon Gekko


    I think it has to be your PPR only, worth less than 220k and have written confirmation from your bank that all other avenues have been exhausted. Think that's what I read yesterday anyway.


  • Registered Users Posts: 4,502 ✭✭✭chris85


    As said this is for residential owner occupied mortgage. Your 4 properties would not all be able to be part of it. Is there any equity in the properties that would have you consider selling. I am guessing no otherwise you would be doing so already.

    The insolvency bill is to help owners struggling, not investors who didn't get the payback they were hoping.

    No sign of any assistance to people who over invested in property. Proper order too. Resources need to be put to helping those struggling to keep a family home and not those who are struggling to keep 4 properties.


  • Registered Users Posts: 1,908 ✭✭✭mozattack


    chris85 wrote: »
    As said this is for residential owner occupied mortgage. Your 4 properties would not all be able to be part of it. Is there any equity in the properties that would have you consider selling. I am guessing no otherwise you would be doing so already.

    The insolvency bill is to help owners struggling, not investors who didn't get the payback they were hoping.

    No sign of any assistance to people who over invested in property. Proper order too. Resources need to be put to helping those struggling to keep a family home and not those who are struggling to keep 4 properties.

    Who died and made you God?

    Easy to say that when you are probably a public sector with a fat juicy bloated pension to rely on while the rest of us had to look at other things for pensions (i.e. rental income etc)

    Also 2 of the houses are lived in (seperate couple) so only 2 investments. The 2 that are occupied are > 67% of the debt so hardly Mr. Investor here.


  • Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Cease the attitude folks..


  • Registered Users Posts: 4,502 ✭✭✭chris85


    mozattack wrote: »
    Who died and made you God?

    Easy to say that when you are probably a public sector with a fat juicy bloated pension to rely on while the rest of us had to look at other things for pensions (i.e. rental income etc)

    Also 2 of the houses are lived in (seperate couple) so only 2 investments. The 2 that are occupied are > 67% of the debt so hardly Mr. Investor here.

    Bit grumpy today aint we?

    I am a student studying a masters with no mortgage and I am putting myself through college, paying my fees, no support from government at all (no grant even). Not that it is any of your business or affects my opinion.

    I had an opinion that our resources should be used to help more people struggling to keep a home for a family rather than investment properties. You come asking questions on the internet you will get opinions. I do not believe people should be getting write downs on investment properties instead we should be seeking to help those in serious need of help to save their one home.

    Insolvency would consider your primary dwelling (the main family) home. The rest would not be protected and would not be helped by the insolvency bill.

    <snip>


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