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Mortgage Arrears

  • 18-03-2014 2:58pm
    #1
    Mutts_nuts
    Banned (with Prison Access) Posts: 4 ✭


    Hey all

    Ive fallen 1 month into arrears with my mortgage , first missed repayment in 7 years

    Made redundant jan 13 , ive used my redundancy to pay the mortgage since , but its gone now and to make matters worse , my social welfare was completely cut off due to my partners earnings

    But its not her mortgage to pay plus she has alot of her own bills

    Whats the worst that can happen after missing 1 month ?

    Cheers


Comments

  • #2
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    You will be registered with the Irish Credit Bureau which is marked down as a bad debt, contact your mortgage people and explain the situation they could work something out for you until you get back to work like an interest only payment or a payment break. I took a 3 month payment break in 2010 because my redundancy money ran out which I was using to pay the mortgage, I called them up explained everything and they gave me that option it was then added onto the end of my term.


  • #3
    Mutts_nuts
    Banned (with Prison Access) Posts: 4 ✭Mutts_nuts


    TrishSimon wrote: »
    You will be registered with the Irish Credit Bureau which is marked down as a bad debt, contact your mortgage people and explain the situation they could work something out for you until you get back to work like an interest only payment or a payment break. I took a 3 month payment break in 2010 because my redundancy money ran out which I was using to pay the mortgage, I called them up explained everything and they gave me that option it was then added onto the end of my term.

    Cheers will do , how long did that take ?


  • #4
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    Mutts_nuts wrote: »
    Cheers will do , how long did that take ?

    Once your mortgage people mark you down as having a missed payment that is automatic so within a week or so of missing a payment you have that against you name.

    Organising a payment break can be done instantly so get onto your bank tomorrow. Hope that helps and don't worry some bank prefer you to call them rather then leave it and the process is not all that stressful and at least you can then concentrate on getting a new job within those three months and you just notify them you are bank in employment.
    Try Lex Consultancy for jobs they have a good few or Hayes.


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