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Non GAA Discussion => General discussion => Topic started by: trueblue1234 on March 31, 2011, 08:46:32 PM

Title: Money troubles
Post by: trueblue1234 on March 31, 2011, 08:46:32 PM
Well the recession is really starting to kick in. Built a house on our farm land a few years ago. Mortgage taken for £120k. It's down now to bout £115k or so.  Also have a £10k loan with the bank. Mortgage up for renewal now.
Am self employed. And work has taken a bad dip. Struggling with payments for the mortgage and the loan. Now the mortgage is jumping up aswell.   
Selling the house would be a last resort as it's on our farm land ( that's if it could be sold to begin with!!)
so just wondering if anyone has any advise that may help? Considered taking out £10k more on the mortgage to clear the loan but as the value of the house has dropped don't think this will be an option now. 
Title: Re: Money troubles
Post by: Rois on March 31, 2011, 09:21:43 PM
Ask Bank if they'll let you switch onto interest only temporarily? Worth a punt.

And I wouldn't be too sure they wouldn't let you increase mortgage because of value of house - wasn't it just a self build mortgage ie just for actual cost of building? So valuation might surprise you.

Present bank with either option and let them choose.
Title: Re: Money troubles
Post by: sammymaguire on March 31, 2011, 10:53:17 PM
Feel for you dude, can't add anything to what Rois says but seems like good sound advice to try
Title: Re: Money troubles
Post by: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.
Title: Re: Money troubles
Post by: Cold tea on March 31, 2011, 11:28:29 PM
Quote from: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.

Worzel Gummidge put on a new head to become a different incarnation, what do you do Shane for a different pseudonym, put on different pants, or cum in different pants - you are as funny as a kick to the stones!
Title: Re: Money troubles
Post by: Franko on March 31, 2011, 11:30:55 PM
Trueblue I think you'll find that the banks are easier to deal with than you think. At this stage they will try their level best to keep loans 'performing'. You need to go in with an open mind though. The sky plus and gym membership will have to go. If you show them that you are willing to work with them you may be pleasantly surprised.
Title: Re: Money troubles
Post by: stew on March 31, 2011, 11:32:20 PM
Quote from: Cold tea on March 31, 2011, 11:28:29 PM
Quote from: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.

Worzel Gummidge put on a new head to become a different incarnation, what do you do Shane for a different pseudonym, put on different pants, or cum in different pants - you are as funny as a kick to the stones!

Well said, he was much better as the clampett who started the death notices, Shane can be very funny now and again.
Title: Re: Money troubles
Post by: Cold tea on March 31, 2011, 11:39:58 PM
Quote from: stew on March 31, 2011, 11:32:20 PM
Quote from: Cold tea on March 31, 2011, 11:28:29 PM
Quote from: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.

Worzel Gummidge put on a new head to become a different incarnation, what do you do Shane for a different pseudonym, put on different pants, or cum in different pants - you are as funny as a kick to the stones!

Well said, he was much better as the clampett who started the death notices, Shane can be very funny now and again.

Very debatable!!

Title: Re: Money troubles
Post by: ludermor on March 31, 2011, 11:40:18 PM
Quote from: Cold tea on March 31, 2011, 11:28:29 PM
Quote from: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.

Worzel Gummidge put on a new head to become a different incarnation, what do you do Shane for a different pseudonym, put on different pants, or cum in different pants - you are as funny as a kick to the stones!
Says the man with 50 posts!!
Title: Re: Money troubles
Post by: Cold tea on March 31, 2011, 11:42:26 PM
Quote from: ludermor on March 31, 2011, 11:40:18 PM
Quote from: Cold tea on March 31, 2011, 11:28:29 PM
Quote from: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.

Worzel Gummidge put on a new head to become a different incarnation, what do you do Shane for a different pseudonym, put on different pants, or cum in different pants - you are as funny as a kick to the stones!
Says the man with 50 posts!!

Do you need more than 50 posts to offer honest observations!!!!!!!!!!
Title: Re: Money troubles
Post by: Tony Baloney on March 31, 2011, 11:43:01 PM
It's hardly O'Neill's style to slag people in financial difficulty. He seems a civil cratur.
Title: Re: Money troubles
Post by: Cold tea on March 31, 2011, 11:43:50 PM
Quote from: Tony Baloney on March 31, 2011, 11:43:01 PM
It's hardly O'Neill's style to slag people in financial difficulty. He seems a civil cratur.

He's an attention seeking toolbag!
Title: Re: Money troubles
Post by: stew on March 31, 2011, 11:44:08 PM
Quote from: Franko on March 31, 2011, 11:30:55 PM
Trueblue I think you'll find that the banks are easier to deal with than you think. At this stage they will try their level best to keep loans 'performing'. You need to go in with an open mind though. The sky plus and gym membership will have to go. If you show them that you are willing to work with them you may be pleasantly surprised.

Well said franko, I bought three properties in the past three years in ireland, two in Kildare and one in dundalk and the banks have been more than willing to work with me on those. it is worth a shot, especially once you explain the fact that this is family land, they are more apt to try and help you given the tenure of the family and the equity the family has in the area.
Title: Re: Money troubles
Post by: stew on March 31, 2011, 11:45:50 PM
Quote from: Cold tea on March 31, 2011, 11:43:50 PM
Quote from: Tony Baloney on March 31, 2011, 11:43:01 PM
It's hardly O'Neill's style to slag people in financial difficulty. He seems a civil cratur.

He's an attention seeking toolbag!

No he is not, unless of course you are he.  :)

o'neill likes to lighten this board up and he does a great job of it in my opinion.....................most of the time, sometimes he is a carn.
Title: Re: Money troubles
Post by: ludermor on March 31, 2011, 11:52:47 PM
Quote from: Cold tea on March 31, 2011, 11:42:26 PM
Quote from: ludermor on March 31, 2011, 11:40:18 PM
Quote from: Cold tea on March 31, 2011, 11:28:29 PM
Quote from: Peter Solan the Great on March 31, 2011, 11:18:59 PM
Another Celtic cub with notions of grandeur. No wonder Ireland is in the way it is in. Pay your debts back like a good lad and stop whinging.

Worzel Gummidge put on a new head to become a different incarnation, what do you do Shane for a different pseudonym, put on different pants, or cum in different pants - you are as funny as a kick to the stones!
Says the man with 50 posts!!

Do you need more than 50 posts to offer honest observations!!!!!!!!!!
you seem to have picked up a lot of observations in your 50 posts............unless...........nah , cant be!
Title: Re: Money troubles
Post by: muppet on April 01, 2011, 01:42:51 AM
Quote from: Cold tea on March 31, 2011, 11:43:50 PM
Quote from: Tony Baloney on March 31, 2011, 11:43:01 PM
It's hardly O'Neill's style to slag people in financial difficulty. He seems a civil cratur.

He's an attention seeking toolbag!

You are more likely to be he than the other him.
Title: Re: Money troubles
Post by: trueblue1234 on April 01, 2011, 09:28:16 AM
Cheers for the advise people.

Hoping to get something sorted in the next week or so. the interest only might be the best option.

Also just wondering my mortgage is finished now. If one isn't agreed before the start of next month what happens?
Title: Re: Money troubles
Post by: johnneycool on April 01, 2011, 09:40:21 AM
Quote from: trueblue1234 on April 01, 2011, 09:28:16 AM
Cheers for the advise people.

Hoping to get something sorted in the next week or so. the interest only might be the best option.

Also just wondering my mortgage is finished now. If one isn't agreed before the start of next month what happens?

I'd say the discounted period of your mortgage is finished and you'll go onto whatever their full rate is unless you can negotiate a further discounted period or go to another mortgage provider. At this point it would be prudent to speak to a decent financial adviser as well as the bank.
Title: Re: Money troubles
Post by: quit yo jibbajabba on April 01, 2011, 09:46:58 AM
Quote from: trueblue1234 on April 01, 2011, 09:28:16 AM
Cheers for the advise people.

Hoping to get something sorted in the next week or so. the interest only might be the best option.

Also just wondering my mortgage is finished now. If one isn't agreed before the start of next month what happens?

some people can get pleasant surprises in that the rate theyve been paying the past couple of yrs is actually higher than the banks current standard rate, so its possibly not all doom and gloom chap.  As Rois said, interest only is an option, as well as negotiating a new deal.  If you dont ask, you dont get.
And just because youve been with the one bank for your mortgage etc doesnt mean you cant shop around; best get yerself chatting to a reputable mortgage/financial advisor;

Youre not near beat yet, you have a fair few options to be exploring.  So get off yer butt and get going, we want a report back by close of business today :)
Title: Re: Money troubles
Post by: The Iceman on April 01, 2011, 03:25:44 PM
Quote from: trueblue1234 on March 31, 2011, 08:46:32 PM
Well the recession is really starting to kick in. Built a house on our farm land a few years ago. Mortgage taken for £120k. It's down now to bout £115k or so.  Also have a £10k loan with the bank. Mortgage up for renewal now.
Am self employed. And work has taken a bad dip. Struggling with payments for the mortgage and the loan. Now the mortgage is jumping up aswell.   
Selling the house would be a last resort as it's on our farm land ( that's if it could be sold to begin with!!)
so just wondering if anyone has any advise that may help? Considered taking out £10k more on the mortgage to clear the loan but as the value of the house has dropped don't think this will be an option now.

Not sure of your background trueblue but if I was in your shoes I would be reducing the other debts as much as possible. As someone else mentioned, cut off the sky subscription, gym membership, personal mobile phone plans can be switched to pay as you go. Get your finances in order and make sacrifices to get what you want. You don't have to do everything at once but bit by bit this will improve your situation.
Looking about another form of income will help too. If your self employed business has taken a dip then take on extra work at something else. Again, bit by bit will get it done.
There's no easy options, no easy answers. Small consistent steps and a bit of discipline will see you through this and anything else life throws at you......
Title: Re: Money troubles
Post by: trueblue1234 on April 01, 2011, 03:51:06 PM
TBH don't have that many other costs. Freeview does me for the telly and don't go to a gym. The club training does that.
I'm on a contract with the phone but it's not costing a fortune and would use it for work. Have given up the going out as well at the minute.

Hopefully it might sort itself out. Have meetings set up with a couple of banks and meeting a mortgage adviser shortly as well.

Just wondering do Guarantors make any difference these days with regards to Mortgage amount. Luckly my parents are still around and they own land. They wouldn't have ready cash that they could lend me or anything but have said they would be happy enough doing this if it made a difference. Still think the best way would be to incorporate the loan into the mortgage and just have the one payment rather than two. I know I'll be paying more back in the long run but needs must and all that.
Title: Re: Money troubles
Post by: Lady GAA GAA on April 01, 2011, 05:59:13 PM
sure just get mummy and daddy to pay the whole whack and it'll save you the bother of all them appointments
Title: Re: Money troubles
Post by: Maguire01 on April 01, 2011, 09:26:27 PM
Quote from: Rois on March 31, 2011, 09:21:43 PM
Ask Bank if they'll let you switch onto interest only temporarily? Worth a punt.

And I wouldn't be too sure they wouldn't let you increase mortgage because of value of house - wasn't it just a self build mortgage ie just for actual cost of building? So valuation might surprise you.

Present bank with either option and let them choose.
Agreed. If the mortgage was to build the house, then with the land you still probably have substantial equity. And I don't think banks are as quick to repossess these days when there's no market for sales to recover their money. They'll probably be happy enough to switch to interest only for a while, or even push your term out to a longer period if they do that (even though that would cost you more in the long-term).
Title: Re: Money troubles
Post by: trueblue1234 on April 01, 2011, 09:32:47 PM
Quote from: Lady GAA GAA on April 01, 2011, 05:59:13 PM
sure just get mummy and daddy to pay the whole whack and it'll save you the bother of all them appointments

Nice to see your out of retirement.
Mammy and daddy don't have any money!!