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You Want Mortgage Debt Relief? Then get rid of all the following first!


Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
  1. Second & subsequent cars.
  2. Private schools for the kids.
  3. Sky Sports.
  4. Foreign holidays.
  5. Health insurance.
Homeowners looking to write off mortgage debt will be told, for example, to drop their health insurance and sell off their second car.New criteria setting out the living standards for people having debt written off will also force people to:
* Take their children out of private schools.
* Give up foreign holidays.
* Get rid of Sky Sports.
Lose health cover and second car to get bank debt deal - Independent.ie
 

Carl Claudius

Well-known member
Joined
Dec 21, 2012
Messages
1,263
how is it possible to live recklessly and not be able to pay the mortgage and get away with it?

why should anyone bother paying a mortgage if these people are exempt? there are still people who have not pay the property tax, boast of it and nothing has happened to them. Tis a great country for avoiding responsibilities!
 

Burnout

Well-known member
Joined
Oct 7, 2009
Messages
7,275
Twitter
I have a life.
...like ' live within your means' type of thing, we do not do that very well as we live in an entitlement culture led right from the top. I have no mortgage but we do not have a second car or Sky packages.
 

LamportsEdge

Well-known member
Joined
Jan 10, 2012
Messages
21,894
I can imagine the lobbyists for Sky will love that one ... car sales companies, private schools and so on:)

I can almost hear the words 'anti business activity measures' already...
 

Mad as Fish

Well-known member
Joined
Dec 6, 2012
Messages
24,449
Here we go again, the economic argument framed solely as problem that affects nice 'middle class' folk in Dublin. Does it ever occur to the brainless tossers that write these things that there are already people without cars at all, or never have had children in private education but are struggling to put them through college, or holidays, foreign or otherwise, are a dream and that Sky sports was never even installed in the first place!

They really need to cop on!
 

Crazy horse 6

Well-known member
Joined
Dec 15, 2011
Messages
13,515
Here we go again, the economic argument framed solely as problem that affects nice 'middle class' folk in Dublin. Does it ever occur to the brainless tossers that write these things that there are already people without cars at all, or never have had children in private education but are struggling to put them through college, or holidays, foreign or otherwise, are a dream and that Sky sports was never even installed in the first place!

They really need to cop on!
It's just a way of painting everyone with the same brush so they can get what they want. I doubt if even 2% of those in mortgage distress send their kids to private schools.
 

pippakin

Well-known member
Joined
Feb 22, 2010
Messages
9,665
The problem for people in mortgage arrears is that they did enter into the contract and they are liable. If the mortgage provider gave the loan in good faith having done all the checks, and I'm not convinced they all did, then the contract is good and one way or another has to be honoured. If that means giving up things then what else is there?

If mortgages could be changed to rental with the bank selling when the family can down size that might be the best way of avoiding foreclosure and allowing people to stay in their homes. It might also be the most discreet way.
 

Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
What do you think yourself Aindriu?
I agree mostly. No-one should expect help with their mortgage whilst continuing to pay out on all the listed things. they are all luxuries after all, not life's necessities.

I have been in trouble with a mortgage myself - years ago now. We paired right back to the bone. Basic TV package etc. Even got rid of the car and bought a couple of bikes and a child seat as we lived in a large UK town then.
 
D

Dylan2010

its better if people default and get on with their lives, 30 years of living with the wolf at the door is no life and excessive debt relief is not fair on everyone else
 

PeeMac

Well-known member
Joined
Feb 17, 2009
Messages
391
Here we go again, the economic argument framed solely as problem that affects nice 'middle class' folk in Dublin. Does it ever occur to the brainless tossers that write these things that there are already people without cars at all, or never have had children in private education but are struggling to put them through college, or holidays, foreign or otherwise, are a dream and that Sky sports was never even installed in the first place!

They really need to cop on!
They are not talking about people without sky sports, children in state schools or people without cars. It's quite clear that they are talking about people who have all or some of the above but claim they can't afford to pay their mortgage. If you are not in that category, why get annoyed?

I would have thought anyone who doesn't have those "luxuries" but is struggling to pay their mortgage, would be not want their taxes going to fund people who go on two holidays, put their kids in private education and have 2.5 cars. The health insurance is a bit odd though as in this country I'd see it as a necessity.
 

cabledude

Well-known member
Joined
Jan 23, 2011
Messages
6,362
  1. Second & subsequent cars.
  2. Private schools for the kids.
  3. Sky Sports.
  4. Foreign holidays.
  5. Health insurance.

Lose health cover and second car to get bank debt deal - Independent.ie
Most people I know, including myself, who are struggling to pay the mortgage have already closed their Sky accounts and cancelled the health insurance. In terms of private schools, there are none in rural Wexford AFAIK. They don't take foreign holidays. And a second car is not an option or a luxury. It is a necessity. Once again the Dublin 4 media failing to recognise that there is a whole world outside of the pale.

Anything else they wnat people to give up. Children only need 1 kidney to function. Lets sell the other one, eh? FG as a mainly rural centered party will not stand for this.
 

Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
its better if people default and get on with their lives, 30 years of living with the wolf at the door is no life and excessive debt relief is not fair on everyone else
You can't default on mortgage debt and walk away. The wolf follows you.
 

pippakin

Well-known member
Joined
Feb 22, 2010
Messages
9,665
its better if people default and get on with their lives, 30 years of living with the wolf at the door is no life and excessive debt relief is not fair on everyone else
The debt doesn't go away. If the bank foreclose and sell the house at a knock down price you are still saddled with the remaining outstanding mortgage. As I understand it if you owe E100,000 and the bank sells your home for E20,000 you still owe the outstanding E80,000.
 

Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
Great stuff! We really needed another mortgage thread.
As long as you don't shoot the messenger.

Those people with mortgage debt and all of the able do need to cop on though. I know there any many with mortgage debt who don't have all of the above and I really feel for them - see post #9. For those who still think they can keep all of those and get mortgage relief, think again!
 

moycullen14

Active member
Joined
Feb 13, 2009
Messages
117
And I'll do this as soon as......

Banks stop paying for golf club membership for employees
Unravel defined benefit schemes
Pay no bonuses

and on and on.....

Do you think they'd allow me to swap my drinking and smoking for Sky Sports?
Can I have two cars that are cheaper than your one car?

Seriously, is it having these things or paying for them that causes the problem? I know of a few people where the grandparents contribute to private education. How will that work?

A complete load of boll*x. Unenforceable and Unmanageable. Just tell the banks to f**k off.
 

PeeMac

Well-known member
Joined
Feb 17, 2009
Messages
391
The debt doesn't go away. If the bank foreclose and sell the house at a knock down price you are still saddled with the remaining outstanding mortgage. As I understand it if you owe E100,000 and the bank sells your home for E20,000 you still owe the outstanding E80,000.
It would be far better if the €80,000 difference was split between lender and borrower. It would mean both lender and borrower had a stake in getting as much as possible for the property in a sale.
 

Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
You could walk to the UK and say fjukkkk you
And you would have to stay there for a minimum of 6 years to allow the courts process to run out of time - 6 years for civil debt currently.
 

Rabidlamb

Member
Joined
Mar 7, 2013
Messages
16
Even they default and the house is repossessed they can be followed for the balance , how does that fit in with '' getting on with your life ''. This is a total mess , i cannot see how it can be solved
The more I see of what's coming down the tracks the more I agree with people who just handed back the keys & went to Oz or Canada.
At least their not in limbo unable to get on with their lives.

Why don't we just erect stocks & pelt the pariah's with rotten tomatoes.
 
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