1 reply to this topic

[diane.jsmith]

Hi All,

first time poster. long time lurker.
need a bit of advice...

About 4 years ago.. in the midst of the glorious celtic tiger days I got persuaded to purchase a piece of land to build on. It cost 130K. I borrowed 140k to cover the stamp duty and solicters fees. It was during the days of 2006-2007. Now at the time i didnt have the money or the intention to build on it.
I got in touch with a friend who works in the finiacial sector who offered to give me a interest only personal loan of 140K. Because i didnt know any different i accepted and taught i would sort out a mortgage at a later date.
Anyhow ..long story short...I having being payin this loan for 4 years now. Interest only 900euro per month.( i know this is special!) I have a reasonable job so have been able to cover. Now though i need to sort this out. Have been unable to save. Its begining to criple me.

How can i restructure this? I have spoke to bank and they wont give me a mortgage. No deposit. flatly denied a few times. Would Any other bank take on this over 10-15 years. ?? i dont know really?

cant sell as site really is only worth half of purchase price! I have made a mistake. I was badly advised. I dont have any debts. I also pay rent! but i need to sort out my finances!

Any Advice?!

[creditguard]

@diane.jsmith; 900euro per month is so much, you don’t have debt and pay your monthly bill regularly, my suggestion is to hire a credit counselor how provide help how to manage you debt and negotiate with creditor to reduce your monthly payment and try to convince the creditor to also reduce interest rate.