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Advice on Personal Insolvency Arrangement

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  • 13-05-2013 11:10am
    #1
    Bob Bob
    Registered Users Posts: 47 ✭


    I know this scheme is barely started and things are not going to get moving on it until June but I have a few questions about it that I am hoping someone better informed might be able to help me with.

    My self and my partner currently have a mortgage in negative equity. We have never once missed, skipped or were late on any payments. To do that we have sacrificed everything; We don't go out (ever), no holidays, all shopping is store brand, every luxury has either been cut back to minimum or removed completely. I work full time, she part time. We have 2 kids under school age (1 in child care, one soon to be in child care). We have 2 cars both of which are needed for travel to work. We have a credit union loan that was used to consolidate our debits at the start of the recession.

    From what I've been reading of the worked examples on the isi website, and I admit I don't fully understand it, our income AFTER the mortgage and credit union are deducted should be above a certain amount for "Reasonable Living Expenses". Ours is roughly half the guidelines.

    Does it seem reasonable that we have a case to be made once the Scheme is up and running that might help us reign the mortgage a little?


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