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SUICIDAL IDEATION AND marriage breakdown are just two of the problems stemming from a growing repossession crisis according to debt support charity Phoenix Project Ireland.
The agency says that it took over 5,400 calls last year from people who are struggling with mortgage repayments, adding that 49,000 homes are in danger of repossession in the coming years.
In the Phoenix Project’s annual report released today, CEO William Prior says that marriage breakdown is becoming a greater problem for couples under pressure.
“We estimate that approximately 60% of our clients in 2015 were women who were separated or in the process of going through legal separation,” he says. ”They typically report that financial difficulties are the main reason for separation.”
Of grave concern is the report from our stress counsellor, who says that 10% of clients have had suicidal ideation as a direct result of their financial difficulties and the threat of losing their family home.
The Phoenix Project, for example, details the case of Maureen* who it says had a mortgage of €50,000 on a home valued at €250,000. Attempting to renegotiate with her bank, she couldn’t make a deal because her separated husband would not engage with the process.
Another warning being made is about how a potential increase in interests rates could put even more families at the risk of repossession.
“By the Central Bank’s own estimates, up to 49,000 homes are facing repossession over the coming years. Using an average of 2.5 occupants per home, this means that some 122,500 more people are facing homelessness,” says Prior.
More worryingly, if the European Central Bank interest rate rises from its current low, many more borrowers who are now meeting full repayments will fall into arrears.
The charity is recommending a number of actions from government, including standardising split mortgages and a law preventing a repossession from taking place unless the homeowner has alternative accommodation.
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So it’s the separated husband, who probably hasn’t lived in the house for years (because he probably had to leave) who is to blame
in sickness and in health, for richer for poorer….
Big difference between being poor and being in crippling debt Richard.
Solution are more important than blame.
Marriage is about love and money….once the love has gone it’s only about money.
If Maureen’s husband has moved out, can she not take in a tenant, and pay her husband’s share of the monthly mortgage with it? A mortgage balance of 50k should be serviceable. And she’d get to keep the house.
I had a quick look through the report..
Outcome:
Phoenix Project went to the bank’s head office with the borrower and eventually secured
a five-year interest-only deal with the bank. This arrangement gives her the chance to get
on with her life. It avoids the need for a fire sale or a repossession, which is where this arrears
case was destined without Phoenix Project’s involvement.
But. Phoenix Project did help her by going to the bank with her
clemguis, no saying that if she pays his share for a period that she will actually in the end get to keep the house! If they sell who knows what the split will be even though she should get more
I agree that Maureen’s share should increase by how much extra she has contributed to the repayment of the mortgage. It will for sure take lawyers, but a reasonable solution could be arranged. Although the main point here is that she would not get repossessed and thrown onto the streets!
‘she couldn’t make an deal because he separated husband would not engage with the process’
Eh??? In English please
Mortgage must be still in both names
And he’s probably paying rent on another property with maintenance.
There’s two sides to every story and somewhere in the middle lies the truth.
lies
Thanks to FG/LAB
Yes we lived in a paradise of free homes for everyone until FG and labour ruined it.
No but prior to FG/Labour, even the savages in Fianna Fail managed to put together a progressive budget. Bottom line FG/Labour do not give a sh!t about people who are struggling.
FG and Labour didn’t ruin it, FF ruined it, FG and Labour made it worse
Only reason FF do anything is for votes. It’s easy to bribe everyone when the coffers are overflowing thanks to a huge pyramid scheme.
I’m taking about after the crash Peter. I have no love for FF I can assure you, but they did manage to keep their budgets progressive before the last GE
@Leo Lowe… Yaaaawwwwwwwwwwwwwwwwwwwnnnnnnnnnnn
Louis Jabob so FF managed to keep their budgets progressive? Was that before the economy collapsed and we were left with a €20 billion budget gap? Easy to be progressive when you have money. Impossible when you’re essentially bankrupt as we were when this Govt took office. The number of people on this site who expect the Govt to be their sugar daddy is staggering. Do people think that marriages didn’t break up before the recession? Are the taxpayers not already paying for many people who have kids but don’t work or can’t afford to have them? Are we expected to pay for the failure of people’s marriages and lifestyle choices as well? Life sucks sometimes but you can’t expect everyone else to pick up the tab for your failed choices.
Louis, FF presided over a massive spike in unemployment which was extremely regressive. Their crisis budgets then hiked income taxes, further damaging the domestic economy (e.g. retail) and leading to more regressive job losses.
Put that on ye’r posters FG/Labour.
Ye’hah.
Gerrup!
They want laws prohibiting repossession? People borrowed amounts that they cannot afford to repay. Somebody will have to repay this money. Just because somebody’s marriage has broken down is not reason enough to expect the taxpayer to pay for them to own their own homes. Nor is suicidal ideation which seems to be the attempt at pulling at the heart strings of this report (is 10% even above the figure for the general population?) Plenty of people, plenty of families, do not own their own homes; should these people have to fund the property desires of divorcees just because they have become accustomed to a lifestyle they can no longer afford? Notions of some people – either pay your mortgage or look for a rental property, sob stories don’t pay the bills.
The over supply of credit created an over hyped market which drove people to over borrow and unable to sustain repayments when incomes declined.
Incomes declined, USC was added. Then add LPT, add increases in energy and othe houshold costs, supporting unemployed family or loss of employment. Add increased medical costs, private medical health insurance in some cases, stealth taxes etc. real life can be tough.
Yes it can be tough, and you have to live it. We all suffered increased costs and declining real incomes. Still no reason for someone to think I should be paying their mortgage because their marriage fell apart. This country is awash with parasites.
Some suffered vastly more than others, depending on level of decline in income, the timing of purchase of their homes, on tracker or not on tracker, total loss of income by bioth income earners or one income earner, mortgage indebtedness level depending on level,of parental gifts and a variety of other specific circumstantial factors. Generalisations are misleading here unless highly qualified by reference to the many variables at work.
The primary factor was over supply of credit by the “expert” bonus driven bankers, some of whom are now asset recovery managers with NAMA etc.
Liam, talk to MABs and various housing charities. They will open your eyes. Facts and reality are important.
Liam, using abusive terms such as “parasites” simply reveals the type of person yiu are and adds noting to yiur argument. In fact, it distracts from the lameness of your position. For all we know, there could be aspects of your life which may have parasitical elements but that’s another issue.
Aww so we’re going for the pulling at the heartstrings approach are we? Paying someone’s mortgage, no matter how much they’ve suffered, is not a worthy cause. There are far more needy people out there than the divorcee who just couldn’t live with the shame of forgoing her 4-bed semi in sandymount. We provide rent allowance, there are flats regularly available in ballyfermot and finglas, they can live there.
And someone expecting others to pay their mortgage for them is a parasite, simple as. And just because you’d swallow an anchor, and likely don’t earn enough to be one of the mugs who ends up having to pay for these leeches doesn’t change their parasitical nature.
You need to read the report. In one section it says
“Typically, husbands / male partners will have left their female partners to take care of the children and to look after the mortgage. Typically, they do not co-operate in any way where a proposed solution is presented to the relevant financial institutions”
After reading the report I felt it read like someone was looking for a way to make this a gender thing and emphasise that more women need help than men, or get on the gravy train. Interestingly the annual report does not contain any accounts or figures related to funding and expenses or salaries. And no names except the CEO and Chairman. Nothing on the web site either, not one name or expertise/ qualifications. No annual accounts either.
Austerity has caused a rise in domestic violence. Fg,Labour has destroyed families across this country. No way will fg ,labour get back into power.
Yes it has nothing to do with the lack of taxation because of the recession. It’s because of austerity. Strangely enough my salary has collapsed over the last 8 years and I have had to cut back savagely. Why do you think that this doesn’t apply to counties as well. If you don’t have the money you cannot spend it. We are still borrowing money to pay for our day to day expenses. Grow up. Austerity is what happens when you don’t have the income to match your expenditure. They’re ain’t no Santa Claus!
Bribing voters with their on money !!!!!
Might I remind people that the current Government brought in specific legislation to facilitate and speed up the repossession of people’s homes. They further created a cohort of new judges to further facilitate this process. The foreign Vulture funds to whom NAMA and our banks sold their loans are impatient and must be catered to above all else.
Life is all about good and bad experience
Life is all about good and bad experience. It was all good and lovely when i met jully, she was a good business woman until things become rough for her and her business empire started liquidating. I was a very courageous and hardworking man so i decided to sell my inheritance to assist . We both struggle together and built the business world again. This time around the business was growing from strength to strength. I was surprise one Sunday evening when she came home with her secretary and told me that we cannot continue with this pretense called love. I was shocked and heart broken, i was in a friend, house for three weeks frustrated until i met jeffery my old friend at the supermarket, he directed to me to Dr John Patience. I contacted John and he told me that Jully was been manipulated by some spiritual power and he told me to provide some items which he is going to use to destroy the evil spirit. I never believe in voodoo but i had to give him a trial. To my greatest surprise, Jully called and started apologizing 2 days after i sent Dr. John the email. I am very happy and will continue to be happy for the good work the John has done in my life. Problems are been solved when good people like John are on this planet, please contact him through blessings434@gmail.com if you need any support in any problems in life. I love Dr John Patience… :)
Well FF had n o t h i n g to do with it!
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