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Topic starter
16/06/2015 12:13 am
We were able to opt for sequestration only due to parents making the monthly contributions as there was -ve income after living costs. We assumed a rise in pay was likely and the payments would reduce for parents as we could pay something ourselves. There has been no income rise.
My Dad died 2 weeks ago and its occurred to me tonight that my mums household income is going to drop significantly. I'm panicking as there are 9-10 payments still to be made.
We own rental properties which have no equity and are basically a liability in time and money terms.
I know I'm tearful because of bereavement but I can't think of a solution to get over the finish line and I'm normally quite practical and problem solving.
If I sold property to reduce the outgoings would that be restricted during payment period? We were discharged in Dec. 2013 I believe.
16/06/2015 12:58 am
Firstly - and most importantly - I'm so sorry for your loss.
It must be very difficult having to deal with sequestration issues at a time when you should be able to simply grieve for your father.
Secondly, and I know that this is asking difficult questions at a difficult time - forgive me! - why were you "able to opt for sequestration only due to parents making the monthly contributions"?
If you were sequestrated, and your income and expenditure showed that you couldn't make contributions, then you shouldn't have been paying contributions.
If you can't pay the contributions now, then you shouldn't have to pay them.
When you feel ready to look at the sequestration questions, those might be things you'll consider.
Take care.
16/06/2015 9:51 am
Sorry to hear about your Dad, RBSB.
I am confused by what you said too - why were your parents having to make contributions to your sequestration? Was it in respect of an asset or equity in property?
In terms of income contributions, you should not be paying any more than is affordable from your own income.
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16/06/2015 11:02 am
Hi RBSB.
I recall that you own quite a few properties?
Could you remind us of the background to the situation please and how/why this arrangement was initially established?
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Topic starter
16/06/2015 5:15 pm
thanks kevin & Candlewick!
TDA, thats correct we had 3 properties repossessed but still have a few.
Basically, we didn't properly complete the I/E until shortly ( couple of days I think) before we were scheduled to meet with Mark to sign docs.
We were advised we should do a new application via AIB due to I/E figures. As we'd taken so long to decide ( accept the inevitable) and gather information etc, I'd been on this forum for ages trying to understand the process andcwed met with other companies.
In short we were desperate then to move on with the application rather than press reset and persuaded Mark to let us proceed with the understanding that our parents would be willing to meet the monthly payments and we would then repay that.
17/06/2015 12:13 am
Hi again RBSB.
I think this is probably one of those cases where we can only really suggest to talk to your trustee. The situation is quite unique. I do hope between you that you'll find a workable way forwards.
I'm really sorry that you've lost your Dad. It must be a difficult time for you all around at the moment.
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