Your Personal Finance Questions – Will we be penalized for late paying our property taxes?

A As the owner of a residential property on November 1, 2021, you are liable for the 2022 Local Property Tax (LPT) on that property. This falls under the new assessment period, which runs January 1 this year and ends December 31, 2025, according to Barry Cahill of tax consultancy Taxback.com.

In previous years your property would have been outside the scope of the LPT during the valuation period which applied to all properties built after 1st May 2013 and before 31st October 2021 ending 31st December and would therefore not have been eligible for LPT during that period the LPT liable this time, he said.

The first step is usually to determine the market value of your property for submitting your LTP1 form, but since you missed the November 1 deadline, the IRS likely estimated your property valuation.

Mr. Cahill recommends that you submit your LPT1 form immediately, using the property ID and PIN from the letter you received in November, and provide the IRS with an accurate valuation of your home.

Revenue has a useful online tool that you can use to provide the average valuation range for properties in your area. From there you can make arrangements to pay your fee for 2022. Note that the tax office may charge interest for late payment of LPT, he said.

Q I recently had a £12,000 car loan application rejected by my bank due to bad credit. I’ve missed two or three mortgage payments, but that was over four years ago, and other than my overdraft, which my salary pays off, I always have money in my account and keep my bills up to date. What could have caused this ?

A According to Credit Union Development Association (CUDA) Chief Executive Officer Kevin Johnson, the central bank’s Central Credit Register (CCR) does not provide a rating or grade for your credit report.

Each lender makes a decision about your loan application based on their own credit policy.

Personal and credit information has been submitted to the CCR monthly since June 30, 2017 for personal loans, credit cards and mortgage overdrafts. Information on moneylender loans, municipal loans and business loans has been submitted since March 31, 2018. Information on hire-purchase, personal contract plans (PCPs) and property finance has been submitted since June 30, 2019, Mr Johnson said.

If payments have been owed or missed in these categories since these dates, this information will be sent to the CCR. He said to maintain good credit, make sure your repayments are made on time and in full, and that any late payments are resolved immediately. If you need a new car, try other lenders.

Credit unions will listen to your explanation of why you have missed repayments in the past but are unlikely to miss them in the future.

Q I will be 75 this year, my wife will be 70. We have been with VHI in the Family Plan Plus Level 1 program for a number of years. Our premium for the last year was €3,526. VHI has now informed us that it is retiring this plan and will now transition us to the EnhancedCare Complete 150 day-to-day plan with an annual premium of €3,540 for 2022. Are there other plans we should consider?

A Before switching to this alternative plan, TotalHealthCover.ie’s Dermot Goode suggests that you first look at the PMI 3613 scheme. He said this is an excellent semi-private business plan available from VHI that could bring your costs down to €2,810 for the coming year.

This plan is very similar to your previous plan, covering up to semi-private in private hospitals with full coverage for certain listed procedures in Dublin’s high tech hospitals.

He said it also includes excellent reimbursements for a range of eligible outpatient expenses without having to pay a deductible first. If you were happy with your previous plan, then this plan is definitely worth considering, he said. Mr Goode said all consumers can join these business plans when they meet their coverage needs.