S
SarahSmyth32
Guest
Age: 33
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: n/a
Annual gross income of spouse: 35,000
Type of employment: normal employment
In general are you: A
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home: €150,000
Amount outstanding on your mortgage: €402,000
What interest rate are you paying? 4% (i think)
Other borrowings – car loans/personal loans etc: €2727.54 per month
Car finance : €476.67 Balance: €20,254 (as per last letter)
Aib Loan: : €139.62 Balance: €300 aprox
Mabs: €331.50 (Credit union €21000 aprox, CC x 3 €18000, home shopping€3000)
Personal Loan €281.14 (family member) (€16500)
High interest loan €260 (€3000)
Credit Union €120 (€2600)
Thats €1608.93 the balance €1118.61 was for normal monthly bills, diesel, car tax, insurance house, life, car etc
Mortgage Payment: €1561.00 per month
Savings and investments: n/a
Do you have a pension scheme? no
Do you own any investment or other property? no
Ages of children: 2
Life insurance: yes (€77 pm)
Hiya thanks for taking the time to read our problem!
Ok we are a young couple (34 & 33) with one child he is aged (2)
We have been struggling for the past 2 years with our mortgage and short term debt, so far mabs have helped with the short term debts and I think we are coping with that but we keep falling behind with our mortgage, we have had it interest only for past 4 years (extended as much as they could and restructured once already and are now €3k + in arrears (we actually owe more now to bank than we did at start) the house like all houses these days is in negative equity but by a lot its (-€250,000.00)
Think that’s all the background info you will need!
These are the options I think we have, just need some advice to see are we doing the correct thing!
Option 1: Keep things same and hope I get a job, but where the house is located the jobs are very scarce, I have been trying months to get any kind of job and have not even got a interview and my husband has a job but the salary is not covering our bills.
Option 2: Voluntary surrender, I know this is a last resort but I honestly think this is where we are, my husband has been offered a very good paying job (€55,000 basic with option of overtime) a few hours from where we live now, (its too far to commute) but if we got out of the house we would definitely have a a better quality of life and be able to afford everything and i would have a better chance of getting a job.
What would you do.......
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: n/a
Annual gross income of spouse: 35,000
Type of employment: normal employment
In general are you: A
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home: €150,000
Amount outstanding on your mortgage: €402,000
What interest rate are you paying? 4% (i think)
Other borrowings – car loans/personal loans etc: €2727.54 per month
Car finance : €476.67 Balance: €20,254 (as per last letter)
Aib Loan: : €139.62 Balance: €300 aprox
Mabs: €331.50 (Credit union €21000 aprox, CC x 3 €18000, home shopping€3000)
Personal Loan €281.14 (family member) (€16500)
High interest loan €260 (€3000)
Credit Union €120 (€2600)
Thats €1608.93 the balance €1118.61 was for normal monthly bills, diesel, car tax, insurance house, life, car etc
Mortgage Payment: €1561.00 per month
Savings and investments: n/a
Do you have a pension scheme? no
Do you own any investment or other property? no
Ages of children: 2
Life insurance: yes (€77 pm)
Hiya thanks for taking the time to read our problem!
Ok we are a young couple (34 & 33) with one child he is aged (2)
We have been struggling for the past 2 years with our mortgage and short term debt, so far mabs have helped with the short term debts and I think we are coping with that but we keep falling behind with our mortgage, we have had it interest only for past 4 years (extended as much as they could and restructured once already and are now €3k + in arrears (we actually owe more now to bank than we did at start) the house like all houses these days is in negative equity but by a lot its (-€250,000.00)
Think that’s all the background info you will need!
These are the options I think we have, just need some advice to see are we doing the correct thing!
Option 1: Keep things same and hope I get a job, but where the house is located the jobs are very scarce, I have been trying months to get any kind of job and have not even got a interview and my husband has a job but the salary is not covering our bills.
Option 2: Voluntary surrender, I know this is a last resort but I honestly think this is where we are, my husband has been offered a very good paying job (€55,000 basic with option of overtime) a few hours from where we live now, (its too far to commute) but if we got out of the house we would definitely have a a better quality of life and be able to afford everything and i would have a better chance of getting a job.
What would you do.......
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