Age: 35
Spouse’s age: 37
Annual gross income from employment or profession: 40k gross
Annual gross income of spouse: 0
Type of employment: private sector
In general we are: trying to save but dipping into our savings to pay bills
We are currently renting a 3 bed house for 800 per month.
Rough estimate of value of home:
Amount outstanding on your mortgage:
What interest rate are you paying :
Other borrowings:
9k overdraft on husbands personal current account
20k loan
8,500 credit card
2,500 credit card
14k tax bill
30k top up
Do you pay off your full credit card balance each month: No - 100e is paid every month for the 2500 cc. The other cc is with MBNA and my husband has been put into the 'hardship' file. They said that they cannot come up with a repayment plan if there is nothing to pay with. They advised that his name is more than likely going to be put on the Credit Bureau.
If not, what is the balance on your credit card: 8,500 plus 2,500
Savings : 2.5k with UB
Do you have a pension scheme: I do, however my husband does not
Do you own any investment or other property:
1 2-bed apt
1 3-bed house
Apt - Worth 225k on Daft however,I believe the more realistic figure is 180k. Mortgage outstanding is 224k. 4.5 with Start Mortgages. Recently requested to change it to Interest Only, but however am reluctant to go ahead with it as rent is covering the mortgage. Rental income per month is 1k. Also thought about moving back into it, but with 3 small kids am reluctant to do so, plus tenants are very good and have been there for 2 years now. Also there is a maintenance fee of 700 annually.
House - Worth 155k on Daft. This may hold true currently but not 100% about that. Mortgage outstanding is 161k (this includes the top up of 30k) 2.75 with BOI, but 30k is at 3.5. Rental income is 565 per month. Pays the mortgage, but not the top up. Again, tenants are quite good and have been there long term.
Ages of children: Twins - 1.5 yrs and a 4 month old.
Life insurance: to cover mortgages
What specific question do you have or what issues are of concern to you?
Everything. Our figures do not add up. Previous to this, it was fine. My husband was able to service his loans. He has now missed one 20k repayment and the 9k overdraft has not been serviced in that last couple of months at all. The bank isn't knocking on the door, but will in time.
When I do the figures up, I'm reaching the conclusion that we cannot pay the 20k loan or the 9k overdraft. Re the tax bill - my husband is due retention monies in from jobs that would cover this, but word is that the 2 clients that owe the monies will not be in a position to pay.
I am just looking for advice please. I am extremely worried about all this. We have looked at everything, even to the extent of emigrating, but we do not want to leave Ireland. I really don't know what we are going to do. I have asked my husband to get the address of the unit within BOI dealing with the 9k overdraft and 20k loan in order to write a letter requesting a meeting. My husband has gone to see MABS but didn't tell them everything. I think he is ashamed. I have made an appt to see MABS myself where I am going to go through everything with them. Appt is not for another 4 weeks as they are inundated with calls/appointments.
Even if my husband was lucky enough to get a job, there would be childcare costs for 3 kids so this really isn't viable.
Can someone please help?
Thank you.
Spouse’s age: 37
Annual gross income from employment or profession: 40k gross
Annual gross income of spouse: 0
Type of employment: private sector
In general we are: trying to save but dipping into our savings to pay bills
We are currently renting a 3 bed house for 800 per month.
Rough estimate of value of home:
Amount outstanding on your mortgage:
What interest rate are you paying :
Other borrowings:
9k overdraft on husbands personal current account
20k loan
8,500 credit card
2,500 credit card
14k tax bill
30k top up
Do you pay off your full credit card balance each month: No - 100e is paid every month for the 2500 cc. The other cc is with MBNA and my husband has been put into the 'hardship' file. They said that they cannot come up with a repayment plan if there is nothing to pay with. They advised that his name is more than likely going to be put on the Credit Bureau.
If not, what is the balance on your credit card: 8,500 plus 2,500
Savings : 2.5k with UB
Do you have a pension scheme: I do, however my husband does not
Do you own any investment or other property:
1 2-bed apt
1 3-bed house
Apt - Worth 225k on Daft however,I believe the more realistic figure is 180k. Mortgage outstanding is 224k. 4.5 with Start Mortgages. Recently requested to change it to Interest Only, but however am reluctant to go ahead with it as rent is covering the mortgage. Rental income per month is 1k. Also thought about moving back into it, but with 3 small kids am reluctant to do so, plus tenants are very good and have been there for 2 years now. Also there is a maintenance fee of 700 annually.
House - Worth 155k on Daft. This may hold true currently but not 100% about that. Mortgage outstanding is 161k (this includes the top up of 30k) 2.75 with BOI, but 30k is at 3.5. Rental income is 565 per month. Pays the mortgage, but not the top up. Again, tenants are quite good and have been there long term.
Ages of children: Twins - 1.5 yrs and a 4 month old.
Life insurance: to cover mortgages
What specific question do you have or what issues are of concern to you?
Everything. Our figures do not add up. Previous to this, it was fine. My husband was able to service his loans. He has now missed one 20k repayment and the 9k overdraft has not been serviced in that last couple of months at all. The bank isn't knocking on the door, but will in time.
When I do the figures up, I'm reaching the conclusion that we cannot pay the 20k loan or the 9k overdraft. Re the tax bill - my husband is due retention monies in from jobs that would cover this, but word is that the 2 clients that owe the monies will not be in a position to pay.
I am just looking for advice please. I am extremely worried about all this. We have looked at everything, even to the extent of emigrating, but we do not want to leave Ireland. I really don't know what we are going to do. I have asked my husband to get the address of the unit within BOI dealing with the 9k overdraft and 20k loan in order to write a letter requesting a meeting. My husband has gone to see MABS but didn't tell them everything. I think he is ashamed. I have made an appt to see MABS myself where I am going to go through everything with them. Appt is not for another 4 weeks as they are inundated with calls/appointments.
Even if my husband was lucky enough to get a job, there would be childcare costs for 3 kids so this really isn't viable.
Can someone please help?
Thank you.
Last edited: