Personal Debt - don’t know where to turn

[Blackrock1]

The thread is sensitive and I understand why somebody won't supply all information for fear of recognition etc.

Many married couples have separate bank accounts and I have no issue with this. My advice to our daughters were to be always independent financially no matter what the occupation of the husbands. Our son has received the same pep talk from us. And they have Joint Accounts too for family stuff. Every participant in any relationship needs some kind of financial independence. Otherwise, we might as well return to the 1950's. No offence meant to anybody - it's just my opinion.
[Independent bank accounts to each person in a relationship deserves a thread of its own]

i dont disagree that each person in a marriage should have their own bank account but i dont agree with the financial independence stuff, if you are married its a partnership, imo the fairest and most sensible way to deal with family income (be it single or dual) is to set aside items like mortgages or loans, allocate an amount to a joint account to cover the household, allocate an amount to savings and the rest is split equally between both partners.

Your advice on financial independence would always require both people to work, if you have children thats not always the best solution.

 

[NotMyRealName]

The thread is sensitive and I understand why somebody won't supply all information for fear of recognition etc.

Many married couples have separate bank accounts and I have no issue with this. My advice to our daughters were to be always independent financially no matter what the occupation of the husbands. Our son has received the same pep talk from us. And they have Joint Accounts too for family stuff. Every participant in any relationship needs some kind of financial independence. Otherwise, we might as well return to the 1950's. No offence meant to anybody - it's just my opinion.
[Independent bank accounts to each person in a relationship deserves a thread of its own]

Leper, which section would be best to start that discussion? I'm at "the talk" stage shortly.....but conflicted about my views on this.

 

[peemac]

It the number of repayments that is the issue rather than the overall amount.

I don't think there's a poor financial situation here.

I'd chat to the credit union and ask for a debt consolidation loan.

It will probably by about 8.5% - 9% and they will pay off all the others and maybe do the single loan over 5 years. Credit unions are awash with cash and you'd almost certainly get it.

That's €240 a month.

Then just avoid the temptation of taking any other loan esp "store credit" such as Very who charge an eye watering 40% interest

 

[kashless]

Hi all,

Please excuse the long post in advance.

I have found myself in a situation where I am struggling with debt repayment beyond belief.

My current position is we have a mortgage which is fully up to date and never missed a payment. With regards to me personally then, I have a loan with AIB that I must have for 10 years now. It was for 10k initially, and was working away at paying it and then started struggling so with 2 clicks of the mouse on the AIB app I could top up my loan and have money in my account within 5 mins. So all these years later and after multiple top ups just to make ends meet I now still owe 9k. My repayments are €245 per month, I have a credit cards which I owe 1k, a credit union loan of €900 and a store card of €300 so all in all I pay over €400 per month on loan repayments alone.

I used to be able to scrape by but since before Christmas I just cannot make ends meet. I have literally no money for food electricity etc for 2 weeks of every month. My husband has a good job and pays mortgage ets from his account but what’s happening is because I am so broke, I'm dipping in to his account just for food etc and now both of us are completely struggling!!

I just don’t know where to turn!! Would the bank consider maybe an interest only option for a couple of years and allow us use that money to get rid of my debt??

Thank you for your time!

Hi Clodagh. Been there.
In brief, contact MABS asap. They have done it all before. My situation was similar to yours(mostly). My debt was larger overall. Good luck with this. MABS asap.