Personal and income details
Income self: part-time, employee & Self employed €225 pw
Income history: Always good, have always been able to find employment, both casual & longterm
Income partner/spouse: n/a
Income history:
number of children 1 (6 yrs)
Amount of Mortgage Interest Supplement received - none
Home loan
Lender: Ulster Bank
Amount outstanding: €64,000
Value of home: €75k ?
Interest rate: SVR
Monthly repayment €380
Amount in arrears - none
Other loans and creditors - This is where my difficulties lie..
Overdraft - none
Credit Card - Bank of Ireland €4,800 (I recently reduced limit from €9,800 to €5,000)
Credit Union e.g. Loan of €10,400 against shares of €2,370
Car loan - none
Family - I owe my dad €3,800 which hes not chasing me for, and Im not paying off presently
Other savings and investments - Nothing, All gone.
How important is retaining the family home to you?
Extremely! I self-built a very small 1 bed home for myself in 2004-2006. It is a very modest, and unfinished, build. I have since become a single parent and it is a huge security to myself and my daughter. Mortgage should be well-manageable even under changed circumstances, and I am not in negative equity. Its far cheaper to run / heat etc than my friends rented houses.
Any other relevant information
I stick to a very strict budget, have shopped around for utilties etc,
What is your preferred realistic outcome?
I would like to know that I am making the wisest choices for my reduced, and soon to be further reduced, income regarding debt repayments.
Hi & thanks for any advice you may be able to offer..
Im a single parent of a 6 yr old, receiving €185pw OPFP, €100pw child maintenance and working part-time (mixture of employment & self-employment) bringing in approx €225pw.
I have had a reduction in employment since last August, losing roughly €100 a week. However I am still able to make repayments & have basic standard of living.
Total income is €569pw incl Fuel allowance, Childrens allowance etc
Total outgoings €460 pw incl food, mortgage, petrol, credit union, credit card etc
I live rurally & have reduced down outgoings as much as I can (I could get rid of Sky, and save €25 a month I realise). I need a landline as well as a mobile as there is no mobile reception at home etc.
I try to keep (but never manage to) €100 a week towards spending - car troubles, extra petrol, birthdays, health, hairdresser twice a year, clothes, shoes etc. I dont spend money on socialising, have never had a babysitter. (not poor-mouthing, just stating I prioritise our health & fishoils over a night out)
Problem : Funding is running out for my employment, and while I am working at lining another job up, it means I may have NO income from September 2013, or possibly just €75pw instead of €225. At this stage I would not be able to anything more than €10pw each into credit union & credit card. This even would be a real stretch, and would not even cover the interest. I should be able to cover my mortgage ok as its low.
I have talked to MABS but as I am not in arrears, they did not want to make an appointment with me. I didnt really fully understand their advice.
Basically I have no savings left for if my car breaks down etc. It looks like I am going to be in a situation of having to contact credit union & credit card in September and tell them I cant pay them our agreed amounts. Therefore my credit rating goes bad and whatever happens from there happens. (Obviously, I hope I get another job paying what I get now. Its unlikely where I live, but not impossible, and certainly I wouldnt see myself being unemployed for 3 years or more).
As it seems my credit rating is going to go bad anyhow, am I better off reducing payments to cc & cu now, and save something, even €50 a week? Im scared obviously, cos I have no money to fall back on, a daughter who depends on me, and Ive never been in an unemployed situation before. My daughter is young, has been diagnosed with a kidney disease that may last 2 years, and needs more care than usual - therefore I am not available to work full-time, even if there was full-time work going in this rural location.
So - continue paying debts to reduce them while I can, or save a bit for emergencies while I can, as Im going to lost my good credit rating anyhow?.
I hope this makes sense & would appreciate some clear thinking on it!
Thank you
Income self: part-time, employee & Self employed €225 pw
Income history: Always good, have always been able to find employment, both casual & longterm
Income partner/spouse: n/a
Income history:
number of children 1 (6 yrs)
Amount of Mortgage Interest Supplement received - none
Home loan
Lender: Ulster Bank
Amount outstanding: €64,000
Value of home: €75k ?
Interest rate: SVR
Monthly repayment €380
Amount in arrears - none
Other loans and creditors - This is where my difficulties lie..
Overdraft - none
Credit Card - Bank of Ireland €4,800 (I recently reduced limit from €9,800 to €5,000)
Credit Union e.g. Loan of €10,400 against shares of €2,370
Car loan - none
Family - I owe my dad €3,800 which hes not chasing me for, and Im not paying off presently
Other savings and investments - Nothing, All gone.
How important is retaining the family home to you?
Extremely! I self-built a very small 1 bed home for myself in 2004-2006. It is a very modest, and unfinished, build. I have since become a single parent and it is a huge security to myself and my daughter. Mortgage should be well-manageable even under changed circumstances, and I am not in negative equity. Its far cheaper to run / heat etc than my friends rented houses.
Any other relevant information
I stick to a very strict budget, have shopped around for utilties etc,
What is your preferred realistic outcome?
I would like to know that I am making the wisest choices for my reduced, and soon to be further reduced, income regarding debt repayments.
Hi & thanks for any advice you may be able to offer..
Im a single parent of a 6 yr old, receiving €185pw OPFP, €100pw child maintenance and working part-time (mixture of employment & self-employment) bringing in approx €225pw.
I have had a reduction in employment since last August, losing roughly €100 a week. However I am still able to make repayments & have basic standard of living.
Total income is €569pw incl Fuel allowance, Childrens allowance etc
Total outgoings €460 pw incl food, mortgage, petrol, credit union, credit card etc
I live rurally & have reduced down outgoings as much as I can (I could get rid of Sky, and save €25 a month I realise). I need a landline as well as a mobile as there is no mobile reception at home etc.
I try to keep (but never manage to) €100 a week towards spending - car troubles, extra petrol, birthdays, health, hairdresser twice a year, clothes, shoes etc. I dont spend money on socialising, have never had a babysitter. (not poor-mouthing, just stating I prioritise our health & fishoils over a night out)
Problem : Funding is running out for my employment, and while I am working at lining another job up, it means I may have NO income from September 2013, or possibly just €75pw instead of €225. At this stage I would not be able to anything more than €10pw each into credit union & credit card. This even would be a real stretch, and would not even cover the interest. I should be able to cover my mortgage ok as its low.
I have talked to MABS but as I am not in arrears, they did not want to make an appointment with me. I didnt really fully understand their advice.
Basically I have no savings left for if my car breaks down etc. It looks like I am going to be in a situation of having to contact credit union & credit card in September and tell them I cant pay them our agreed amounts. Therefore my credit rating goes bad and whatever happens from there happens. (Obviously, I hope I get another job paying what I get now. Its unlikely where I live, but not impossible, and certainly I wouldnt see myself being unemployed for 3 years or more).
As it seems my credit rating is going to go bad anyhow, am I better off reducing payments to cc & cu now, and save something, even €50 a week? Im scared obviously, cos I have no money to fall back on, a daughter who depends on me, and Ive never been in an unemployed situation before. My daughter is young, has been diagnosed with a kidney disease that may last 2 years, and needs more care than usual - therefore I am not available to work full-time, even if there was full-time work going in this rural location.
So - continue paying debts to reduce them while I can, or save a bit for emergencies while I can, as Im going to lost my good credit rating anyhow?.
I hope this makes sense & would appreciate some clear thinking on it!
Thank you