S
Superb
Guest
I have a sibling who is really running out of options and needs help .. unfortunatly as a family we don't have the spare cash to help out directly.
His position is quite simple and complicated at the same time.
He is single, employed on circa €35k a year .. commission and bonus structured so not regular but generally in the region of €35k.
He has an apartment which he is ower occupied, in massive negative equity (bought for €250k .. now worth realisticly €90k) .. mortgage is in the region of €900 per month.
This is only the tip of the iceberg. He has two personal loans (AIB and GE Money) plus two credit cards (MBNA & AIB) with total debts of €17k.
He is just about servicing these debts to the tune of €1200 per month on top of the mortgage.
The Credit card debt isn't diminishing .. it is just paying interest.
He applied to the Credit Union for a consolidation loan .. but was refused. MABS are not really interested in him .. and now he has no idea where to turn now.
I am considering taking out a loan for him, but I don't think I am in a position to do this as I have a current car loan with 2 years left. Plus my wife and I have our house on the market (in Neg Equity - but savings will clear that) in order to move out of suburbia and to the country.
If I take a loan out, it will affect my ability to get a mortgage on a new property in the next couple of years.
I am sort of banging my head on a brick wall thinking of his options .. in reality he can easily afford to pay all this debt off if he could consolidate.
He is calling some debt managment agencies today (I just don't trust these people) and I am afraid he will end up falling in to the trap where by he makes the situation even worse !
His position is quite simple and complicated at the same time.
He is single, employed on circa €35k a year .. commission and bonus structured so not regular but generally in the region of €35k.
He has an apartment which he is ower occupied, in massive negative equity (bought for €250k .. now worth realisticly €90k) .. mortgage is in the region of €900 per month.
This is only the tip of the iceberg. He has two personal loans (AIB and GE Money) plus two credit cards (MBNA & AIB) with total debts of €17k.
He is just about servicing these debts to the tune of €1200 per month on top of the mortgage.
The Credit card debt isn't diminishing .. it is just paying interest.
He applied to the Credit Union for a consolidation loan .. but was refused. MABS are not really interested in him .. and now he has no idea where to turn now.
I am considering taking out a loan for him, but I don't think I am in a position to do this as I have a current car loan with 2 years left. Plus my wife and I have our house on the market (in Neg Equity - but savings will clear that) in order to move out of suburbia and to the country.
If I take a loan out, it will affect my ability to get a mortgage on a new property in the next couple of years.
I am sort of banging my head on a brick wall thinking of his options .. in reality he can easily afford to pay all this debt off if he could consolidate.
He is calling some debt managment agencies today (I just don't trust these people) and I am afraid he will end up falling in to the trap where by he makes the situation even worse !