Age: 26
Spouse’s/Partner's age: 27
Annual gross income from employment or profession: 44000 (~2670 net per month)
Annual gross income of spouse: 0 (150 per month Child Benefit)
Type of employment: Secure job in the private sector with possibility of promotion next year
In general are you: (a) spending
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home 150,000
Amount outstanding on your mortgage: 146,000
What interest rate are you paying? Tracker + 1.45%
Other borrowings – car loans/personal loans etc
AIB Loan 6700 (220 per month)
UB Credit Card 4500 (200 per month, cut-up)
MBNA Credit Card 6500 (325 per month)
UB Loan 2000 (338 per month)
BOI Loan 6000 (165 per month)
Total = 25700
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? See above.
Savings and investments: None
Do you have a pension scheme? Yes, I contribute 5% and work match this.
Do you own any investment or other property? No.
Ages of children: 5 months.
What specific question do you have or what issues are of concern to you?
Our biggest problem is the amount of money we are spending every month servicing debt. So far we haven't missed any repayments but I can't see us being able to survive until Christmas without missing any.
My partner went back to University in 2007 for a 4 year course paying full fees this is the source of most of the debt. We expected to run up about this much debt, but we didn't factor in the credit crunch so we had assumed we would be able to keep adding to one loan and thus have an affordable monthly repayment. However after the first years fees we could not increase the original UB loan (due to be repaid in April 2011) and have ended up with this nightmare of debt.
We approached the UB and AIB earlier in the year to see if I could get a consolidating loan but they both refused, so we have struggled on since. My job is quite well paid and has some very nice perks that really help out - like car plus mileage, mobile phone, pay for home broadband etc. Plus we are very proactive in getting the best value for household expenses so our outgoings aside from debt are quite reasonable. Estimate 1000 per month exclude mortgage (~650). I avail of all tax credits etc.
We got married during the summer so I will be able utilise my partners tax credits from Jan 2011 onwards, and I expect a small tax refund due to same.
If we could get one loan over four years to pay off my other debts we would be fine. But how do get this??? AIB and UB basically said that they wouldn't touch debt from other financial institutions with a bargepole so we have a problem. I have been thinking that maybe my parents could guarantee the loans and this might help? I would appreciate any feedback and opinions!
Spouse’s/Partner's age: 27
Annual gross income from employment or profession: 44000 (~2670 net per month)
Annual gross income of spouse: 0 (150 per month Child Benefit)
Type of employment: Secure job in the private sector with possibility of promotion next year
In general are you: (a) spending
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home 150,000
Amount outstanding on your mortgage: 146,000
What interest rate are you paying? Tracker + 1.45%
Other borrowings – car loans/personal loans etc
AIB Loan 6700 (220 per month)
UB Credit Card 4500 (200 per month, cut-up)
MBNA Credit Card 6500 (325 per month)
UB Loan 2000 (338 per month)
BOI Loan 6000 (165 per month)
Total = 25700
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? See above.
Savings and investments: None
Do you have a pension scheme? Yes, I contribute 5% and work match this.
Do you own any investment or other property? No.
Ages of children: 5 months.
What specific question do you have or what issues are of concern to you?
Our biggest problem is the amount of money we are spending every month servicing debt. So far we haven't missed any repayments but I can't see us being able to survive until Christmas without missing any.
My partner went back to University in 2007 for a 4 year course paying full fees this is the source of most of the debt. We expected to run up about this much debt, but we didn't factor in the credit crunch so we had assumed we would be able to keep adding to one loan and thus have an affordable monthly repayment. However after the first years fees we could not increase the original UB loan (due to be repaid in April 2011) and have ended up with this nightmare of debt.
We approached the UB and AIB earlier in the year to see if I could get a consolidating loan but they both refused, so we have struggled on since. My job is quite well paid and has some very nice perks that really help out - like car plus mileage, mobile phone, pay for home broadband etc. Plus we are very proactive in getting the best value for household expenses so our outgoings aside from debt are quite reasonable. Estimate 1000 per month exclude mortgage (~650). I avail of all tax credits etc.
We got married during the summer so I will be able utilise my partners tax credits from Jan 2011 onwards, and I expect a small tax refund due to same.
If we could get one loan over four years to pay off my other debts we would be fine. But how do get this??? AIB and UB basically said that they wouldn't touch debt from other financial institutions with a bargepole so we have a problem. I have been thinking that maybe my parents could guarantee the loans and this might help? I would appreciate any feedback and opinions!
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