Hi everyone, I'm new here, and have been reading a few posts on here before finally registering. There is a ton of great information on here. I hope I'll be able to contribute in the future.
But for now, I am looking for your advice... Hope you can help, here's the low down:
Age: 31
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 19000
Type of employment: Admin
In general are you:
(a) spending more than you earn, Yes
(b) saving? €5 a week
Rough estimate of value of home: €215,000
Amount outstanding on your mortgage: €200,000
What interest rate are you paying? 2.3% variable with EBS
Other borrowings – car loans/personal loans etc:
CU: €7500
Do you pay off your full credit card balance each month? No, and I have cut the card up, I have the no for emergencies, but I don't use it at all anymore.
If not, what is the balance on your credit card?
CC: €6000
Savings and investments:
CU shares and small savings amount to: €1200
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: 0
What specific question do you have or what issues are of concern to you?
Recently I've been put on a 3 day working week, instead of full time 5 days. So my income has dropped to approx 350 per week after tax. I get 98euros from the dole each week. But I have too many outgoings and I'm struggling like mad to pay my mortgage, credit card and bills, before I can even buy food. Forget about clothes shopping or going out for a few pints, that is not happening. I am skint alive and feeling depressed over it.
Each week I have to put aside €250 to cover mortgage and bills. It covers it just about.
Then another €100 goes out each week to the CU loan.
Then each month €180 approx goes into my CC.
You can see I'm just left with hardly anything to try to live on each week.
I applied for and got a full medical card. I'm in the middle of trying to apply for the mortgage supplement, but I understand this can take a few weeks to be granted.
I'm tempted to contact one of those Debt agencies to see what they can offer me, as I've heard they can freeze interest rates on CC's and loans and knock off up to 70% off of a loan??
But I also hear they charge 20% in fees for themselves and I think I'm paying 8% interest on my CU loan and recently I changed to a lower interest CC, so maybe I'm better off the way I am?
I'm thinking of calling into a Mabs near me and seeing what they can say. Or maybe go into my CU for a loan for the balance of the CC to pay it off? But I don't think my CU will give me a loan cos the amount I owe them is pretty high...
If yous can offer any advice I'd be seriously glad of it.
But for now, I am looking for your advice... Hope you can help, here's the low down:
Age: 31
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 19000
Type of employment: Admin
In general are you:
(a) spending more than you earn, Yes
(b) saving? €5 a week
Rough estimate of value of home: €215,000
Amount outstanding on your mortgage: €200,000
What interest rate are you paying? 2.3% variable with EBS
Other borrowings – car loans/personal loans etc:
CU: €7500
Do you pay off your full credit card balance each month? No, and I have cut the card up, I have the no for emergencies, but I don't use it at all anymore.
If not, what is the balance on your credit card?
CC: €6000
Savings and investments:
CU shares and small savings amount to: €1200
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: 0
What specific question do you have or what issues are of concern to you?
Recently I've been put on a 3 day working week, instead of full time 5 days. So my income has dropped to approx 350 per week after tax. I get 98euros from the dole each week. But I have too many outgoings and I'm struggling like mad to pay my mortgage, credit card and bills, before I can even buy food. Forget about clothes shopping or going out for a few pints, that is not happening. I am skint alive and feeling depressed over it.
Each week I have to put aside €250 to cover mortgage and bills. It covers it just about.
Then another €100 goes out each week to the CU loan.
Then each month €180 approx goes into my CC.
You can see I'm just left with hardly anything to try to live on each week.
I applied for and got a full medical card. I'm in the middle of trying to apply for the mortgage supplement, but I understand this can take a few weeks to be granted.
I'm tempted to contact one of those Debt agencies to see what they can offer me, as I've heard they can freeze interest rates on CC's and loans and knock off up to 70% off of a loan??
But I also hear they charge 20% in fees for themselves and I think I'm paying 8% interest on my CU loan and recently I changed to a lower interest CC, so maybe I'm better off the way I am?
I'm thinking of calling into a Mabs near me and seeing what they can say. Or maybe go into my CU for a loan for the balance of the CC to pay it off? But I don't think my CU will give me a loan cos the amount I owe them is pretty high...
If yous can offer any advice I'd be seriously glad of it.