Good morning Brendan,Can you provide some information
Your family circumstances - married or single?
Value of property
Amount outstanding today
Interest rate
Lender
Your income now
Your pension when you retire
Any other savings and investments?
Hi, I am over borrowed right now. Loan repayments for education(current and historic) and day to day living, taxes, salary reductions have ripped the heart out of me. I have a bank loan for 6o months, a credit union loan for 60 months, a credit card balance. There is no good news in those couple of sentences. The bank, fair dues, (credit was never refused) has kept me afloat, borrowing though, as I look to the horizon is going to sink me unless I can build some kind of a plan and run it over the next 3.5 years. I have trimmed what I can. I cannot do anything right now that will cost me cash. The lump sum will deal with some of the overhang of the mortgage but it must also deal with the outstanding expensive loan balances I will have.Pension lump sum?
Increase payments now?
what term is your life cover?
I also have the mandatory overdraft and my cover for my mortgage is a fixed payment per month up to the final payment.Pension lump sum?
Increase payments now?
what term is your life cover?
Hi The monthly household income is from 2 sources and amounts to 5775€ the repayments to just loans amounts to 3883€. Bills etc are cleared as they are due and utilities are S/O or D/D.Hi Lancealot. The position you are presented with is currently not a crisis one. You have not provided us with actual figures but your post above indicates that you are not in a position to overpay your mortgage which would be the optimum solution. Talking with the bank is not going to provide you with any solution as they are in no position to agree anything at this point that will give you comfort.
It's not currently a crisis as you have 3.5 years to come up with a solution that suits your circumstances.
In order for anyone to provide some focused commentary on your circumstances you need to complete a financial makeover. Additional key information would be your projected income/outgoings post retirement and amount of residual mortgage when you retire. Other loans that may also need to be dealt with at that time should also be factored in.
Sorry Andy836 when I must retire at the age of 65 in 3.5 years time I will have an outstanding mortgage in terms of months remaining to be paid off, of 60 months (5 years). I do not have a public service pension. I do have a pension that I pay into and I have done so but only since 1992. It is worth something, not a lot and therein lies the problem. I'm taking all contributors suggestions on board and I am grateful to you all for those suggestions. It is helping me to focus and to push on with finding a solution rather than languishing in 'what am I going to do'.If Lancealot is coming to the end of the mortgage (1.5 years left post retirement) then the bulk of the repayments will be principal.
1.5 years is 18 months at €3,883 per month suggests there'll be a tail of principal on his retirement of approx €60k to €65k.
No comment made about pension lump sum.
No comment made about the 2nd income which is helping to pay the household bills currently.
More details needed.
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