I guess its hard to consolidate your debts in the current crisis with banks as every one wants to play safe...you can try to raise more money on your mortgage if the value to loan ratio is high....
What really eats at me(other than getting in this mess) is that with a consolidated loan and cancellation of C/C cards we could relax slightly on the tight spending restrictions, save some money and have an end date to our current debts, which currently seem to go on for ever!)
Perhaps I should expand a little. At the moment with the spending restrictions in place means that I pay bins late, don't pay TV licence,late on ESB payments.It's getting these back in to line. There is no rolling on of good times on the cards here. Far from it. Just getting outgoings under my control.no you actually can't afford to relax spending restrictions or save at a lower rate than you have to pay back. Sorry to be blunt but lumping the loans into one over a long period just to allow the good times roll is silly.
Thanks for the feedback Merc.As you are a Civil Servant (job security and all that),most banks should welcome you with open arms. Have you trie to bring your affairs to another Bank ? Tell them you require a loan to amalgamate the CC debt and then work on repaying a bank loan which should be cheaper. If you are trying to reduce your ESB, try changing the 100 watt bulbs for 60 watts and the 60 watt bubls for 40 watts.
Hi Welfarite,By my calcualtions your repayments are 2827 per month (incl. mortgage.) You say income 3500. Is that per month? If so, you have only 700(+ maybe CB) per month to feed, cloth, heat a family of four! This is too low. The CC debt is your most expensive, even at 10%. You'll need to consolidate that debt. What about visiting MABS for advice?
Yeah, I'm considering a payment holiday for a month or two or perhaps even interest only for 12 months.It sounds like you're doing pretty much all you can. If I were in your position I'd ask the bank if they would switch my mortgage to interest only for a while, or maybe allow me to take a mortgage payment holiday, until I could get on top of other bills. I'd also consider getting a Saturday job.
I get paid on the 28th of the month and my mortgage was coming out a few days later(start of the next month) - one time I went into the bank (1st of month) and had them change my payment date to 28th, saving me one mortgage payment by pushing it into the next pay cheque (from a cash flow point of view). Something like that may free up €1100 cash flow for you to catch up on some of your utilities.
My employer is based in the UK so even that isn't a runner...although these days I don't think that would matter(see my comments earlier about loans been decided at a central location)Have you tried going to the Bank where your employers Bank ??
If you get sick or go through a crisis, you have no savings or insurance. Your situation is extremely dangerous. You need to eliminate much of your debt, as quickly as possible. I think you need to maintain a spending diary.thanks for replies guys.
We have started a review of our expenses and have started to pull in savings(reductions in sky,broadband,WoWand some other small bits) of about 100-115 a month. So I'm hoping by the end of this month that we'll see the enlarging OD start to slowly retreat the other way.
If you get sick or go through a crisis, you have no savings or insurance. Your situation is extremely dangerous. You need to eliminate much of your debt, as quickly as possible. I think you need to maintain a spending diary.
Moved all lights to 7w/11w energy efficient ones about a year ago,
Thanks for the great tip Bob...I'll keep it in mind.Have you considered using candles?
Have you seen the price of candles? Won't be any saving to be had there! What about short term, a second job, bar work, odd-jobbing, delivering pizzas? Might be difficult to get or fit in, but thats what I did in the past when I was struggling. It has the added advantage of giving you no time at all to spend any money!
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