cant cope

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helens

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this is my last place to turn to here is my situation

mortgage;€580 per month
bank loan: €379 per month
cc debt of €12000 €300 a month min repay
ge finance €120 per month
maintanance €200 per month
total €1579
Husbands income is €2500 a month home.im a sahm
we cant manage.im getting letter after letter and phone call from cc companies.im suicidal.Bank wont refinance us or extend the term of loan to make easier repayments.we have no money left to buy food and im waiting on payday tomarrow
 
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helens,

Welcome to Ask About Money, people will do all they can to help you here so just try take a calm approach.

Have you been in touch with mabs - www.mabs.ie ? these guys have an excellent reputation and is definitely the first call I would make. Nothing is impossible it's a matter of working out your situation. Is there a way to earn extra income, can you perhaps work from home? or perhaps a family member can chip in and mind the children while you take on a part time job ?

You'll need to rid yourself of the debt that you are paying the most money on, usually a credit card.
 
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iv noone to ask mind kids.i do a small p-t job which i get 120 a month.i think its the credit card situation thats controlling us.we only ran up thatdebt when husband was unemployed for 9 months.i thought about mabs but wouldnt that mean well get a bad credit history forever?
 
cut up the credit card , and it will be paid off in 4 months....(unless the €1200 figure is wrong)
 
Have to agree with jhegarty, the credit card has to go.

Look here at what MABS offer, it is confidential, non judgemental and independant, exactly what you need right now.

MABS Helpline 1890 283 438 ( 9 a.m - 8 p.m. Monday to Friday)

The MABS Helpline is staffed by Helpline Advisers who can assist you deal with your debt problems by:
Listening to you in a caring and non-judgemental way
Helping you assess the extent and true nature of your debts
Helping you explore your options
Providing you with the information you need to deal with your debts
Providing relevant self-help materials
Giving you ongoing support over the phone, as you tackle your debt problems.
The service is non-judgemental, confidential and independent.
The only cost to you is a 1890 call. Once you make the first call, the adviser can call you back if necessary.
Advisers are available 9 a.m - 8 p.m. Monday to Friday.
Outside these times, you can leave a message and an adviser will get back to you as soon as possible.
You can also contact the Helpline by e-mail: Helpline
Click to expand...
 
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helens said:
Husbands income is €2500 a month home.im a sahm
we cant manage.im getting letter after letter and phone call from cc companies.im suicidal.Bank wont refinance us or extend the term of loan to make easier repayments.we have no money left to buy food and im waiting on payday tomarrow
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Is that 2500 gross income or net?

Remember this is "only" money and the earth will always keep turning so if you do feel suicidal you should talk to your doctor. This is not worth doing something like that.
 
helens said:
i thought about mabs but wouldnt that mean well get a bad credit history forever?
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Not at all.

Conversations held between you and the people at MABS are confidential, so no need for anyone to ever know you have spoken to them should you wish.

If MABS do step in to help you restructure your debts/agree new payments with the institutions, it will be to help ensure that you don't get yourself into a position of having a bad credit history rather than impacting your credit history directly (e.g. a 'bad credit history' would result from missed payments, talking to mabs [or having mabs help you in any way] will not affect your credit history).
 
helens,

Try not to despair.

Firstly, MABS have a very good reputation for dealing with people in a situation similar to yours. You will probably realise after talking to them that you are not alone and that many people are in the same boat as you.

I think the first thing that will be worth looking at is moving some of your debt around. You should try to figure out what interest you are paying on the various debts that you have. The best option is then to refinance debt with higher interest rates by increasing loans with lower interest. For e.g. increase your mortgage to cover all of the other outstanding debts. While you are doing this, you may also consider increasing the term of you mortgage (only if absolutely necessary because it costs money in the long term). You need to figure out your current mortgage level and house value in order to do this.

MABS will help deal with your mortgage provider on this. You might think that you mortgage provider will be unlikely to lend you more money but it might be their best choice if they think it is likely to reduce the possibility of you missing mortgage payments.

Contact MABS asap and start the ball rolling. Bets of luck.

Added Text: Sorry if I have repeated the sentiments above. All the above posts appeared while I was typing!
 
noone can help us dont know what to do
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As above, MABS can and will help, you need to get into a positive frame of mind and get a "I can beat this thing" attitude.

Contact MABS and let us know how you get on.
 
thank you for the replies.2500 is net pay a month.wehave been into our bank and they said they will not consolidate our loans & mortgage as we our on an ltv mortgage whichmeans we can only havean 80%mortgage.they also wont top up our loan with them to clear cc debt
 
helens said:
thank you for the replies.2500 is net pay a month.wehave been into our bank and they said they will not consolidate our loans & mortgage as we our on an ltv mortgage whichmeans we can only havean 80%mortgage.they also wont top up our loan with them to clear cc debt
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So you have about 1120 cash per month after all the outgoings? i.e. 1120 for food, bills and general living expenses?
 
yes thats right thats the amount leftover to buy groceries pay eircom,esb,car tax, insurance,tv licence,home & life insurance.havent even bought kids new clothes in 4 months
 
helens said:
yes thats right thats the amount leftover to buy groceries pay eircom,esb,car tax, insurance,tv licence,home & life insurance.havent even bought kids new clothes in 4 months
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How about beaking out the spending per month to see where it goes, you may spot something that you might be able to cancel or cut back on. I know thats though but I think it might be managable with 1120 per month.

groceries:
eircom:
esb:
car tax:
insruance:
tv licence:
home and life insurance:

Any possiblity in downsizing car to a smaller one to get some extra cash and save on car tax and inurance? Any chance of shopping somewhere cheaper if you dont already shop in the likes of aldi or somewhere?

You may have to make sacrifices to get out of the debt or else try to get extra income.
 
aristotle25 said:
How about beaking out the spending per month to see where it goes, you may spot something that you might be able to cancel or cut back on. I know thats though but I think it might be managable with 1120 per month.

groceries:
eircom:
esb:
car tax:
insruance:
tv licence:
home and life insurance:

Any possiblity in downsizing car to a smaller one to get some extra cash and save on car tax and inurance? Any chance of shopping somewhere cheaper if you dont already shop in the likes of aldi or somewhere?

You may have to make sacrifices to get out of the debt or else try to get extra income.
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iv already caceled sky.i just drive a 5year old fordso wouldnt getmuch for it and hubbie has to take it to work.ialready shop in tesco & buy value brand.any other suggestions?
 
I cant see where you are spending 260 per week?

There are small things that can add up to a lot
e.g. mobile phone bills?
lunches?
news papers?
coffees?

I think you should really write down everything you spend for a month and see where it goes.
 
Change to a new cc and avail of the 0% balance transfer rate for six months. Use this time to either reduce your cc balance or eliminate one of your loans.

don't forget children's allowance. It sounds like you have more than one child. Any child under the age of 16 is entitled to 166 per month. Based on two children, that's 332 per month.
There's also the children's supplement of 1100 per annum or 275 per quarter.

Make sure you're claiming refuse charges and any medical expenses. Check out citizensinformation.ie for more information on this.

Have you and your husband investigated your tax credits? Is he claiming your tax entitlement? Again the citizensinformation.ie web site may be able to give more information.

Can you look after children during the day? That way no one else has to take your kids. How about w/end jobs where either you or your partner are available to look after the kids while the other works a part time job.
 
120 on groceries including nappies & fomula.20 petrol about 60/80 on esb and phone.20 on coal.i just pay bit off weekly.dont know where rest goes usually late fees on my cc .no luxuries in this house at all
 
helens said:
120 on groceries including nappies & fomula.20 petrol about 60/80 on esb and phone.20 on coal.i just pay bit off weekly.dont know where rest goes usually late fees on my cc .no luxuries in this house at all
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60\80 per week on ESB and phone?
 
Is there any thing you can release in the equity of your house to reduce debt. I know you spoke to bank manager but your mortgage is quite low. I'm surprised that you don't have more equity built up in the house that you could avail of.
 
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