My first post. Please be gentle.
Age: 47
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 46k
Annual gross income of spouse:29k (three day week)
Monthly take-home pay 4400
Type of employment: e.g. Civil Servant, self-employed : Both Civil Service
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn
Rough estimate of value of home: 280k
Amount outstanding on your mortgage: 31k
What interest rate are you paying? ECB +1.15
Other borrowings – car loans/personal loans etc 750pm (Credit union)
Do you pay off your full credit card balance each month? No credit cards
If not, what is the balance on your credit card? n/a
Savings and investments: 3k Credit union (tied up with the loans)
Do you have a pension scheme? Both have Civil Service pensions. I also have a small AVC
Do you own any investment or other property? No
Ages of children: 16/15/11/3
Life insurance: Yes (€80pm)
What specific question do you have or what issues are of concern to you?
At the moment we are just about getting by. Its very tight at the moment but overdrafts on our three accounts (total overdraft 7.5k). We are always in the red. No problem servicing the loans and mortgage with no payments missed. Both will be paid off in less than 3 years.
We would like to do a few bits with the house that would probably come to 15/16k in total. However I would be willing to wait a couple of years until the mortgage/loans are paid off. However the struggle with day to day finances leads me to think that if I got another credit union loan (over 5 years) to pay the mortgage off/deal with overdrafts while getting the work done on the house would relieve money worries somewhat.
Any advice would be welcome please.
Age: 47
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 46k
Annual gross income of spouse:29k (three day week)
Monthly take-home pay 4400
Type of employment: e.g. Civil Servant, self-employed : Both Civil Service
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn
Rough estimate of value of home: 280k
Amount outstanding on your mortgage: 31k
What interest rate are you paying? ECB +1.15
Other borrowings – car loans/personal loans etc 750pm (Credit union)
Do you pay off your full credit card balance each month? No credit cards
If not, what is the balance on your credit card? n/a
Savings and investments: 3k Credit union (tied up with the loans)
Do you have a pension scheme? Both have Civil Service pensions. I also have a small AVC
Do you own any investment or other property? No
Ages of children: 16/15/11/3
Life insurance: Yes (€80pm)
What specific question do you have or what issues are of concern to you?
At the moment we are just about getting by. Its very tight at the moment but overdrafts on our three accounts (total overdraft 7.5k). We are always in the red. No problem servicing the loans and mortgage with no payments missed. Both will be paid off in less than 3 years.
We would like to do a few bits with the house that would probably come to 15/16k in total. However I would be willing to wait a couple of years until the mortgage/loans are paid off. However the struggle with day to day finances leads me to think that if I got another credit union loan (over 5 years) to pay the mortgage off/deal with overdrafts while getting the work done on the house would relieve money worries somewhat.
Any advice would be welcome please.
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