consolidation or keep the head down

[irishpride]

Age: 26
Spouse’s/Partner's age: 30

Annual gross income from employment or profession: 33k
Annual gross income of spouse: 26k public sector

Type of employment: private sector



Rough estimate of value of home €280,000
Amount outstanding on your mortgage: €192,000
What interest rate are you paying? 2.75%
€833pm

Credit Union - €385pm balance €19,000,4 and 1/2 years remaining
BOI business loan 320pm balance 24,000 over 7 years,6 and 1/2 years remaining

Do you pay off your full credit card balance each month? yes


Savings and investments: none

Do you have a pension scheme? no

Do you own any investment or other property? no

Ages of children: 1

Life insurance: yes

bills per month
phone 50
esb 120
chorus 28
healthcare 90
creche 620
shopping 400
petrol 200
diesel 320
total 1828


Hi all just looking for some advice.I was self employed but due to the current situation i had no choice but to shut down and go paye.The business loan was consolidated to include the existing business loan and paid off 2 vans to cut down the repayments,im using one of the vans to commute to the new job(its 9 years old so flogging it wouldnt get me much)while im trying to sell the other one without much luck.

My problem is i have a tax bill due in october,it includes tax for2007 and 2008 and im probably looking at 15000,i have that amount in my business account so at least that takes care of the taxman.

My worry is now paying back the business loan,by the time its paid out there is little left for the week for the three of us.

I was thinking of remortgaging to clear the loans but after doing the maths it doesnt seem worth it to have a extra 10 or 20 a week while consolidating unsecured loans into the mortgage.

does anyone have any advice in regards to approaching the bank and asking for a lower repayment over a longer payment schedule or would consolidation be better.

Thanks for taking your time to read this post and any advice is welcome

 

[Gmol]

Re the loans, is it possible to transfer some of the bank loan to the Credit Union if the Interest rate is lower? might be worth checking out

Re your outgoings, could you go to one of the new tarriff offers where you pay 25€ a month and then top up if necessary

Re NTL, pick up a sateillite dish in one of the discount store and cut this bill out

Re petrol/Diesel could you put up an ad to car share thereby cutting the costs there?

Hope some of these help

 

[niceoneted]

Not sure if there is any better way to deal with your loans as it is hard in this market.
Would it be possible to go interest only on the mortgage fro 12 months and hit most of the extra cash at the loans.
Re your outgoings, ESB is very high imo, especially if you are out at work all day. Also cut NTL. You must be doing some very high mileage if your pumping 320 into diesel a month.
Any chance of getting an extra part time job or look at inventive ways to make a little extra on the side.