Dewdropdeb
Registered User
- Messages
- 14
Age: 34
Spouse’s/Partner's age: 34
Annual gross income from employment or profession:
91,200
Monthly take-home pay: 5000
Type of employment: private company, secure job, tight month to month.
Housing: Rent 1k
Other borrowings – credit card debt of 1800.
Do you pay off your full credit card balance each month?
No, we pay 300 towards it each month plus any extra left at the end of the month, so should be paid off in 6 months time or less.
Savings and investments: none
Do you have a pension scheme? Husband does, but he doesn't pay into it, just his company, I know he can do so and make some tax savings, but worried how that would affect take home pay. Would love some advice here.
Do you own any investment or other property? No, two run down cars, one of which will need to be replaced soon.
Ages of children: 11,9,3
Life insurance: yes, 250k each
What specific question do you have or what issues are of concern to you?
On paper the above looks comfortable but it's taken a long time to get there. We have just recently paid off all our debt (save the credit card) and have a horrible credit history.
We have been budgeting carefully since November and have an idea of our outgoings and how we can cut spending, but it seems like things just keep coming up. We had a vet bill of 700 euro this month (yes, she was insured, but Petinsure are not cooperating with paying up) last month one of the cars crashed out, the month before that there were hospital bills, but there is an end in sight.
Once the credit card debt is paid off we are hoping to start saving a rainy day fund, so the things listed above won't be such an issue. My husband also has elderly parents in the USA, so very conscious he could need to go at a moments notice and the expenses that would incur.
Our credit history is lousy, but we are making progress there and hope to possibly apply for a mortgage in 5-7 years, when it should be clean again - at least that's my understanding? Things remain on there for 5 years?
We will need to purchase a car at some stage in the next year and I'm returning to university as a mature student, so will have school fees, childcare costs and commuting costs to take into account.
I am wondering if there's any advice on options with car loans/PCP given our bad credit history. Also curious as to advice on savings when credit card is paid off... is a credit union our best bet so that it would help with the car loan?
I feel like we've made a lot of progress having had over 50k debt at one point, but also feel a bit lost as to where to go from here. Any advice much appreciated.
TIA!
Spouse’s/Partner's age: 34
Annual gross income from employment or profession:
91,200
Monthly take-home pay: 5000
Type of employment: private company, secure job, tight month to month.
Housing: Rent 1k
Other borrowings – credit card debt of 1800.
Do you pay off your full credit card balance each month?
No, we pay 300 towards it each month plus any extra left at the end of the month, so should be paid off in 6 months time or less.
Savings and investments: none
Do you have a pension scheme? Husband does, but he doesn't pay into it, just his company, I know he can do so and make some tax savings, but worried how that would affect take home pay. Would love some advice here.
Do you own any investment or other property? No, two run down cars, one of which will need to be replaced soon.
Ages of children: 11,9,3
Life insurance: yes, 250k each
What specific question do you have or what issues are of concern to you?
On paper the above looks comfortable but it's taken a long time to get there. We have just recently paid off all our debt (save the credit card) and have a horrible credit history.
We have been budgeting carefully since November and have an idea of our outgoings and how we can cut spending, but it seems like things just keep coming up. We had a vet bill of 700 euro this month (yes, she was insured, but Petinsure are not cooperating with paying up) last month one of the cars crashed out, the month before that there were hospital bills, but there is an end in sight.
Once the credit card debt is paid off we are hoping to start saving a rainy day fund, so the things listed above won't be such an issue. My husband also has elderly parents in the USA, so very conscious he could need to go at a moments notice and the expenses that would incur.
Our credit history is lousy, but we are making progress there and hope to possibly apply for a mortgage in 5-7 years, when it should be clean again - at least that's my understanding? Things remain on there for 5 years?
We will need to purchase a car at some stage in the next year and I'm returning to university as a mature student, so will have school fees, childcare costs and commuting costs to take into account.
I am wondering if there's any advice on options with car loans/PCP given our bad credit history. Also curious as to advice on savings when credit card is paid off... is a credit union our best bet so that it would help with the car loan?
I feel like we've made a lot of progress having had over 50k debt at one point, but also feel a bit lost as to where to go from here. Any advice much appreciated.
TIA!
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