A
a29
Guest
Hi there. This is my first time to visit the site and I'm hoping to get some advice as I just don't know how to get out of this fianancial rut that I'm in and I'm extremely worried about it. I am currently earning €2,335 per month (this should go up to €2,500 next month). I will also receive an annual bonus of roughly €1300 next month. However, my current account is constantly overdrawn by €1200 (10.9%).
My car Loan is currently €3,360 (9%). (€168 per mth) (AIB)
My visa has a balance of €5,000 (14.9%) (€120 min pymt) (MBNA)
Student Loan balance €8,746 (3.2%) (€193 per mth) (Glasgow Stud Loan Co)
Credit Union Loan €8,000 (€290 per mth) (Nothern Ireland)
Other outgoings include (per mth):
Rent : €400
SSIA : €254
Charity : €25
Travel : €73
Specsavers : €33
Car Ins : €69
My SSIA is currently at €10,000
Do you think I would be better consolidating all loans and having one monthly repayment or should I work on paying back the highest int rate ones first ie visa, overdraft. My hope was to try and buy a house next April when my SSIA matures, however, I'm afraid that if I admit all these loans to my bank (AIB) and ask them to consolidate them into one then they will not approve a mortgage for me when the time comes. I have also considered switching visa to the new Ulster Bank Zinc Card which gives a 9 month 0% on balance transfers.
Any advice whatsoever will be greatly appreciated. Can you please tell me if there is any hope of me being approved for a mortgage in a years time with such a high debt ratio?
Thanks
Worried A29
My car Loan is currently €3,360 (9%). (€168 per mth) (AIB)
My visa has a balance of €5,000 (14.9%) (€120 min pymt) (MBNA)
Student Loan balance €8,746 (3.2%) (€193 per mth) (Glasgow Stud Loan Co)
Credit Union Loan €8,000 (€290 per mth) (Nothern Ireland)
Other outgoings include (per mth):
Rent : €400
SSIA : €254
Charity : €25
Travel : €73
Specsavers : €33
Car Ins : €69
My SSIA is currently at €10,000
Do you think I would be better consolidating all loans and having one monthly repayment or should I work on paying back the highest int rate ones first ie visa, overdraft. My hope was to try and buy a house next April when my SSIA matures, however, I'm afraid that if I admit all these loans to my bank (AIB) and ask them to consolidate them into one then they will not approve a mortgage for me when the time comes. I have also considered switching visa to the new Ulster Bank Zinc Card which gives a 9 month 0% on balance transfers.
Any advice whatsoever will be greatly appreciated. Can you please tell me if there is any hope of me being approved for a mortgage in a years time with such a high debt ratio?
Thanks
Worried A29