hi i need help!!!

KELLIE123

Registered User
Messages
20
we have 2,000 savings,,,
mortgage of 1053
credid card x2 200
credit union 700
dentist 100
plus 3 kids 2 cars 2 dogs esb gas clothes food and that lot up there out of 2300
 

Purple

Registered User
Messages
11,573
I'm up to my eyes in debt at the min,, Just applied to blue cube and found this site which has told me a thing or two about them,, anyway;
Balance Payment
MORTGAGE..........................?...........€1054
credit card..........................2000.........100
credit card no.2...................3000.........100
credit union.......................12500.........500
credit union no.2..................8500.........200
friends first.........................1500...........40
dentist treatment.................2100.........100

Net Outgoings.......€ 2094

hubby wages........€2,300
Balance..................€206

We were just turned down a loan to consolidate with TSB so don’t know what to do,, Have 3 kids, 2 cars so there clothes petrol bills and food to come out of that as well..

Apologies if I'm out of order but I have copied and edited your post from the other thread here as it gives more details.
 

DrMoriarty

Moderator
Messages
5,180
Can you lay out your details a bit better please?
Do you have any savings?
Can you generate any other income? (weekend job, students in house etc)
I've deleted the posts in the other thread started by asia1.

Purple's right, can you be a bit clearer? And in the longer term, you're going to have to try to increase your income (or reduce your expenditure, though it's hard to see how) to avoid getting further into debt. Consolidation might not be the best option for you.

In the meantime, can you maybe ask the CU for a temporary repayment holiday and clear the credit card debt as quickly as possible? (and then get rid of the credit card!)
hubby wages........€2,300
With two kids and only this income, have you checked to see if you qualify for anything like Family Income Supplement? Do you have a medical card?
 

KELLIE123

Registered User
Messages
20
thats what i think i will have to do,,,i saty at home with 3 kids well 2 at school in a new area so no one around to mind the baby,,plus i wouldn't earn that much,,not enough to pay a child minder,,
 

Purple

Registered User
Messages
11,573
Can you down size either car?
Can you take in students?
Can you or hubby get a weekend job? (I know that's hard with three kids!)

Your first priority should be to get rid of the credit card debt. Can you use your savings on one and reduce other repayments to get rid of the other?
Once you have done that then adopt a policy of only using them when you need them (buying on-line etc) and have the money saved to pay the bill before you spend it.

You have loads of smallish short-term debts. It’s not a mountain you have to climb, just a load of hills. The reality is though that you don’t have anywhere enough disposable income to get out of this in the short term without making some hard changes.
Can you give an indication of how long you have left on the loads? (You may find it easier if you “quote” my post –quote button on bottom right of my post- and copy and paste it into a word document before adding your extra details and deleting the quote tags).
 

KELLIE123

Registered User
Messages
20
Can you down size either car? they pretty small anyway
Can you take in students? too far away from city
Can you or hubby get a weekend job? he could i suppose,,
Can you give an indication of how long you have left on the loads? they all prety new we just moved house,,about 4 yrs left
 

DrMoriarty

Moderator
Messages
5,180
From that page on FIS that I linked to:
...to qualify, your net average weekly family income must be below a certain amount for your family size.
[3 children => €625/week (= €2,800-ish per month?)]
It's important to be aware that, no matter how little you may qualify for, you will still get a minimum of 20 euro each week.
You should look into it. You could be entitled to more than you think.

Have you had a look at the MABS website?
 

D8Lady

Registered User
Messages
428
What is the interest rate on the credit cards? If you haven't done so already, I'd suggest you move them to a tesco card, 0% for 6 months. Any money you pay will go off the loan and not be chewed up by interest.

After 6 months, move the card to Ulster bank. They have 9 months interest free and so on until it is all paid off.

It only really workes if you stop using the cards as well. Take them out of you wallet.

At 200 per month, it will take you 25 months to pay them off if no interest.

Good luck.
D8L
 

KELLIE123

Registered User
Messages
20
Could you do some childminding yourself?I HAVE BEEN THINKING ABOUT THAT TOO,,BIT SCARY LOOKING AFTER OTHER PEOPLES KIDS THO,,HAVE ALREADY CHANGED TO TESCO WILL TRY ULSTER BANK NOW WITH THE CREDIT CARDS,,THANKS GUYS
 

Neadyk

Registered User
Messages
80
Get in touch with mabs - www.mabs.ie. They are great to help with money issues and the service is free and confidential. I dont work for them but they gave a talk in work recently and seem to be able to help people. Good luck.
 

KELLIE123

Registered User
Messages
20
has anyone heard of mint credit cards,,just got an e-mail saying they have 0% balance transfer until dec 2008
 

Sherman

Registered User
Messages
985
has anyone heard of mint credit cards,,just got an e-mail saying they have 0% balance transfer until dec 2008

I could be wrong but I think Mint is a UK-only credit card, so that won't be much use to you. Also, I would run a mile from any unsolicited financial services offerings - unless you contacted them?

I reckon in your situation you should look seriously at minding other peoples' kids - it may seem scary at first, but I'm sure you do a great job with your own kids, so minding another few kids wouldn't be any great challenge, and it would sure help with your situation - you could earmark any money earned from it purely for paying off your credit cards.

As others have said, you really need to cut up the credit cards and stop any further borrowing.
 
Top