hi
My wife and I have accumulated nearly 40k in debt.
20k credit union approx 4 yr term - €455 per month
9.5k car loan AIB 4.5 yr term 200 per month
7.7k credit card debt (3 cards) AIB & BOI minimum paid each month
1.3k overdrafts
We have a mortgage of 101k on a property valued at approx 200k. 30 yr term 435 per month
Both of us work and have a combined salary of approx 55k with potential for another 7-10k in commission per year.
Currently approved with pepper mortgages to wrap up debt into new mortgage. It’d save us approx 600 per month in the short term. I get long term I’ll pay significantly more back.
My issue is that I need to reduce payments each month now, it’s all well and good saying I could look back in 5 years time and regret this decision as my main loans would’ve been cleared by now. To date we haven’t missed any payments but have been using a new cc and o/d to pay bills for last few months.
I would appreciate your thoughts on the above and if there are any other ideas
My wife and I have accumulated nearly 40k in debt.
20k credit union approx 4 yr term - €455 per month
9.5k car loan AIB 4.5 yr term 200 per month
7.7k credit card debt (3 cards) AIB & BOI minimum paid each month
1.3k overdrafts
We have a mortgage of 101k on a property valued at approx 200k. 30 yr term 435 per month
Both of us work and have a combined salary of approx 55k with potential for another 7-10k in commission per year.
Currently approved with pepper mortgages to wrap up debt into new mortgage. It’d save us approx 600 per month in the short term. I get long term I’ll pay significantly more back.
My issue is that I need to reduce payments each month now, it’s all well and good saying I could look back in 5 years time and regret this decision as my main loans would’ve been cleared by now. To date we haven’t missed any payments but have been using a new cc and o/d to pay bills for last few months.
I would appreciate your thoughts on the above and if there are any other ideas