mtcrowley said:
1 Yearly income of €37,000.00
2 monthly take home €2684.18
3 currently hold 96 J&J shares price not so good, waiting for them to go up.
4 Have an SSIA account due to finish June 2007 exp value €7700.00.
that was the good news , now the bad news......
1 Credit card Ulster €6,000.00, currenly can only pay 200.00 a month
2 Credit card MBNA €4,900.00 due, can only pay 200.00 a month
3 Bank Loan Ulster Bank €7,000.00 due, pay 160.85 a month
4 MBNA Loan €8,000.00 due, pay 295.19 a month
5 I give €550.00 to my partner for the house rent, house bills, kids nad so on.
Ok, so taking all these payments into account and subtracting them from your monthly salary; you're left with 1,278 euro. Out of this I suspect you pay 100 to your SSIA and perhaps a small amount in the credit union. So what happens to the rest, if that's not too rude a question? Your partner is already trying to manage all bills on 550 so if this is the case, can some of the surplus be paid off the loans, just keeping 'pocket money' for yourself. Also what does your partner do with the children's allowance? could this be saved? I suspect she's using it to supplement the 550.
mtcrowley said:
I went to the credit union for €25,000 but they turned me down. I have just shy of 3000 on my credit union account, they offered me 6000 to pay off one of the credit cards, not what I was hoping for but it is something.
6000 is a drop in the ocean at this stage, bearing in mind that the Credit Union will not allow you to touch your 3000 savings while you're repaying the loan. When you've paid off some of it and the loan reaches 3000, they might allow you to pay the savings off against the loan but this would leave you without any kind of emergency fund for your family.
mtcrowley said:
i know you are all saying to go to MABS but beleive me I have learnt my lession when it comes to credit cards and over spending. I want to get a loan over 5 years that will clear off the outstanding and give me one managable loan repayment.
The reason other posters are telling you to go to MABS, is that this is precisely what they can help you with. They may even be able to come to some sort of arrangement with your creditors as regard to interest on loans etc. They will also help you to work on a family budget etc. so that you can map where your money is going and on what. They're very used to dealing with people in your situation and are very understanding.
mtcrowley said:
To be honest I so want to get married to my partner, we`ve been with each other for 13 years now.`We not looking for a big wedding, in fact we would love to just be able to afford the ring and go away with the kids and get married abroad.
I was at a wedding recently in the Registery Office in town, I think it costs approx. 37 euro. It's a lovely place by the way, I was pleasantly surprised and the ceremony was lovely too. Going abroad to get married, especially with three kids in tow, costs quite a lot of money.
mtcrowley said:
AIB have offered me a loand of 25K over 5 years with a monthly payment of 495.00, that would clear all of the above and give me a chance to get some savings built up.
What do you think am I mad or what ???????
This sounds like a plan to me!! What's the rate? At 495 per month you could afford to put more into your SSIA and perhaps a Regular Saver Account with AIB. You could also afford to give your partner a rise! Sorry, can't believe she manages everything on that amount of money, does she have any other form of income? If she does, you could pool your resources, get AIB paid back as quickly as you can and then concentrate on planning the wedding you want.
mtcrowley said:
one direct just quoted me 419.21 over 5 years for 25K, but the APR is varable....not sure about that one !!!!
Are you sure you heard them correctly?? Honestly you should go to MABS, where you can sit down, face to face, with someone and get it all sorted out.