A
What have Mabs suggested? Does your husband earn significantly over 1800? could he? with childcare costs so high it might be more beneficial for him to stay at home, you to claim his tax credits, him to work around your schedule?
how much are the 2 credit union loans? is there any scope there to lengthen loans/consolidate them?
Id say you need to consider walking away from the house. I assume as you are defaulting on loans you have bad credit and im not sure but sounds like you then have nothing to lose (but the house).
If you walked away and I asume then went bankrupt (can you do that here? in the UK you need 20k of bad dept) also this will get rid of all your depts. start again.
The reality of this is in 6 months time you could some how get a loan for a house buy the same sized house back for half the price, buy a car from your earnings. and be paying no where near the morgage you are now.
so in theroy 6 months time you could be back where you are now but no where near the dept.. I guess youll need the help of family in the mean time and to get any kind of loans in the future.
the only other option is to keep going and stay in dept for the next 30 years hope for a pay rise...
You cannot walk away from your home.
Bankruptcy doesn't exist in Ireland.
Bad credit ratings last for 6 years. Judgements last for life.
I would rather the six year credit blacklist, than try to pay this back. When will this house ever be sold for 495k? 6 years? 12 years? in our lifetime?We paid 495k for the house, would prob be lucky to get 350k for it now.
But you'd have to buy and fit a dish first right? Costing about €300?e.g. Basic TV package - get rid of it. Small saving would be to get rid of the basic tv package and go for free to air channels... hundreds of channels free to air so 300 eur per yr saved
if they already have a sky subscription then all the hardware is already in place, no extra outlay required
Many would love to have the UK bankruptcy option I think. Good luck to you, and all the best, hope you get sorted.
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