Struggling
Registered User
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- 30
I hadn't realised you'd posted a comprehensive post in the money makeover until yesterday. In relation to this thread here, you've tried to do the right thing it seems to me, maybe you shouldn't have gotton into debt to pay creditors, but that's easy to say now. Is all your debt solely attributable to this? Did you get all your credit cards in order to pay off suppliers? Obviously Struggling you don't have to answer that if you don't want to.
I have great admiration for people in business who have done their upmost in trying to keep going. I'm wondering why you were not a limited company, with all the protections that can give you?
You're wondering now is this struggle worth it, but you seem to have a good business going forward, you mentioned your ages, but you're both still relatively young, everybody is having a difficult time currently, but it doesn't mean the good times (not the mad ones !) will come again, especially for those who work hard and persevere. Ireland needs people like you and your husband, to make a good business, to employ people to get the economy going again. But it's going to be difficult, it's a bad recession, not sure if it's as bad as the eighties.
[/quote]income
btwea €1,400 per month - how long does this last? til april and then 75% of that figure for a further year.
self employment: €2,600
children's allowance: €280 - i didn't count that as it goes on esb etc.
total: €4,000
number of children: 3 - you mentioned 4 on the other thread, but that's ok i understand people are trying not to be identified ! 4 kids but one is 23 - not dependent.
home
mortgage: €380,000
value: €370,000
ne: 10k - could be less. Probably not more. Best guess
interest rate: - what is the interest rate? i think 4.5%
monthly repayment €2,200
term remaining: 23 years
ages: 41 & 46 ? = 64 + 69 no possibility of extending the term - no but wouldn't wish to!
investment property
mortgage: €60,000
value €70,000
equity: 10k
interest rate:?
Term?
Monthly repayment €500
monthly rent received €480
subsidy - how much is it costing you? €80 per qtr mgmt fees and shortfall of mortgage
other loans
overdraft : €5,000
term loan number 1: €300 monthly 6 months remaining (originally 5 years)
term loan number 2: €500 monthly 10 months remaining (originally 3 years)
credit card - minimum payments only
1. Bofi €5,000
2. Bofi 2 €10,000
3. Mbna €10,000
4. Bofi €8,000
5. Mbna€16,000
family loan 1 €15,000
family loan 2 €15,000
we also guard our good icb rating - wrong ??
As we don't want the new business blocked from access to credit down the line
. However i know that with current levels of personal debt, we wouldn't get a loan anyway.
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