Mortgage 240K left have it on fixed 5.1 apr for the next 18 months 1120 a month repayments
Credit union loans 60K at 800 a month repayments
GE Money 25K left at 560 a month repayments
Credit cards 10K at 500 a month repayment
Overdraft at 4K at 100 a month repayments
Family 11K payable in 5months time.
the above does not include our day to day expenses such as phone bills etc.
Due to lose of clients (construction) and ill health we are up to our eyes in debt. My partner has started to get some new contracts back on board but we wont receive payment for a month or two. so we will be able to meet our monthly commitments then but our worries are for the monthly commitments that we cant meet between now and then. I know my partner is getting very depressed with the whole thing and im worried that he might do something silly, as he keeps saying he worth more dead than alive.
any advice would be great.
I have no expertise on this subject but i am in a similar situation to yourselves .If you can see yourselves meeting your commitments in a couple of months just contact all the people you will be late paying and explain situation.In a couple of months when you are back on track contact them and make arrangements to pay arrears.
Try to keep your mortgage upto date your credit history will take a beating but that cant be helped.
While you might not be entitled to the dole you could go to the community welfare officer and they might give you a payment to meet essential bills ie food and heat.
The most important thing to remember is that this recession will pass yea its crap now but it will get better!
Maybe some of the regular posters could give you some better advice i just couldnt leave
this post unanswered
My immediate concern is for your partner's mental wellbeing. If you suspect that he may self harm then you should seek immediate medical intervention. On the financial side of things you should approach MABS for guidance.
As Orga advised: My immediate concern is for your partner's mental wellbeing. If you suspect that he may self harm then you should seek immediate medical intervention. On the financial side of things you should approach MABS for guidance.
I agree 100%. Those who are going around thinking that they are worth more dead than alive couldn't be more wrong. As far as I'm aware most if not all insurance policies don't pay out for death caused by suicide. So those thinking that if they end it all now their spouse/partner/family will be better off couldn't be more wrong as the hardship they are going through will be worse off. Something for those out there to consider. Money situations may take time to overcome, but with help and wise decision making it'll get there. People in these situations should definitely talk to MABS immediately as they will put things into perspective and give them realistic goals to aim for and help with the banks and loans etc.
Thanks for your help. My partner and I have discussed what to do so were going to write to everyone invloved and hopefully they will give us some breathing space. we will try and pay them all something a month but when your a small business its hard as their are some people out their who just wont pay even do they have no reason not to pay.
We have talk about the health issues as well and my partner knows that he is starting to get down about the whole thing but he makes a joke about it saying that one of these days he'll be driving home and he'll hit a wall and all our problems will be over so.
Again thank you for your reply's and please god we will out get through this and come out better people the other side.
Good for you though - it is the brave and courteous thing to do and will cost you effort now but will benefit you more than not talking to them.
Just one other thing, it is going to be hard to do this but you would be better off now asking for an extension of six months from your family on that loan - scraping together €11k in 5 months when you will probably need to go into arrears on other loans this month is not likely to be easy.