O
outofmymind
Guest
Age: 27
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 18,150
Annual gross income of spouse: 0
Type of employment: e.g. Civil Servant, self-employed
In general are you: a
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home €140,000
Amount outstanding on your mortgage: €280,000
What interest rate are you paying? 5.47%
Other borrowings – car loans/personal loans etc
Credit Union: 14,000 (previously paying 600 p/m have sent letter asking to pay interest only. No response yet.
Credit card 1: 3,700 (0% interest until Jan 2011)
Credit card 2: 2,500 (husbands card with UK bank)
Credit card 3: 700 (husbands card with UK bank)
BOI business Loan: 10,000 (100 p/m. BOI agreed to freeze interest and reduce repayments)
Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card?
Savings and investments: 2,500 in credit union
Do you have a pension scheme? no
Do you own any investment or other property? no
Ages of children: 2 years
Life insurance: included with mortgage
What specific question do you have or what issues are of concern to you?
I don't know where to start so I'm sorry if my post is long winded. Just want to try outline our circumstances and get any advise on what we should do.
Husband was self employed having started his own business but it wasn't working out so he was happy to get employment last Sept. Unfortunately he was let go in May as there was not enough work for him. He went to SW and was told he doesn't have enough stamps for JSB they told him they'd call to our house to look at business accounts to means test us for JSA. That was 3 weeks ago and still no contact from them. Meanwhile we are surviving on my salary which is 1400 net per month. We have gone interest only on mortgage so that is now €1100 per month so not a huge decrease as we are fixed for 3 years on a high interest rate. We live about 40 mins from Dublin and I need my car to travel to work. Its only a banger worth about 1k.. Petrol costs are 200 per month. We shop at Aldi and don't have any sort of social life so there aren't many cut makes we can make. We have borrowed from family in the past when the business wasn't doing well and still owe that money (approx 7k) thats how credit cards are so high as we used them also when we had no income from business. We are economical with gas and electricity, have basic tv package etc. We're at our wits end and just don't know what to do. Have called MABS but they have 10 weeks wait for an appointment but they did help over the phone.
We would love to walk away from our house as we can't see how we can ever afford it but I know this isn't an option in this country. It was bad judgement on our part that we bought it as its not in a desirable location and is not ideal for raising a family in (we thought we were getting our foot on the ladder and had planned to move on after 2 years when we'd made our profit - how foolish were we..)
Husband has been applying for jobs and has had interviews but was recently told he is over-qualified yet he can't get a job at the level he is at as there are no jobs to be had. So frustrating, as he really wants to work.
As my husband is from UK and only living here 4 years we have considered getting jobs over there and living there in order to apply for bankruptcy. Does anyone have any advise on this??
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 18,150
Annual gross income of spouse: 0
Type of employment: e.g. Civil Servant, self-employed
In general are you: a
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home €140,000
Amount outstanding on your mortgage: €280,000
What interest rate are you paying? 5.47%
Other borrowings – car loans/personal loans etc
Credit Union: 14,000 (previously paying 600 p/m have sent letter asking to pay interest only. No response yet.
Credit card 1: 3,700 (0% interest until Jan 2011)
Credit card 2: 2,500 (husbands card with UK bank)
Credit card 3: 700 (husbands card with UK bank)
BOI business Loan: 10,000 (100 p/m. BOI agreed to freeze interest and reduce repayments)
Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card?
Savings and investments: 2,500 in credit union
Do you have a pension scheme? no
Do you own any investment or other property? no
Ages of children: 2 years
Life insurance: included with mortgage
What specific question do you have or what issues are of concern to you?
I don't know where to start so I'm sorry if my post is long winded. Just want to try outline our circumstances and get any advise on what we should do.
Husband was self employed having started his own business but it wasn't working out so he was happy to get employment last Sept. Unfortunately he was let go in May as there was not enough work for him. He went to SW and was told he doesn't have enough stamps for JSB they told him they'd call to our house to look at business accounts to means test us for JSA. That was 3 weeks ago and still no contact from them. Meanwhile we are surviving on my salary which is 1400 net per month. We have gone interest only on mortgage so that is now €1100 per month so not a huge decrease as we are fixed for 3 years on a high interest rate. We live about 40 mins from Dublin and I need my car to travel to work. Its only a banger worth about 1k.. Petrol costs are 200 per month. We shop at Aldi and don't have any sort of social life so there aren't many cut makes we can make. We have borrowed from family in the past when the business wasn't doing well and still owe that money (approx 7k) thats how credit cards are so high as we used them also when we had no income from business. We are economical with gas and electricity, have basic tv package etc. We're at our wits end and just don't know what to do. Have called MABS but they have 10 weeks wait for an appointment but they did help over the phone.
We would love to walk away from our house as we can't see how we can ever afford it but I know this isn't an option in this country. It was bad judgement on our part that we bought it as its not in a desirable location and is not ideal for raising a family in (we thought we were getting our foot on the ladder and had planned to move on after 2 years when we'd made our profit - how foolish were we..)
Husband has been applying for jobs and has had interviews but was recently told he is over-qualified yet he can't get a job at the level he is at as there are no jobs to be had. So frustrating, as he really wants to work.
As my husband is from UK and only living here 4 years we have considered getting jobs over there and living there in order to apply for bankruptcy. Does anyone have any advise on this??