Income details
Net monthly (i.e. after tax) Income self: €2800 employed in private sector
Income history: Full time permanent employee
Net monthly income partner/spouse:0
Income history: Unemployed and is now stay at home dad. It would not be financially viable for him to work. (would lose home carers tax credit and I would pay more high rate tax and we would need full time childcare for 3 children)
Amount of child benefit received €390
One adult family or two adult family - 2 adult family
Do you need a car for work or do you use public transport? -One car (old car value approx 2k), husband drops me to work and then uses it for school runs etc.
Number of children 0- 2 years old: 1
Number of 4 - 11 years old: 2
Home loan
Lender: KBC
Amount outstanding: €265000 approx (Original loan taken out 2006)
Value of home: €120000-€125000 - based on what houses around us have sold for recently
Interest rate: Tracker
Monthly repayment €1260
Amount in arrears 0
Summary of discussions and agreements with the bank: KBC allowed us 1 year on interest only (€460 per month while I was on maternity leave last year, as my salary was reduced while on maternity leave) which finished in Mar 2014. We are back on full payments now as they said they couldn't extend it further.
Credit Union
Amount of shares €3360
Amount of loan outstanding €15000
Monthly repayment €330
Term left 4.5 years (recently restructured pushing terms out to reduce monthly repayments)
Other loans and creditors
Credit Card - Balance €4200
Credit Card - Monthly payments €100 (agreement with Avantcard to accept 100 per month with interest frozen so balance can reduce)
Term loan Amount outstanding €19500
Term loan term left - 5 years
Term loan - monthly repayment -€368 (restructured this by pushing it out to 6 years last year again to reduce monthly payment)
Other savings and investments 0
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards. No
Our problem at the moment is that we feel we cannot live where we are long term. It is not a nice area and has got worse in the last few years. I do not want my children growing up here and feel it is not safe for them. I spoke to KBC about a trade down mortgage but they said they cannot deal with me as I need to have approx €1.9k disposable income per month and do not have this. We are wondering if it would be best to stay put until the smaller loans are cleared in approx 4 years which will free up our monthly commitments and maybe help us qualify for a tradedown mortgage at that point, or if we should sell the house and accept that we will have to pay rent and shortfall. I'm not sure if we can possibly stay 4 more years here but at the same time I want to do what is best for the family overall. I am hoping to receive a qualification (doing home study) in the next 12 months which hopefully will increase my salary after this.
I feel I have done all I can to keep our heads above water and pay everybody something so I am just looking for some different perspectives on what to do next.
At the moment with very careful budgeting we just about break even every month. There is no money for emergencies or if things need repairing. If the car broke down I wouldn't have a penny to fix it.
I would imagine the solution is to just chip away at the personal loans and clear them as quickly as possible and then review the situation but I am hoping there is another option I have not thought of so we can move out of this house sooner rather than later.
Thanks for any help given
Net monthly (i.e. after tax) Income self: €2800 employed in private sector
Income history: Full time permanent employee
Net monthly income partner/spouse:0
Income history: Unemployed and is now stay at home dad. It would not be financially viable for him to work. (would lose home carers tax credit and I would pay more high rate tax and we would need full time childcare for 3 children)
Amount of child benefit received €390
One adult family or two adult family - 2 adult family
Do you need a car for work or do you use public transport? -One car (old car value approx 2k), husband drops me to work and then uses it for school runs etc.
Number of children 0- 2 years old: 1
Number of 4 - 11 years old: 2
Home loan
Lender: KBC
Amount outstanding: €265000 approx (Original loan taken out 2006)
Value of home: €120000-€125000 - based on what houses around us have sold for recently
Interest rate: Tracker
Monthly repayment €1260
Amount in arrears 0
Summary of discussions and agreements with the bank: KBC allowed us 1 year on interest only (€460 per month while I was on maternity leave last year, as my salary was reduced while on maternity leave) which finished in Mar 2014. We are back on full payments now as they said they couldn't extend it further.
Credit Union
Amount of shares €3360
Amount of loan outstanding €15000
Monthly repayment €330
Term left 4.5 years (recently restructured pushing terms out to reduce monthly repayments)
Other loans and creditors
Credit Card - Balance €4200
Credit Card - Monthly payments €100 (agreement with Avantcard to accept 100 per month with interest frozen so balance can reduce)
Term loan Amount outstanding €19500
Term loan term left - 5 years
Term loan - monthly repayment -€368 (restructured this by pushing it out to 6 years last year again to reduce monthly payment)
Other savings and investments 0
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards. No
Our problem at the moment is that we feel we cannot live where we are long term. It is not a nice area and has got worse in the last few years. I do not want my children growing up here and feel it is not safe for them. I spoke to KBC about a trade down mortgage but they said they cannot deal with me as I need to have approx €1.9k disposable income per month and do not have this. We are wondering if it would be best to stay put until the smaller loans are cleared in approx 4 years which will free up our monthly commitments and maybe help us qualify for a tradedown mortgage at that point, or if we should sell the house and accept that we will have to pay rent and shortfall. I'm not sure if we can possibly stay 4 more years here but at the same time I want to do what is best for the family overall. I am hoping to receive a qualification (doing home study) in the next 12 months which hopefully will increase my salary after this.
I feel I have done all I can to keep our heads above water and pay everybody something so I am just looking for some different perspectives on what to do next.
At the moment with very careful budgeting we just about break even every month. There is no money for emergencies or if things need repairing. If the car broke down I wouldn't have a penny to fix it.
I would imagine the solution is to just chip away at the personal loans and clear them as quickly as possible and then review the situation but I am hoping there is another option I have not thought of so we can move out of this house sooner rather than later.
Thanks for any help given
Last edited: