Problem - making €44k but debts of €50k

A

ANGELA

Registered User
Messages
20
Hi Everyone,
I have serious debt problems I earn around 44k a year and I have a total debt of 50k.. I am just paying off the debts weekly but they are getting no where.. I dont have much left as it is. Can anyone help.. I have a cu a/c but nothing in it.. I was going to see MABS but I feel to nervous..not sure what happens.. What I would like to do is re-finance everything and pay it weekly.. more manageable.. I want to pay all my debts but I need to make it a little easier then it is at the mo... anyone??
 
Re: Problem

What have you done since you last raised this issue in November last year?

Back then everyone told you to go see MABS, but you still haven't even done that. Did you follow up on any of the advice that people gave you then?

I'm sure the advice would be exactly the same time around, so maybe you could follow it this time.
 
Re: Problem

ANGELA said:
I was going to see MABS but I feel to nervous..not sure what happens.
Click to expand...

I don't think you have anything to fear by contacting MABS
 
Re: Problem-making €44k but debts of €50k

go to MABS and get the ball rolling. Being nervous about going to MABS with a debts is like being nervous going to the doctor with a pain...
 
Re: Problem-making €44k but debts of €50k

Lots of previous threads on ways to tackle personal debt and steps to improve the spending patterns that led to the debt.

On 44k it should be possible to live within your means and begin making steps to clear the debt.

In the previous thread your debt was 23.5k (8.5k on CCs and 15k bank loan). Has this inflated to 50k through further lending/credit or the existing debt increasing through interest?
If the former, then you need to tackle your spending and set out a budget within your means. MABS would look at your current lifestyle/spending and help assist you with this.
If the latter, you need to work towards reducing the debt asap as you can see the compounding effects of the debt. Again, this will require you to put more towards the debt asap so a change in spending is necessary. MABS will help you look at ways to reduce your outgoings and set up a realistic payment plan for the debts.

Fear is the last thing you should feel towards MABS. The whole reason they were set up was to help people who fall into debt. They have helped numerous people see light at the end of the tunnel and no reason why they won't do the same for you.
[broken link removed]
 
Re: Problem-making €44k but debts of €50k

Hello All,
I just wanted to say, that making an app with MABS is easier said then done, I have tonnes of questions, like what happens at the meeting, does it go on your credit record etc.. I was nervous and if I am honest I felt that maybe it was for people worse of then me.. i.e. not working etc.
However today I rang MABS and spoke to a lovely lady.. and I have an appointment to see them next week... For some reason I dont like to talk about my problems relating to money, so to discuss this with anyone is a really big deal to me.. Saying things like I should have gone last year is well and good... I know this! Its my mess, it keeps me awake at night.. But its been hard to make the move.. Thankfully the first step has been taken... I already feel sick thinking about next week, but what I know now is what to expect... And that I am not alone.. Loads of people have money problems.. But now I am addressing mine..So thanking you for your kind words and your advice, and I will let you know how I get on next week!
 
Re: Problem-making €44k but debts of €50k

best of luck angela - facing up to your problems can be the first step. but you have to keep on track now.
 
Re: Problem-making €44k but debts of €50k

Angela,

Are You A Home Owner?
 
Re: Problem-making €44k but debts of €50k

Angela - making that appointment is a big move, so well done. Hopefully you will be able to combine the advice & assistance from MABS with the advice here and make some inroads on your position.

z
 
Re: Problem-making €44k but debts of €50k

Hi thank you for you comments, and I have say I feel better already! Last night I pulled out all my statments, loan agreements etc (depressing as it was) I want to have everything ready.. I understand a budget thing is being posted to me so I will wait on that and fill it out!! I am a homeowner, however I do not want to top up my mortgage etc.. This is my mess and I will clear the debts.. While I understand the topping up my mortgage account would be the easier option.. In the long run I dont think so.. My partner does not deserve that either.. This would be my last resort and something I would try and avoid at all costs! Thanking you everyone
 
Re: Problem-making €44k but debts of €50k

ANGELA said:
I understand a budget thing is being posted to me so I will wait on that and fill it out!!
Click to expand...
You should not need to wait for it. It's on their website and there are lots of other debt/budgeting resources in the key posts topic in this forum.
 
Re: Problem-making €44k but debts of €50k

Thank you Club Man, I did have a look at the spreadsheet.. Very bleak picture ahead for me!!
 
Re: Problem - making €44k but debts of €50k

hi everyone, i have been reading some of the other threads to try and find out what happens at with mabs.. just want to know as much as possible. i something about a 'standstill' on payments.. can someone explain this to me.. also if mabs offers your creditors a set amount to pay etc every month.. if the dont agree what happens.. if they do.. does this mean your credit rating will be affected?
 
Re: Problem - making €44k but debts of €50k

Hi Angela,
It would be nice to hear how you got on with MABS. Have you followed up on your first nervous steps to solving your debt problems?
Regards,
Gearoid
 
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