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getsorted
Guest
Hi, newbie poster – would appreciate advice.
Age: 35
Spouse’s age: 33
Professional Private sector Annual gross income: 57,000 – seems secure
Annual gross income of spouse: 55,000 – public service
In general we were spending more than we earned
Value of home: 500,000 (allowing for approx 20% reduction)
Outstanding on mortgage: 288,000 – 20 yrs remaining – 1,450 p/m
Interest rate on mortgage: 3.25%
Other borrowings:
Family member 22,500
Credit Card 9,500
Credit Union 13,000
AIB Car 14,100
AIB Overdraft 7,500
Total other loans 66,500
Do you pay off your full credit card balance each month? No
Savings and investments: none
Do you have a pension scheme? Yes but I am not contributing myself – my spouse has a public service pension.
Do you own any investment or other property? No
Ages of children: 3 children under 10
Life insurance: 83 p/m covers over twice the mortgage on dual life policy.
Other Info: ICB Clean (checked) – never in arrears
Currently repaying mortgage 1,450 & other loans of 1,605 p/m – total 3,055 p/m
We want to consolidate our debt and re-finance the mortgage over 25yrs (approx. 1,650 p/m). A lot of the debt we have relates to work completed on the house and but we have been spending on the house to the detriment of our personal finances. We have been advised that our bank (AIB) do not engage in debt consolidation and we were wondering what AAM posters think of the chances of us being re-financed by another institution in the current climate? Are the banks doing this kind of business at the moment?
Age: 35
Spouse’s age: 33
Professional Private sector Annual gross income: 57,000 – seems secure
Annual gross income of spouse: 55,000 – public service
In general we were spending more than we earned
Value of home: 500,000 (allowing for approx 20% reduction)
Outstanding on mortgage: 288,000 – 20 yrs remaining – 1,450 p/m
Interest rate on mortgage: 3.25%
Other borrowings:
Family member 22,500
Credit Card 9,500
Credit Union 13,000
AIB Car 14,100
AIB Overdraft 7,500
Total other loans 66,500
Do you pay off your full credit card balance each month? No
Savings and investments: none
Do you have a pension scheme? Yes but I am not contributing myself – my spouse has a public service pension.
Do you own any investment or other property? No
Ages of children: 3 children under 10
Life insurance: 83 p/m covers over twice the mortgage on dual life policy.
Other Info: ICB Clean (checked) – never in arrears
Currently repaying mortgage 1,450 & other loans of 1,605 p/m – total 3,055 p/m
We want to consolidate our debt and re-finance the mortgage over 25yrs (approx. 1,650 p/m). A lot of the debt we have relates to work completed on the house and but we have been spending on the house to the detriment of our personal finances. We have been advised that our bank (AIB) do not engage in debt consolidation and we were wondering what AAM posters think of the chances of us being re-financed by another institution in the current climate? Are the banks doing this kind of business at the moment?
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