G
gellert
Guest
Married with 3 kids (5,4 & 3)
1 income: approx 2200 p.m
My income fluctuates as I am basically part-time (can be as low as 1400)
(Salary reduced from 3000 since 2009 when I was full time)
I get some JSA if I am not working very much, but this will run out in 5 -6 months
Wife lost her job.
Mortgage: 31 years left, 252000. monthly repayment 1187
Value of house: 300000??
two cars - 7 years old and 13 years old
Unsecured loans:
AIB: 40000 - 499 monthly repayment (bank seeking full repayment)
PTSB:7000 - 190 monthly repayment (bank seeking full repayment)
Credit Union: 14000 - 320 monthly repayment
credit card:1200 (bank seeking full repayment)
trade creditor: 8000
I am keeping up the payment on my mortgage and the credit union loan (I have some rental income that allows me to pay the credit union), however the AIB and PTSB are seeking repayment of their loans as I have not been able to make repayment since last August. I have gone to Mabs and we are paying 200 euros pm towards those loans.
We have reduced or cut our items where possible, e.g. got rid of health insurance, gone to basic form of life insurance, cheap telephone package, pre-paid mobile etc. Our money goes on paying the mortgage and paying for the essentials - food, electricity (monthly bill 70pm), clothes for kids, oil etc.
I feel we should sell the house (if we can) and pay off the mortgage and our unsecured creditors. We could rent a similar house for less than the current mortgage.
As I said, two banks are seeking repayment of approx 47000, how long before this goes to court? If we improved our finances (new job) and were able to offer the agreed repayment, would this make a difference? Or do we just have too much debt.
We were foolish. I would appreciate any advice. Thanks.
1 income: approx 2200 p.m
My income fluctuates as I am basically part-time (can be as low as 1400)
(Salary reduced from 3000 since 2009 when I was full time)
I get some JSA if I am not working very much, but this will run out in 5 -6 months
Wife lost her job.
Mortgage: 31 years left, 252000. monthly repayment 1187
Value of house: 300000??
two cars - 7 years old and 13 years old
Unsecured loans:
AIB: 40000 - 499 monthly repayment (bank seeking full repayment)
PTSB:7000 - 190 monthly repayment (bank seeking full repayment)
Credit Union: 14000 - 320 monthly repayment
credit card:1200 (bank seeking full repayment)
trade creditor: 8000
I am keeping up the payment on my mortgage and the credit union loan (I have some rental income that allows me to pay the credit union), however the AIB and PTSB are seeking repayment of their loans as I have not been able to make repayment since last August. I have gone to Mabs and we are paying 200 euros pm towards those loans.
We have reduced or cut our items where possible, e.g. got rid of health insurance, gone to basic form of life insurance, cheap telephone package, pre-paid mobile etc. Our money goes on paying the mortgage and paying for the essentials - food, electricity (monthly bill 70pm), clothes for kids, oil etc.
I feel we should sell the house (if we can) and pay off the mortgage and our unsecured creditors. We could rent a similar house for less than the current mortgage.
As I said, two banks are seeking repayment of approx 47000, how long before this goes to court? If we improved our finances (new job) and were able to offer the agreed repayment, would this make a difference? Or do we just have too much debt.
We were foolish. I would appreciate any advice. Thanks.