So much debt

M

mingle

Registered User
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Is there any company out there in Ireland that can help with a consolidate loan. I went to my original bank and they refused. Also tried restructering but could not also because of arrears.
Income a month: 2240

BOI Loan: 10,000 = in arrears of 650 (cancel pay pro on this to pay this off) The loan never seems to be doing down as interest is going on there every 4 months of over 250 euros.
Repayments of 228/month over 5 years.

GE Loan: 10,000 - No arrears at the time been, yet again Im paying 240/month over 5 years - cancelling Pay Pro also which will bring it down to 206/month.

BOI Visa - Card has been cancelled so no more usage. Arrears of 2200 which interest accumilating every month also. Bank is willing to set a repayment of 75 euros for the next 3 months and then try up it after that date.

PTSB: Non - overdraft debit of 1000 euros.

BOI O/Draft - 1000 (every 24th when my wage goes in it clears the whole overdraft but then i need access to all my wage again so by the end of the month im back to -1000 on account) Cant cancel o/draft as my income would clear it but then would not have access to any funds.

Bord Gais: Arrears of 900 - heating has been cut off last few weeks. Its freezing here - omg winter is coming.

ESB: Monthly bills usually 60 -100 every 2 months. But arrears of 550.

Rent: 700 every month. Never late with this so far.

My aim is to clear all the arrears, then try clear all loans before due date etc.
Has anyone got any ideas or suggestions.
Will be thinking of heading to Mabs at the end of the month as i have a week off, need to do some serious thinking.

Thanks
 
oh have smart telecom 35 a month - paid fine by direct debit -only use broadband, never use landline phone (free line rental inc)
have a 3G phone in contract till July 07, paying 45/month, however i have started working for O2 and have been given a company phone with call value etc on there. But the cancel contract fee for 3G is 405euros.

We have sky which is 67 a month - in arrears of 190 and have been cut off also.
 
any suggestions on there guys, have read through alot of posts of people in similiar situations. But its just having to take the first step out of the debt.

I want to be free, i want to be debt free la la la la
 
mingle said:
oh have smart telecom 35 a month - paid fine by direct debit -only use broadband, never use landline phone (free line rental inc)
have a 3G phone in contract till July 07, paying 45/month, however i have started working for O2 and have been given a company phone with call value etc on there. But the cancel contract fee for 3G is 405euros.

We have sky which is 67 a month - in arrears of 190 and have been cut off also.
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You don't need broadband, nor do you need sky anymore, don't keep it once you've cleared the arrears - get rid of both and redirect the cash to where it is needed.

Do you have any family/friends who might be interested in taking on your 3G phone so you can offload the bill? Even if you shared the monthly cost, it'd knock €25 off your monthly outgoings.

That's 35+45+67 = €147 a month straight-away you've been spending on unnecessary costs, okay maybe less 10/20 a month for a normal mobile. I'd suggest you need to have a good look at where you're spending your money every month. Pub lunches at work? Nip out for a latte at 11am?

You need to seriously analyse and address the root cause of your debt i.e. overspending.
 
conor_mc said:
.........
You need to seriously analyse and address the root cause of your debt i.e. overspending.
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Big time. You've a 3G phone which you must have got in July this year yet have just been disconnected by Bord Gas for a E900 bill that must be outstanding from last Winter. Cop on. Stop looking for a quick fix (consolidating) and address your overspending. Otherwise you'll be posting again this time next with the exact same scenario but this time with a 30K consolidated loan hanging over you.
 
Plenty of banks/lenders who do consolidate loans, just tough to find one who'll consolidate loans when your such a high risk!

As you said, lots of other threads on these types of situations so go through all the information there.

CC: try and arrange a transfer to get (at least some of the debt) at 0% [could struggle getting this with your credit history but worth a few phone calls to see]

Loans: Try and stop these from going into arreras. Anything which shows up on your ICB report (CC, loans etc.) should be the priority as this has long lasting effects.

Mabs: Get onto them ASAP. They may be able to agree lower repayments with some of your debts to allow you to be able to start clearing them without racking up extra debt on living costs. They can't solve it overnight, but they can help you get into a position where you can solve the problem over time.

As already mentioned, cut out all spending that isn't essential. You need to put ever € you can afford towards the debts.

The biggest problem isn't the fact that you aren't clearing the debts (though this is a problem and needs to be looked at) fast and need to consolidate, it's the spending that got you into this position in the first place. You need to get this under control if you ever want to be debt free.
 
mingle said:
ESB: Monthly bills usually 60 -100 every 2 months. But arrears of 550.

Will be thinking of heading to Mabs at the end of the month as i have a week off, need to do some serious thinking.
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Firstly, I can see where you are coming from, I was there as well....
but you have taken the best step - contact MABS - they will help you out big time... speaking from experience.

The ESB - you can get a swipe card from them - just say 100 every 2 months - if you pay 20 per week - you would be paying average 160 per 2 months - you would be covering your bill plus paying off the arrears - ESB will allow this (been there and still there)

Cant offer anymore - but contact MABS -
 
If Sky is out of contract period then don't pay anymore - you own the box and will still recieve all the free to air programming. It's a luxury you can't afford as is broadband at the moment.

BOI loan is about 13% APR - that's not competitive.
 
Ya i have got onto to sky were cancelling the bill. Also im going to see if anyone can take over the mobile phone. I have already adv 3 that i have a company phone. I rang mabs and i am making an appointment for the end of oct, first i need to list out every debt and income etc to show then.

mingle said:
So far i have managed to open a credit union account. Not for the purpose of taking out loans but just to get me into the habit of saving every month.
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You would be most likely be better off with one of the high yielding lump sum or regular savings deposit accounts listed in the Financial Best Buys section which are probably paying out more than the CU ever will.
I did a rough budget last nite
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Why not post it here for comments?
and found that I can afford to pay the monthly repayments on everything but what was holding me back was when trying to pay the arreas, i would have new current monthly bills and loans coming through again which would push me backwards again.

The only savings im putting into the credit union is only whatever coppers i build up and then change over. Hopefully im on the right track.
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If you have debts/arrears that you should be clearing then you should probably not be saving and should instead be using the spare cash to reduce your debts.

Why are you deferring the appointment with MABS until the end of the month instead of doing it immediately?
 
So far i have managed to open a credit union account. Not for the purpose of taking out loans but just to get me into the habit of saving every month.

I have dropped the consolidation loan, and am putting myself into overtime at work in order to try pay of the debts. I did a rough budget last nite and found that I can afford to pay the monthly repayments on everything but what was holding me back was when trying to pay the arreas, i would have new current monthly bills and loans coming through again which would push me backwards again.

The only savings im putting into the credit union is only whatever coppers i build up and then change over. Hopefully im on the right track.
 
One thing that occurred to me reading this is that you've haven't included any detail on your lifestyle expenses.

For example, how much on taxis, social life, discretionary cups of mocha frappa latte whatever, etc. ?

In other words, what have you being spending your money on instead of letting the loans go unpaid ? How much of that spend are you going to reduce ?
 
ClubMan said:
You would be most likely be better off with one of the high yielding lump sum or regular savings deposit accounts listed in the Financial Best Buys section which are probably paying out more than the CU ever will.
Why not post it here for comments?
If you have debts/arrears that you should be clearing then you should probably not be saving and should instead be using the spare cash to reduce your debts.

Why are you deferring the appointment with MABS until the end of the month instead of doing it immediately?
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Thats true i'll have a look at Rabobank and Northern Rock, i wouldnt have a lump sum so one of them is out of the question.

When i get home i'll post up the plan i have for ye all to see, just so i know if im doing something right or wrong. Maybe ye can advise me further.

The money advisor is not back until the 25th Oct, and I also have under 2 weeks off from the 21st onwards also. So on both sides it made more sense, i asked if they were opened this sat, but they dont.
 
TarfHead said:
One thing that occurred to me reading this is that you've haven't included any detail on your lifestyle expenses.

For example, how much on taxis, social life, discretionary cups of mocha frappa latte whatever, etc. ?

In other words, what have you being spending your money on instead of letting the loans go unpaid ? How much of that spend are you going to reduce ?
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Well i usually pay 3 euros for a day saver for bus every day. Need to get 2 buses to get to work that takes me almost 2 hours in the morning and 2 hours in the evening.

I rarely go out, dont smoke or drink much, usually get a bottle of wine every 2 weeks to drink at home (watching X Factor), this morning the buses were on strike so it cost me 20 euros to get to work (which was my weekend spend for tesco value shopping) now thats gone.
I guess the problem is im not sure where the money goes, i havent kept a diary on this which i am now going to. I badly need to tbh.

oh and at work we get as much free coffee, cappucino, tea, water to get us through the day. Believe me working in a call centre its badly needed.
 
mingle said:
Thats true i'll have a look at Rabobank and Northern Rock, i wouldnt have a lump sum so one of them is out of the question.

When i get home i'll post up the plan i have for ye all to see, just so i know if im doing something right or wrong. Maybe ye can advise me further.

The money advisor is not back until the 25th Oct, and I also have under 2 weeks off from the 21st onwards also. So on both sides it made more sense, i asked if they were opened this sat, but they dont.
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i am doing so much over time up until my holidays and also when i am back, but because i have 9 days to take there is no other dates available to take them and they dont carry forward so i had no other choice but to take them at the end of oct.
 
Presumably because there was no obvious news about any bus strike in Ireland today.
 
Ok as promised here is the dreaded debt situation.

Monthly Income: - 2,375

Monthly Loans:
BOI Loan - 228 (10,000 loan over 5 years) after a year interest has brought this back over 10,000 again so not much taken off. In arrears of 700 euros, but i have applied for the payment protection to be cancelled with this which will be paid against the arrears as pp had been paid in full up front.

GE Capital Loan - 240 with payment protection. 10,000 loan. Not sure on balance at the moment. I am cancelling this so will bring the payment to 205 per month.

Credit Card: The card is cancelled and I have a balance of 2,100 to pay. Have arranged with them to pay 75 a month.

BOI Overdraft: 1,000
BOI Overdraft: 750
PTSB Overlimit: Overspent Laser Card(now cancelled) 900

Rent: 700

Eircom: Arrears 120 (once paid finally gone)

Smart Telecom: 35 per month (has been paid on time so far)

3G Phone: 45 last month went up to 70 (in arrears with this at the moment). Tried to find someone to take over bills, but no one around me wants a bill phone.

Bord Gais: 900 - cut off since last month. Had letter in door this last week to arrange installment, but service will not be restored until balance is paid. Will be enquire about the pay as you use service? Want to wait until i speak with Mabs to see how much i can afford to pay them. Dont want to promise what i cant pay.

Sky TV: 68 a month, in arrears of 190 service is cut off. Thinking of cutting off movies and sports and bringing package down to 29.99

ESB: Roughly comes in around 50 a month. In arrears of over 450 at the mo.

TV License: 150euros

Food: Here is where we over spend. Not on grocery shopping but on take-away food. We spend approx 70 a week on this. How much should a weekly/monthly shopping between Lidl & Tesco Value be for 2 people. We def need to cut down on this. Also cans of coke in the shop and kitten food/litter etc. All in the local shop.

Clothing: Never bought anything in ages. But desperatly needing something for work.

Cleaning Products: Have never bought in a weekly/monthly shopping, just bought whenever we needed things, didnt keep track of cost, but it was in local shop so cost savings could have been made elsewhere ie Lidl.

Fuel (Coal): Since we have been cut off by Bord Gais, spend 30 euros for 2 bags of coal, should last us for the next 2 to 3 months.

Transport: 3euro day saver ticket by 5 days for a month is costing 65 euros, looked at savings here, can get a monthly ticket for 45, savings there already.

Health & Beauty: Like cleaning products, bought whenever we needed them ie in the local shop ie shampoo, soap, personal items, body sprays etc.

Pet Food: 3 boxes of whiskas kitten a week, over a month costs 70euros, inc a large bag of food for hamster. (just a cost, never bought this way yet)

Entertainment: Rarely go out, when do would spend approx 50euros on drinks and niteclub entry. Nightclub 12 euros, smirnoff ice 5euros each, usually drink 4 bottles from 9pm until 2am 20.00euros. Maybe food - 5euros, and taxi home 9euros.

Work Lunches: 2.50 per day over a month is approx 55-60 euros. Free Milk, Coffee, Tea, Water all day every day.

Not sure if im missing anything else, but will add on as soon as i remember.

Im finding the interest on the loans, credit card & overdraft is killing me, as any payments made doesnt really reduce anything.

Any comments or suggestions welcome.
 
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