Age: 37
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 36748 pa
Annual gross income of spouse: 10000 (avg)
Type of employment: e.g. Civil Servant, self-employed : Private Sector, employed for previous 6 years with this company
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending everything we earn. Living on a very small amount per week.
Rough estimate of value of home : 213k
Amount outstanding on your mortgage: 197K
What interest rate are you paying? 1.25% Tracker
Other borrowings – car loans/personal loans etc
Tesco Personal loan - 21K (491 pcm - 47 months remain)
Halifax Personal Loan - 13K (371 pcm - 35 months remain)
Overdraft - 3000
Do you pay off your full credit card balance each month?
Meeting a little over min repayments only
If not, what is the balance on your credit card?
C/CARDS - 5000
Wife - 4000
Savings and investments:
None
Do you have a pension scheme?
Yes.
Do you own any investment or other property?
No
Ages of children:
6 years old
Life insurance:
N/A
Nett Pay is 2458.00 pcm, Wife lost previous job and now works for event company, she does all the hours she can, never refuses work - Average income per week is about €160.00
While mortgage and loan repayments are always met and indeed prioritised we are are giving ourselves a budget of max 180.00 per week to live off sometimes less. The slightest thing can really cause us huge problems
Important bills per month
Mortgage - 749.00
Halifax - 371
Tesco - 491
Halifax CC - 151.00
MBNA - 100.00
Ovedraft -31.00
Essentials -
Landline - 54.00
Esb / Gas - 120
Life and Home insurance - 66.00 (Ulster bank and 123.ie)
Bins - 23.50
Pet insurance - 22.00
Non essentials -
Sky @ 49.00 pcm - Obviously this will go
Neither of us smoke or drink or go out out. Cant remember the last time in a pub. We shop in Lidl/Aldi etc, No gyms, no clubs, no bill pay mobiles
On paper we are managing just about due to frugal budget / prioritising loan repayments etc, however everything is a worry, clothing for the child, school books due in the summer, TV license reminder arrived... The Tesco loan was taken out to buy a new car ,to pay for our wedding and one week away in France and huge vet bill for prevous family pet (hence the insurance for new animal). At the time we could afford it, now due to dramatic changes in circumstances (pay cuts, hours cut, not as much work etc) we are struggling.
Our car was bought for €3000.00 and my wife uses it to get to work as no public transport avaialbe at this time of night where we live/ 50KM drive etc, I use public transport (annual tax saver ticket).
I have spoken to my bank but they said it would be unlikely that they could combine the 2 loans as both are from different banks (Tesco, Halifax) as banks are currently not keen on this. We are on such a tight budget getting rid of the credit card debt is nearly impossible, miniumum payments made but often we find ourselves doing the shopping or paying for something with the last 100 euro on the credit card..
Should we just tough it out for another while and hope things pick up or do we have any other options?
Many thanks
PM
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 36748 pa
Annual gross income of spouse: 10000 (avg)
Type of employment: e.g. Civil Servant, self-employed : Private Sector, employed for previous 6 years with this company
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending everything we earn. Living on a very small amount per week.
Rough estimate of value of home : 213k
Amount outstanding on your mortgage: 197K
What interest rate are you paying? 1.25% Tracker
Other borrowings – car loans/personal loans etc
Tesco Personal loan - 21K (491 pcm - 47 months remain)
Halifax Personal Loan - 13K (371 pcm - 35 months remain)
Overdraft - 3000
Do you pay off your full credit card balance each month?
Meeting a little over min repayments only
If not, what is the balance on your credit card?
C/CARDS - 5000
Wife - 4000
Savings and investments:
None
Do you have a pension scheme?
Yes.
Do you own any investment or other property?
No
Ages of children:
6 years old
Life insurance:
N/A
Nett Pay is 2458.00 pcm, Wife lost previous job and now works for event company, she does all the hours she can, never refuses work - Average income per week is about €160.00
While mortgage and loan repayments are always met and indeed prioritised we are are giving ourselves a budget of max 180.00 per week to live off sometimes less. The slightest thing can really cause us huge problems
Important bills per month
Mortgage - 749.00
Halifax - 371
Tesco - 491
Halifax CC - 151.00
MBNA - 100.00
Ovedraft -31.00
Essentials -
Landline - 54.00
Esb / Gas - 120
Life and Home insurance - 66.00 (Ulster bank and 123.ie)
Bins - 23.50
Pet insurance - 22.00
Non essentials -
Sky @ 49.00 pcm - Obviously this will go
Neither of us smoke or drink or go out out. Cant remember the last time in a pub. We shop in Lidl/Aldi etc, No gyms, no clubs, no bill pay mobiles
On paper we are managing just about due to frugal budget / prioritising loan repayments etc, however everything is a worry, clothing for the child, school books due in the summer, TV license reminder arrived... The Tesco loan was taken out to buy a new car ,to pay for our wedding and one week away in France and huge vet bill for prevous family pet (hence the insurance for new animal). At the time we could afford it, now due to dramatic changes in circumstances (pay cuts, hours cut, not as much work etc) we are struggling.
Our car was bought for €3000.00 and my wife uses it to get to work as no public transport avaialbe at this time of night where we live/ 50KM drive etc, I use public transport (annual tax saver ticket).
I have spoken to my bank but they said it would be unlikely that they could combine the 2 loans as both are from different banks (Tesco, Halifax) as banks are currently not keen on this. We are on such a tight budget getting rid of the credit card debt is nearly impossible, miniumum payments made but often we find ourselves doing the shopping or paying for something with the last 100 euro on the credit card..
Should we just tough it out for another while and hope things pick up or do we have any other options?
Many thanks
PM