You should consider making an appointment to talk to them in person. They can probably help if you discuss the details of your specific situation with them.Was on MABS website and had a good read. Think it actually made me feel a little better.
While you would have been paying less than you are currently, the banks have to weigh up your ability to pay and the risk attached to your application.Also the only reason I went to various banks to 'rack up' more debt, was to try and consolidate. Had checked out rates and repayments and it would have been less than I was paying at the moment.
While your ICB report is clear, any credit report (each bank/institution will produce their own credit reports based on your incomings/outgoings/savings/current debt/ICB report etc. ) will already be seriously "damaged" due to the level of outstanding debt.I don't want to risk damaging my credit rating. By contacting various financial institutions and going through Mabs about my struggle is there a possibility this will happen?
Rough estimate of value of home:E190,000
Amount outstanding on your mortgage: E170,000
Payment: E868.00 inc. insurances (11 payments per year)
What interest rate are you paying? 4.39% fixed until July 08
While you say there isn't a whole lot left after the outgoings, the completion of a spending diary will help you identify further areas where some (even small) savings can be made.Haven't done formal spending diary, as there is very little left after all the major things are paid, maybe E400/500 to cover petrol, esb, gas etc.
I would suggest OP forgets about 'rent a room' and consider 'rent a house'.
Am I missing something??
I would suggest OP forgets about 'rent a room' and consider 'rent a house'.
Am I missing something??
Like what specifically?I have been surprised at the rather 'restrained' advice currently on offer
That's always an option. But where would they live then? And would they find rental accommodation for much less than the c. €900 p.m. that they are currently paying on the mortgage? If not then they might be better off keeping the house and looking for other options for dealing with the financial situation.Maybe I should have suggested 'sell your house' instead. OP might find it easier to make ends meet without the financial drain that is home ownership.
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