[FONT='Verdana','sans-serif']Age: 38
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 30k
Annual gross income spouse: 75k
Type of employment: e.g. Civil Servant, self-employed PAYE sector
Expenditure pattern: In general are you spending more than you earn or are you saving? spending
Rough estimate of value of home 400k
Mortgage on home orig 140k bal 108k. top up 30k, bal 25k
Mortgage provider: ebs
Type of mortgage: Tracker, interest only, fixed rate tracker
Interest rate 5%
Other borrowings – car loans/personal loans etc[/FONT]
[FONT='Verdana','sans-serif']Pers Loan 6700, o/d 2000, o/d (spouse) 1500 [/FONT]
[FONT='Verdana','sans-serif']
Do you pay off your full credit card balance each month? no
If not, what is the balance on your credit card? Visa 4600 Mastercard 3000
Savings and investments: [/FONT]
[FONT='Verdana','sans-serif']C/U 1k, ebs surecert 5k[/FONT][FONT='Verdana','sans-serif']
Do you have a pension scheme? yes
Do you own any investment or other property? no
Ages of children: 9,6,4
Life insurance: 180k each
What specific question do you have or what issues are of concern to you?[/FONT]
[FONT='Verdana','sans-serif']Should we transfer our mortgage and top up to cover all outstanding debts, or just take out one loan to cover credit cards pers loan and o/d’s. [/FONT]
Having cash flow problems, seems to crop up every now and then over the last few years , want to try sort out finances once and for all. Mortgage and loan balances don’t seem to be reducing. We need to change one car and possibly update the second, seem like we will never have savings to do this, if we don’t sort ourselves out.
So far have
Switched to Tracker mortgage about 4 months ago interest rate reduced to 5%.
Cut up M/C as highest interest rate concentrating on clearing this balance 1k paid since Jan.
Visa paying just €150 per month, not getting anywhere with this as lower int rate than M/c and trying to clear this first.
Applied for Halifax/Tesco Credit cards to switch as much of credit card balances to 0% interest on balance transfersas we can, waiting for them to be issued.
Started a daily cash diary to monitor spend.
Any advice would be greatly appreciated.