Any use?Credit Union:15,000 remaining approx ( 50,00 per week). this was a loan taken out to fit the house orginally at the hight of the boom as it wa a run down house I bought.
- have u considered renting a room to ease the mortgage repayment
I rented a room out in the past & I found it not to have worked very well on account of having a child
- u mention that you have a pension, how much do u pay towards this?
I have just checked and I pay 76.16 bi-weekly towards my pension , something is telling me it may be complusory in my employment. I must check that out
- "Car Finance : 4200 ( 1 & 2 months remaining @ 280 per month)" - can u explain what you mean here? 1& 2 months remaining???????
I have one year and 3 months as pointed out by (PaddyW) Thanks
- have u shopped around for your life assurance?
No I have not shopped around, this is the orginal one taken out and it is attached to the mortgage
- have u tried to move the cc debt to interest free provider?
No, which providers would you suggest?
- would aib allow u to restructure short term debt?
I will have to check this in more detail to give a more concrete answer, thanks for taking the time to reply.Any use?
http://www.askaboutmoney.com/showthread.php?t=155464
i.e. maybe consider offsetting your (presumably?) €3,750+ in CU shares against your loan balance then asking the CU to keep you on the same loan term/number of repayments but at a lower weekly repayment amount in order to ease cashflow a little?
I have already done this which has reduced it to 50 euro per week from 100
It might also help if you posted the following details for each loan/credit agreement:
start date
original and outstanding amount
original and outstanding term
interest rate/fixed or variable
lkConcur with above response and clarity required. Also address the following:
-Have you prepared a budget for your own living expenses including household bills?
Yes I have with a fine tooth comb, It far out weights what comes in.
Is the car essential?
Yes
Have you availed of all tax allowances including one parent family?
You also haven't stated the amount of mortgage payment. I'm assuming from your post that you are paying P&I at present. This is not likely to be sustainable based on your other payments. You will need to approach your lender for an interest only term under the MARP process.
What is the PARP process, I tried to read up about itbut I still dont understand it?
Any pension contributions should be put on hold. At age 30 you need to prioritise and pension is not not a priority payment. Are you paying your parents 20 pw? If so you need to defer this payment also. Your priority at the moment is to set aside enough money to meet the food/bills etc for both of you. Remainder of budget is to meet loan repayments. More information would help.
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