Hi, I'd really appreciate some advice.
I'm unemployed and have debts totalling almost €8,000, most of which is a personal loan. There are things to show for this, a car, loads of driving lessons, a college course... The amount has crept up slowly over a few years when I used to get consolidation loans any time the credit card was maxed. Probably €1000 a year since I left full time education.
I contacted the bank to ask if I could restructure the payments because repayments on this are €90 a week (loan over 2 years) Household bills are €50 a week so all that's left is around €60 to buy food and absolutely anything else that's needed. The budget is just too tight and causing me immense stress.
I have NEVER missed a repayment and I've had this low level debt ongoing for years. €8000 when you are unemployed is obviously a lot of money but I own my house, have the deeds (inheritance) so while cashflow isn't happening my situation isn't that bad. I expect my credit rating is excellent.
In order for the bank to restructure the debt over 5 years they want to cancel both my credit and laser cards. I feel this is extremely harsh considering I'm a homeowner, never missed a repayment ever and I contacted them myself in an attempt to improve my situation.
I want to keep the credit card even with a very low limit because some purchases are cheaper from websites. I think it will be much harder to qualify for a credit card from now on so it would be more beneficial long term to keep it.
I cannot understand why they would want to cancel the Laser card, I can't use that to run up debt.
I plan on saying no to the offer so I can keep my cards. I could get a job in a few weeks and then I'd be ok again. As I said I haven't missed any payments and I contacted them myself so I feel this is extremely harsh, like they are punishing me for something. I assume the top bankers who caused the financial mess still have their laser and credit cards.
I'm not even using the cards because I'm on such a tight budget. My main reason for refusing the offer is I'm afraid of not getting the cards back easily even if I get a job. A lot of the jobs I'm looking at are part time. When working I want the credit card for booking flights, hotels, it's difficult to do anything without a credit card.
I can't see a problem with having a laser card when I can't use it to run up debt so why are they so keen to take it off me?
I'm thinking of contacting MABS and trying to get the interest on the credit card stopped instead. I feel that if I allow them to cancel my cards the lower repayments will ease the financial pressure for a few weeks but could be a disaster long term. If I endure the tight budget for a while longer it will hopefully work out better long term.
I know there are many situations much worse than this being presented to the banks at the moment so I can't understand why they are being so harsh on me. A friend I spoke to today has an overdraft of €20,000 for his small business. It's at the limit and he's holding back cheques until he gets more income. If they were to look at my account properly they would see the direct debits for gas, esb, phone, internet, tv licence, car insurane, house insurance, refuse collection. I feel like I'm being treated like somebody with a shopping problem.
Any thoughts on this appreciated.
Thanks in advance.
I'm unemployed and have debts totalling almost €8,000, most of which is a personal loan. There are things to show for this, a car, loads of driving lessons, a college course... The amount has crept up slowly over a few years when I used to get consolidation loans any time the credit card was maxed. Probably €1000 a year since I left full time education.
I contacted the bank to ask if I could restructure the payments because repayments on this are €90 a week (loan over 2 years) Household bills are €50 a week so all that's left is around €60 to buy food and absolutely anything else that's needed. The budget is just too tight and causing me immense stress.
I have NEVER missed a repayment and I've had this low level debt ongoing for years. €8000 when you are unemployed is obviously a lot of money but I own my house, have the deeds (inheritance) so while cashflow isn't happening my situation isn't that bad. I expect my credit rating is excellent.
In order for the bank to restructure the debt over 5 years they want to cancel both my credit and laser cards. I feel this is extremely harsh considering I'm a homeowner, never missed a repayment ever and I contacted them myself in an attempt to improve my situation.
I want to keep the credit card even with a very low limit because some purchases are cheaper from websites. I think it will be much harder to qualify for a credit card from now on so it would be more beneficial long term to keep it.
I cannot understand why they would want to cancel the Laser card, I can't use that to run up debt.
I plan on saying no to the offer so I can keep my cards. I could get a job in a few weeks and then I'd be ok again. As I said I haven't missed any payments and I contacted them myself so I feel this is extremely harsh, like they are punishing me for something. I assume the top bankers who caused the financial mess still have their laser and credit cards.
I'm not even using the cards because I'm on such a tight budget. My main reason for refusing the offer is I'm afraid of not getting the cards back easily even if I get a job. A lot of the jobs I'm looking at are part time. When working I want the credit card for booking flights, hotels, it's difficult to do anything without a credit card.
I can't see a problem with having a laser card when I can't use it to run up debt so why are they so keen to take it off me?
I'm thinking of contacting MABS and trying to get the interest on the credit card stopped instead. I feel that if I allow them to cancel my cards the lower repayments will ease the financial pressure for a few weeks but could be a disaster long term. If I endure the tight budget for a while longer it will hopefully work out better long term.
I know there are many situations much worse than this being presented to the banks at the moment so I can't understand why they are being so harsh on me. A friend I spoke to today has an overdraft of €20,000 for his small business. It's at the limit and he's holding back cheques until he gets more income. If they were to look at my account properly they would see the direct debits for gas, esb, phone, internet, tv licence, car insurane, house insurance, refuse collection. I feel like I'm being treated like somebody with a shopping problem.
Any thoughts on this appreciated.
Thanks in advance.