Age: 35
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 31k (was 42k base +commission)
Annual gross income of spouse: 26k (was 30k)
Type of employment: Sales
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn
Rough estimate of value of home
Amount outstanding on your mortgage: 302k
What interest rate are you paying? 5.19% fixed till April 2010
Other borrowings – car loans/personal loans etc 39k
Do you pay off your full credit card balance each month? No in arrears
If not, what is the balance on your credit card? 23k
Savings and investments: none
Do you have a pension scheme? no
Do you own any investment or other property? no
Ages of children: 17 & 9
Life insurance: only mortgage protection €75pm
Utilities 150pm
Childcare 550pm
Cars (petrol, tax, insurance) 200pm
Health insurance 150pm
TV/Internet 60pm
Food etc 600pm
I'm sure I'm leaving obvious outgoings but can't think of them
Basically we are up the creek without even a branch to help. We've borrowed on foot of what had become the "normal" income, with regular commission coming in. The commission has come down to a mere trickle and my base salary has dropped due to pay cuts in order to keep my job. OH has taken a pay cut too but thankfully not as big as mine.
We have 5 different loans (all with banks) and our cc debt is on 3 cards. 2 of the loans are up to date but the other 3 and the cc's are all in arrears. I've contacted the cc companies, to see about coming up with a payment plan but no joy there and I imagine the banks will be the same about the loans.
We really need to sort this out before we crack up. OH is very depressed and visibly upset about the trouble we're in now. We'd sell our house and start over if we thought we could get the price that we bought it for back but the houses are selling for up to 100k less than what we paid for ours.
Our mortgage is up to date but we're due an increase from 1300 to 1800 pm in April so who knows what'll happen then
If we can show the cc companies & bank that we can only afford to pay them €50pm each for the forseeable future will they accept that or will they continue to take us to court for money we don't have and won't anytime soon
Has anyone been in a similar situation and gotten some sort of break from banks or has some advice as to what to do.
I know we've been really stupid, I've lectured myself and OH about it but fact is we're in trouble and we're seeking help albeit a bit late
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 31k (was 42k base +commission)
Annual gross income of spouse: 26k (was 30k)
Type of employment: Sales
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn
Rough estimate of value of home
Amount outstanding on your mortgage: 302k
What interest rate are you paying? 5.19% fixed till April 2010
Other borrowings – car loans/personal loans etc 39k
Do you pay off your full credit card balance each month? No in arrears
If not, what is the balance on your credit card? 23k
Savings and investments: none
Do you have a pension scheme? no
Do you own any investment or other property? no
Ages of children: 17 & 9
Life insurance: only mortgage protection €75pm
Utilities 150pm
Childcare 550pm
Cars (petrol, tax, insurance) 200pm
Health insurance 150pm
TV/Internet 60pm
Food etc 600pm
I'm sure I'm leaving obvious outgoings but can't think of them
Basically we are up the creek without even a branch to help. We've borrowed on foot of what had become the "normal" income, with regular commission coming in. The commission has come down to a mere trickle and my base salary has dropped due to pay cuts in order to keep my job. OH has taken a pay cut too but thankfully not as big as mine.
We have 5 different loans (all with banks) and our cc debt is on 3 cards. 2 of the loans are up to date but the other 3 and the cc's are all in arrears. I've contacted the cc companies, to see about coming up with a payment plan but no joy there and I imagine the banks will be the same about the loans.
We really need to sort this out before we crack up. OH is very depressed and visibly upset about the trouble we're in now. We'd sell our house and start over if we thought we could get the price that we bought it for back but the houses are selling for up to 100k less than what we paid for ours.
Our mortgage is up to date but we're due an increase from 1300 to 1800 pm in April so who knows what'll happen then
If we can show the cc companies & bank that we can only afford to pay them €50pm each for the forseeable future will they accept that or will they continue to take us to court for money we don't have and won't anytime soon
Has anyone been in a similar situation and gotten some sort of break from banks or has some advice as to what to do.
I know we've been really stupid, I've lectured myself and OH about it but fact is we're in trouble and we're seeking help albeit a bit late