Bad Debit Situation

A

ASH83

Registered User
Messages
46
Hi,

I am 22 years of age and i have just purchase a home on my own.
Unfourtunetly when i was 18 i started on a slipper slope of the 'oh look everyone wants to give me money' because of this i have found myself in debt with a marking on my credit rating.

I am as i said now a home owner, i have a very good job with good income.
I am looking to try and get a loan to consolidat my debit which stands at €10,000 but they only place i have found that will give a loan to someone with bad credit is MoneyPenny but that involves remorgaing my home which is not an option.

I do understand that going to these lenders would be last thing but i have thought about it, i am currently paying out €1665 on debits a month, which inc. provodent & tower finance and this does not inc. my morgagte i only come out with €1800 a month. I have rented out 2 rooms in the house for additional income, but payments are lapsing and doubling up and sleepless nights are a regulare!

I am aware that in the uk there are lending companies for people with bad credit but does anyone know if there are simuler companies over here?

As i have said above i am in a good job and to take an apllication id probably look perfect until the silly mistakes i made a few years ago come back to haunt me and i am refused for loans! I could really do with some help on this subject. Im even on the verge of giving Eddie hobbs a call lol
 
Re: Bad Debit Situtaion

How did you manage to get a mortgage with these outstanding debts?! Have you checked out the dealing with debt and budgeting resources in the threads pinned at the top of this forum? Have you contacted MABS for assistance/advice?
 
Re: Bad Debit Situtaion

I bought the house through Property Path in South Dublin County Counsil.
It is the affordable house scheme. I know im very lucky for this and that is the main reason why i want to try sort this out. But the min payments on debits i have are high. I have contacted mabs on 3 occasions but did not see the app. through as the woman gave me more then an earful each time, Im a grown adult and i know i have gotten myself into a difficult position but i dont need to be given out to like that i need help, my mother covers the giving out. So that has stopped me on that one! also im not sure if the deal with provodent in helping reducing payments.
 
Re: Bad Debit Situtaion

I have tryed to find the dealing with debt and budgeting resources in the threads that you suggested but cant seem to find it.
 
Re: Bad Debit Situtaion

Thats great ill have alook at these, thanks for replying
 
Re: Bad Debit Situtaion

Hi Ash - It might well be worth 'biting the bullet' with MABS. I'm not suggesting that they should lecture you like a child (and if they are doing so, do let them know), but they may have to give you some tough messages.

If you post details of the value of your home and the size of your current mortgage, others may be able to advise you on your remortgaging options.
 
Re: Bad Debit Situtaion

Unfourtunetly this is not an option i purchased under the affordable housing scheme and i have the house now a month, so it is'nt a realistic option. I think that you are right i will make another appointment with mabs and try my best with them, i have been paying things off but as i said above the min amounts are high causeing such a huge amount to be paid each month. maybe mabs may be able to arrange for the payments to be lowered. Do you know if mabs deal with loan providers like provodent.
 
Re: Bad Debit Situtaion

Are you still incurring debts - e.g. are you still using credit cards etc. on which there is accumulated debt? If so you need to stop and restructure/gain control of your finances bu doing a budget, sticking to it and cutting out any non essential spending as far as possible.
 
Re: Bad Debit Situtaion

I have no new debts, i have stopped all non essential spending .ie shopping, luxureys ect. So im basicly paying everything i need to pay for and no extras. which does not make a difference becuase im lucky to be left with €50 a month to live on whick iv to get to work and home on.
 
Re: Bad Debit Situtaion

Isn't it possible to choose which MABS office to go to? I don't think you're restricted to going to just your local one so if you didn't like the person you dealt with try a different office. But this time if you get the same reaction explain that you realise the mistakes you've made, don't need giving out to and want to move forward. And be prepared to listen to what they have to say even if you don't like it.
 
Re: Bad Debit Situtaion

Use the or the newly redesigned to find MABS offices in your area.
 
Re: Bad Debit Situtaion

The "awful earful" from the woman in MABS mentioned earlier hasn't exactly been clarified. Maybe she was just calling a spade a spade?
 
Re: Bad Debit Situtaion

i would have thought that mabs are a helpful people. you hear more and more about them.

Alex.
 
Re: Bad Debit Situtaion

Mabs see some awful stupid and sometimes ignorant and rude people so they can be a bit pressurised at times .Go back to her again and if she is still 'hostile' ask for the manager and ask for a different adviser. !

Sounds to me like you should not have gotten that mortgage though :(
 
This is typical of judgemental people in Ireland. They can be very obtuse and are not sympathetic when you are in need of help.
 
a few questions:

can you list the loans with the apr ?

when will you have them paid back if you keep paying as you are ?

have you any savings at all ?

how bad is the credit history (few missed payments or loans never paid) ?
 
You can also enlighten that rude person at Mabs who is supposed to be giving you advice that if it were not for people that got themselves into a bit of difficulty they would not be in employment?
 
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