S
Sony
Guest
Age: 33
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: €25,513 (€1828 pm)
Annual gross income of spouse: ~€50,000 plus approx €6000 expenses (€2872 + 500 expenses pm)
Type of employment: e.g. Civil Servant, self-employed
I'm HSE employee
He is self employed retailer
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn usually
Rough estimate of value of home €350,000 - €400,000
Amount outstanding on your mortgage: €360,000
What interest rate are you paying?
ECB + 0.75%
Home is capital + interest = €1478 pm
Other borrowings – car loans/personal loans etc
Personal Loan 1 = €23,000 remaining, €648 pm, 3yrs left (BOI)
Personal Loan 2 = €20,000 remaining, €550 pm, 3yrs left (Credit Union)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card?
MBNA 1 €2355 outstanding, interest rate is 10%
MBNA 2 €8500 outstanding, just started 10mth interest free period
Savings and investments:
€1500 in Credit Union
€3000 on Elan shares when €21, now worth €3.75 a share today
Do you have a pension scheme?
Yes, HSE
Husband: fund currently at €32,000, pays about €200 pm
Do you own any investment or other property?
"Investment" property bought for €250,000
Rough estimate of value €150,000
Mortgage of €212,000 interest only, fixed until Sept 2011, repayments €375
There is €52,500 cross-secured on our family home which we pay interest only (this amount is included in our home mortgage figure of €360,000).
Property is interest only = €375 pm
Rent is €640 pm
Management fee is €1500.
Ages of children: 3 and 5. Childcare is minimised as I work part time and husband takes a day off during the week so childcare costs €240 pm, Montessori costs € 360 pm
Life insurance:
Decreasing term protection policy €37 pm (home only, no cover for 2nd property)
What specific question do you have or what issues are of concern to you?
We are struggling every month to meet our financial committments. Husband has reduced his salary by about €2000 pm to ease pressure on business, my salary has also reduced by about €300. We never had credit card debt to this extent but had been using them to plug the gap each month.
We recently got a 2nd credit card with 10mths interest free, €8500 was the max we could get so working on getting rid of the other balance now.
Have claimed everything possible back from Revenue.
I try to save €450 pm but I take it out as fast to put it off the CC so no real savings really.
Husband is considering cashing in his pension to pay off some of our unsecured debt. I am reluctant to do that (if it's even possible?) as this time next year we won't have the Montessori cost, two years later the personal loans will be gone.
We would like to have another baby (or 2!) however with with our current lack of financial stability I am reluctant to do so, I think we would be stretched to breaking point. Maybe we should be content with the fabulous smallies we have and do our best for them?
Investment property is due to finish it's 5yr interest only period this time next year. What are the chances of being able to negotiate another one and when should I approach the bank? Am very worried about that.
I am trying to get on top of things as they stand right now, can anyone point out any improvements we could make or give me reassurance that we are on the right path?
Sorry for the long post, thank you for reading this far.
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: €25,513 (€1828 pm)
Annual gross income of spouse: ~€50,000 plus approx €6000 expenses (€2872 + 500 expenses pm)
Type of employment: e.g. Civil Servant, self-employed
I'm HSE employee
He is self employed retailer
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn usually
Rough estimate of value of home €350,000 - €400,000
Amount outstanding on your mortgage: €360,000
What interest rate are you paying?
ECB + 0.75%
Home is capital + interest = €1478 pm
Other borrowings – car loans/personal loans etc
Personal Loan 1 = €23,000 remaining, €648 pm, 3yrs left (BOI)
Personal Loan 2 = €20,000 remaining, €550 pm, 3yrs left (Credit Union)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card?
MBNA 1 €2355 outstanding, interest rate is 10%
MBNA 2 €8500 outstanding, just started 10mth interest free period
Savings and investments:
€1500 in Credit Union
€3000 on Elan shares when €21, now worth €3.75 a share today
Do you have a pension scheme?
Yes, HSE
Husband: fund currently at €32,000, pays about €200 pm
Do you own any investment or other property?
"Investment" property bought for €250,000
Rough estimate of value €150,000
Mortgage of €212,000 interest only, fixed until Sept 2011, repayments €375
There is €52,500 cross-secured on our family home which we pay interest only (this amount is included in our home mortgage figure of €360,000).
Property is interest only = €375 pm
Rent is €640 pm
Management fee is €1500.
Ages of children: 3 and 5. Childcare is minimised as I work part time and husband takes a day off during the week so childcare costs €240 pm, Montessori costs € 360 pm
Life insurance:
Decreasing term protection policy €37 pm (home only, no cover for 2nd property)
What specific question do you have or what issues are of concern to you?
We are struggling every month to meet our financial committments. Husband has reduced his salary by about €2000 pm to ease pressure on business, my salary has also reduced by about €300. We never had credit card debt to this extent but had been using them to plug the gap each month.
We recently got a 2nd credit card with 10mths interest free, €8500 was the max we could get so working on getting rid of the other balance now.
Have claimed everything possible back from Revenue.
I try to save €450 pm but I take it out as fast to put it off the CC so no real savings really.
Husband is considering cashing in his pension to pay off some of our unsecured debt. I am reluctant to do that (if it's even possible?) as this time next year we won't have the Montessori cost, two years later the personal loans will be gone.
We would like to have another baby (or 2!) however with with our current lack of financial stability I am reluctant to do so, I think we would be stretched to breaking point. Maybe we should be content with the fabulous smallies we have and do our best for them?
Investment property is due to finish it's 5yr interest only period this time next year. What are the chances of being able to negotiate another one and when should I approach the bank? Am very worried about that.
I am trying to get on top of things as they stand right now, can anyone point out any improvements we could make or give me reassurance that we are on the right path?
Sorry for the long post, thank you for reading this far.