# Bad Debit Situation



## ASH83 (27 Oct 2005)

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


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## ClubMan (27 Oct 2005)

*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?


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## ASH83 (27 Oct 2005)

*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.


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## ClubMan (27 Oct 2005)

*Re: Bad Debit Situtaion*

Have you read the other links?


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## ASH83 (27 Oct 2005)

*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.


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## ClubMan (27 Oct 2005)

*Re: Bad Debit Situtaion*

The three threads at the top of this forum contain a lot of useful resources.


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## ASH83 (27 Oct 2005)

*Re: Bad Debit Situtaion*

Thats great ill have alook at these, thanks for replying


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## RainyDay (27 Oct 2005)

*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.


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## ASH83 (27 Oct 2005)

*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.


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## ClubMan (27 Oct 2005)

*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.


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## ASH83 (27 Oct 2005)

*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.


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## Janet (27 Oct 2005)

*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.


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## ClubMan (27 Oct 2005)

*Re: Bad Debit Situtaion*

Use the  or the newly redesigned  to find _MABS_ offices in your area.


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## alpha (28 Oct 2005)

*Re: Bad Debit Situtaion*

i see i'm not the only one who had issues with mabs.


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## ClubMan (28 Oct 2005)

*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?


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## Alex (28 Oct 2005)

*Re: Bad Debit Situtaion*

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

Alex.


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## etel (29 Oct 2005)

*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


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## royrogers (29 Oct 2005)

This is typical of judgemental people in Ireland.  They can be very obtuse and are not sympathetic when you are in need of help.


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## jhegarty (29 Oct 2005)

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) ?


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## royrogers (30 Oct 2005)

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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## ASH83 (1 Nov 2005)

K firstly, I am aware that i have accured debts, that does not make me a bad person nore does it give anyone the right not to speak to me with no respect as if i was speaking to anyone i would speack to them with respect.
I did ring a different MABS and spoke to the person who was lovley but i was told i had to ring the one in area. So im not saying MABS as a whole were not approcable just the one in my genral area. Secondly the debts i have do not amount up to tens of thousands and i could have these cleard by the end of the year. The problem i am having with them is the repayment amounts are very high if i could somehow get them lowered i could survive fine. The morgate on my home is fine, it is fairly low and i was not going to give up an oppurtunity to be 22 and owning my own home in Dublin. Iv seen to many people struggle at later stages in there lifes on higher incomes just trying to purchase a home so if anything this was a wise move. as i said above the repayments are to high ie. Provodent €520 per month Tower Fin. €400 per month.


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## ClubMan (1 Nov 2005)

ASH83 said:
			
		

> K firstly, I am aware that i have accured debts, that does not make me a bad person


Nobody here said that you were. Are you claiming that the _MABS _person did?



> Secondly the debts i have do not amount up to tens of thousands and i could have these cleard by the end of the year.


It's November now so if you are able to clear them in the next two months then why incur more debt by borrowing/consolidating?

On the one hand you seem to be saying that you don't have a debt problem and on the other hand you are saying that you have. I don't understand.


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## ASH83 (1 Nov 2005)

Ok sorry about the typing error by the end of next year!! No my debts are not tens of thousands but they are debts non the less! and they are a serious problem. I dont recall ever saying i never had a debt problem if that was the case why would i even have placed a posting on here. I was looking to consolidate my loans if you look abck at my original post but i have taken on board peoples advise and made a new app. with MABS. The comment about me not being a bad person just beacuse i had debts was actualy mentioned because i feel that for some reason you actualy think i am from your comments. Firstly the one in another post were someone had asked what MBNA was like you then posted a link to my post here saying something on the lines  - Maybe they're only unpleasant to people who run up large debts? Although I would have expected credit card providers to be extra nice to such customers since they will make so much money off them! - I do not have any debts with MBNA and i never had. Then there was the comment - The "awful earful" from the woman in MABS mentioned earlier hasn't exactly been clarified. Maybe she was just calling a spade a spade? - To clarifie this again i am not some child who doesnt like a telling off but there is a line a certine respect you have whilst speaking to others the person i was speaking to in MABS was not very pleasent was not telling it as it is for my bennifit she was rude to a degree in which there was no need. I have found some of you posts very help ful but also found some very judgmental, leaving me to feel like i have to defend my charecter on here. i do have debts that i accured some time ago and they need to be cleared the reason why this is serious even though its not tens of thousands is because there on final demands and notices. weather you owe 5,000 or 25,000 debt is debt.


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## ClubMan (1 Nov 2005)

ASH83 said:
			
		

> No my debts are not tens of thousands but they are debts non the less! and they are a serious problem. I dont recall ever saying i never had a debt problem if that was the case why would i even have placed a posting on here.


Well you just said that these debts were a problem and your previous posts certainly hinted at this too!



> The comment about me not being a bad person just beacuse i had debts was actualy mentioned because i feel that for some reason you actualy think i am from your comments.


Neither I not anybody else here said or suggested that as far as I can see.



> Firstly the one in another post were someone had asked what MBNA was like you then posted a link to my post here saying something on the lines - Maybe they're only unpleasant to people who run up large debts?


Yes - I posted that and it was a genuine contribution/question.



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


Yes - you never gave a detailed account of what precisely she sais that seems to have upset you.



> I have found some of you posts very help ful but also found some very judgmental, leaving me to feel like i have to defend my charecter on here.


I never questioned your character but feel free to defend it all the same if you want.



> i do have debts that i accured some time ago and they need to be cleared the reason why this is serious even though its not tens of thousands is because there on final demands and notices. weather you owe 5,000 or 25,000 debt is debt.


So - you do have a debt problem?

If you have a problem with my posts that's fine. I won't bother trying to assist you if you only want feedback from people who will tell you what you want to hear or beat around the bush for fear of upsetting you.


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## alpha (1 Nov 2005)

ASH83 said:
			
		

> Ok sorry about the typing error by the end of next year!! No my debts are not tens of thousands but they are debts non the less! and they are a serious problem. I dont recall ever saying i never had a debt problem if that was the case why would i even have placed a posting on here. I was looking to consolidate my loans if you look abck at my original post but i have taken on board peoples advise and made a new app. with MABS. The comment about me not being a bad person just beacuse i had debts was actualy mentioned because i feel that for some reason you actualy think i am from your comments. Firstly the one in another post were someone had asked what MBNA was like you then posted a link to my post here saying something on the lines - Maybe they're only unpleasant to people who run up large debts? Although I would have expected credit card providers to be extra nice to such customers since they will make so much money off them! - I do not have any debts with MBNA and i never had. Then there was the comment - The "awful earful" from the woman in MABS mentioned earlier hasn't exactly been clarified. Maybe she was just calling a spade a spade? - To clarifie this again i am not some child who doesnt like a telling off but there is a line a certine respect you have whilst speaking to others the person i was speaking to in MABS was not very pleasent was not telling it as it is for my bennifit she was rude to a degree in which there was no need. I have found some of you posts very help ful but also found some very judgmental, leaving me to feel like i have to defend my charecter on here. i do have debts that i accured some time ago and they need to be cleared the reason why this is serious even though its not tens of thousands is because there on final demands and notices. weather you owe 5,000 or 25,000 debt is debt.


 
i too find that you do have to defend your character here...


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## ASH83 (1 Nov 2005)

Club man if u look at my last post you will see i said - I have found some of you posts very help full - which i have and am very greatfull for! I just also found i had to defend myself which i feel like i have to do again! I dont just like comments that tell me what i want to hear if that was the case i would never have placed a post i would have gone about my business listening to what i have been for the last few years! I took your advice on MABS and also on looking at some of the other content on the forum and found it very very usefull. So thank you for that i really do appreciate it. I didnt come on here to argue so this is the last i will speak on the subject of defending my charecter. And thank you ALPHA its nice to know someone else feels the same way.


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## shell (3 Nov 2005)

anyone know the website for moneypenny?


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## Alex (3 Nov 2005)

do you have their phone number? it can be found in the book. ring them and i'm sure they will tell you what their website address is.

Alex.


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## ClubMan (3 Nov 2005)

shell said:
			
		

> anyone know the website for moneypenny?


Just a warning about _MoneyPenny_. Not only are they likely to charge a premium on rates on offer elsewhere but they have also been guilty of misleading advertising in the past. My complaint about some of their newspaper advertisements which purported to look like official notices to council tenants on behalf of local authorities was upheld by _IFSRA _and they were obliged to withdraw and change them. In fact these advertisments had been subject to a previous warning from _IFSRA _but were resurrected and run again in spite of this. Unfortunately _IFSRA _did not react unilaterally to this reappearance and it required a complaint from the public to prompt them into dealing with it. I would be worried what a company guilty of misleading advertising might do in other areas of their business.


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## firsttimebuy (9 Nov 2005)

Have you tried GE Money for a loan?


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## ASH83 (9 Nov 2005)

I currently have my car finance with GE Money but i have had 2 late payments ie. due on the 8th but not paid till 15th when the come back into make the request to the bank. So that option is not available. Thanks
Anyways.


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## Thrifty (9 Nov 2005)

Hi, looking at your situation objectively you are in a fortunate position to have your own home at 22 with a reasonable mortgage. I am suprised that you managed to get it if repayments on your other loans are so high. If you feel you don't want to approach your local MABS office why not take a look at their website. Draw up a relaistic budget of what you need to live on. Look at your loans and the APRs on them. Contact each of your creditors and see whether any are prepared to reschedule the loans to give you more time to pay. If one or two especially the lower APR ones are willing to reschedule then you may be able to balance you budget. Some creditors are more approachable than others - its also worth asking them to reduce the interest but check if doing this whether it will affect your credit record. Otherwise you might just have to offer each creditor a smaller amount - sample letters and advise on this is on the MABS website. It will however be noted on your credit record. I am suprised given the current lending climate that you are unable to get a consolidated loan. Have never tried for one myself but are banks etc reluctant to give these?


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## Observer (9 Nov 2005)

Hello Ash83,

There is an undercurrent of hostility to you here which I find difficult to understand, and which is most unfair.  You have asked a reasonable question and, at worst, deserve a courteous answer.  You do not deserve a "lecture" about debt - not least because you are all too well aware of it.  However, there are some who will take every opportunity to hammer home the "debt is bad, - debtors are bad" message.  

Anyway, rant over!  Could you give a full picture of your total loans outstanding, monthly repayments, etc.  The repayments seem VERY high for €10,000 of debt.  EG a 5 year loan for €10,000 should only be costing you about 200 per month from a bank such as Ulster/NIB/BOI/Tesco/ etc.  Problem is, of course, getting the loan if you've a less than perfect rating..........

From what you'e posted you seem to have a good monthly income which could support both this level of repayment AND your mortgage.  Any chance you have a relative with a good credit record who would go guarantor for a loan for you? Or take out the loan for you on the basis that you make the repayments?


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## wexford (10 Nov 2005)

If you take out 10,000 grand loan from Credit Union, and pay them back at 1,000 a month (which is well under what you are currently paying a month) you will have the loan cleared in a year. 

Also, the CU will listen to you and even if you do not have enough in your savings account to borrow against, when they learn how much you can repay, the will help you out. also, if you cannot keep up the repayments at 1,000 they will adjust the repayment for you to a lower amount. 

if you do not have a CU account, open one today. 

Re your tenants, if they aren't paying up, you'll have to chuck them out. The stress you are going through is not worth it. 

Fina note: you must give yourself some disposable income - even if's only 20quid a week, you'll go nuts otherwise and get even more down. 

cheer up!


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## Thrifty (10 Nov 2005)

Hi Observer, i don't easily take offence but i did to your comment that there is an undercurrent of hosility to the original poster. If you have issue with something said then state it specifically instead of making sweeping remarks which are insulting to anyone who has posted before you. I for one one gave advice that i thought was helpful to the poster.  It's very easy to say go out and get a loan but it appeared he  was having difficulty getting one. I post questions myself and welcome the variety of answers, opinions and ideas which it can generate. They may not all be suitable but it gives me a wider choice and options.


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## ClubMan (10 Nov 2005)

Don't worry _Thrifty _- it's probably directed at me as usual!


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## ASH83 (10 Nov 2005)

Just wanted to say thank you to all for all your replys.

I have taken all said on board, I have contacted some of the lenders and luckly on the high monthly ones ie Provodent €520.00 per month & Tower Finance €400.00 i have been able to get both reduced to payments of €200.00 per month. Which makes a huge difference as i was paying out €920.00 a month on theses 2 alone!

I have an appointment in MABS at the end of november thanks to people on here pushing to me make another appointment.

I have also just started a second job, answering the phones in the local takeaway 3 nights a week, So this will be an added income of app €500.00 per month which again helps out hugly!

So hopefully over the next few months i will be able to sort out all loans and just be paying car, morgagte and insurance. I havent had that little to pay per month since i was 18! So its definetly a welcomed change! Life will be so much better once i sort out these current issues.

Again thanks to everyone for the input and advice it is very much appreciated!


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## ClubMan (10 Nov 2005)

ASH83 said:
			
		

> I have contacted some of the lenders and luckly on the high monthly ones ie Provodent €520.00 per month & Tower Finance €400.00 i have been able to get both reduced to payments of €200.00 per month.


On what basis? Have they increased the rate or stretched the term out or something? Do you have any idea what you would have paid in total before and after the change in repayment?


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## ASH83 (10 Nov 2005)

The loan was for €2000.00 on each with €600.00 interest!
No extra charge on either loan just means they payments will be extended until im back on my feet or i can pay off the loan.

They were suprisingly very helpfull!!


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## ClubMan (10 Nov 2005)

ASH83 said:
			
		

> The loan was for €2000.00 on each with €600.00 interest!
> No extra charge on either loan just means they payments will be extended until im back on my feet or i can pay off the loan.


If find this hard to believe to be honest. Did you get the terms & conditions in writing, especially any revised ones?


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## asdfg (10 Nov 2005)

You need to be very careful doing this. While it improves cash flow you end up paying well over the odd in interest. Some of these providers are delighted to see you coming in. You are paying a hugh amount in additional interest. 
You need to see what the APR is on each loan. Any additional cash should go to paying off the loan with the highest APR first.


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## Observer (10 Nov 2005)

Thrifty said:
			
		

> Hi Observer, i don't easily take offence but i did to your comment that there is an undercurrent of hosility to the original poster. If you have issue with something said then state it specifically instead of making sweeping remarks which are insulting to anyone who has posted before you. I for one one gave advice that i thought was helpful to the poster. It's very easy to say go out and get a loan but it appeared he was having difficulty getting one. I post questions myself and welcome the variety of answers, opinions and ideas which it can generate. They may not all be suitable but it gives me a wider choice and options.


The last thing I want to do is engage in one of those tedious _"cut and paste every single sentence and reply in detail"_ exercises so I don't intend to forensically analyse every single post to "prove" my thesis. It was simply an impression, no more no less. It may be right or wrong but ultimately it is simply my opinion. Surely I am entitled to post on that basis? I didn't make sweeping remarks - I specifically said "_some_" posters, surely that couldn't possibly insult _all_ previous posters??? 

For the record, I agree entirely about the variety of answers and helpful hints one gets when posting a question here and I have found much profitable information here for which I am very grateful.  I try to put something back by answering as helpfully as possible when I have some information to contribute.  In that spirit, I think all queries deserve a reasonable response but sometimes some responses tend towards being a bit patronising. (Again, my opinion only)

BTW, I think your posting in response to the original query fell into the helpful and useful category. Some other contributors' posts didn't. That's all I said. No offence intended!


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## Molly (10 Nov 2005)

> Just a warning about _MoneyPenny_. Not only are they likely to charge a premium on rates on offer elsewhere but they have also been guilty of misleading advertising in the past. My complaint about some of their newspaper advertisements which purported to look like official notices to council tenants on behalf of local authorities was upheld by _IFSRA _and they were obliged to withdraw and change them. In fact these advertisments had been subject to a previous warning from _IFSRA _but were resurrected and run again in spite of this. Unfortunately _IFSRA _did not react unilaterally to this reappearance and it required a complaint from the public to prompt them into dealing with it. I would be worried what a company guilty of misleading advertising might do in other areas of their business.


 
Just to clarify, moneypenny are brokers, so they are not charging a premium rate, the lender who they place the business with is, ie Start Mortgages or GEM.
If someone is looking for a lender to refinance any debt that is in arrears then a higher rate of interest is applicable. The fact is your high street lender simply will not refinance debt that has accumulated arrears.


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## Molly (10 Nov 2005)

to expand on that, If you remortgage with moneypenny with a high street lender, ie PTSB, IIB, FA etc  then you certainly do not pay a higher rate, you pay the rate available from that lender... No association with Moneypenny, just thought Clubmans post may infer that all remortgages with moneypenny incur a higher rate of interest.


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