# money makeover credit union puzzled



## dublingem (6 Aug 2013)

Age: 31
Spouse’s/Partner's age: 34

Annual gross income from employment or profession: 18000
Annual gross income of spouse:55000

Monthly take-home pay 1300 per mth for me 
450 per week for partner

Type of employment: partner Civil Servant, private work

In general we are
(a) spending more than we earn, 


Rough estimate of value of home 180000
Amount outstanding on your mortgage: arrears of 2000
What interest rate are you paying? 3.4%

Other borrowings – car loans/personal loans etc

Credit union - me 22000 APR 9.3% supposed to pay 400 per mth can only afford 200
partner has credit union loan too 11000 APR 9.3% paying about 40 per week and up to date

Do you pay off your full credit card balance each month - dont have credit card


Savings and investments:neither

Do you have a pension scheme? none

Do you own any investment or other property? no

Ages of children: none

Life insurance: none

my worry is the credit union going around in circles with it


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## vandriver (6 Aug 2013)

€450 a week take home from 55k?
What is your mortgage payment?Roughly what are your outgoings?


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## dublingem (6 Aug 2013)

Sorry forgot his take home is 450 because he pays his credit union out of wage. it can vary but yes more or less after tax, mortgage out going is 1050 per month no other major payouts other than phone 45 per month and normal utility bills?


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## Protocol (6 Aug 2013)

You earn 73k gross, that's 6000 gross pm approx.

Your mortgage is 1050 pm.

Your other loans are 400 pm and 40 pw, which is equivalent to 573 approx pm.

So your debt repayments are 1050 + 573 = 1623 per month.

I earn less, maybe 60k gross, and I pay 1900 pm towards savings and mortgage, while supporting wife and child.

It seems that you should be able to afford 1623 pm repayments, especially as you have no children.  Unless some of my figures are incorrect??


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## vandriver (7 Aug 2013)

I still don't think your figures are right.I checked on a tax calculator,and a separately assessed public sector employee should take home €700 per week from 55k.You say that the CU is 40 a week from wages,so the take home should be around €200  higher than your figure.


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## backothehill (14 Aug 2013)

Paying credit union of €40 p/w whichtakes his take home pay up to €490..On 55k?


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## Salmon (15 Sep 2013)

backothehill said:


> Paying credit union of €40 p/w whichtakes his take home pay up to €490..On 55k?



Only speculating but, he may also be paying: Pension contributions, Pension Levy, Income continuance, Union fees, Health insurance, AVC/life assurance policy as well as Credit Union repayments from his PS salary. This is why I hate media reporting gross figures! While I know some of the deductions above are voluntary, some are mandatory and will greatly affect the nett figure a public servant earns. I'm not complaining, just frustrated at the whole gross/nett earnings method of reporting salaries in the PS.


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