# Help Please - Debt Disaster



## fio1978

Hi there,

Im hoping someone might be able to advise!

€41k in debt.

Owe:

*€29k* to BOI car loans (topped up last yr for deposit for house) 4 of 5 yrs left costs me about €670 per month

*€8k* - MBNA credit card costs me about €200 per month min repayment (now cut up and not used anymore)

*€4.k* - MBNA second credit card - costs about €120 per mth min repayment (now cut up and not used anymore)

Mortgage with EBS - *€280k*. House bought 1.5 yrs ago for €320K (deposit of €40k). Prob only worth about €290K now. Costs €1280 per month.

I earn €43k per annum. Take home monthly - €2830
Partner lost job about 6 mths after we bought house. He is a bricklayer so things dont look good. At the moment he has bits an bobs of work, temp working here and there and nixers etc and is managing to pay his half of mortgage and bills. Left with pretty much nothing for himself.

Im paying:

My half of mortgage: *€640* per month
My half of Bills (gas, elec, bins, broadband, phone, aa, insurances, sky) etc *€200* per month
Monthly travel expenses to and from work, petrol, toll fares car tax etc *€320* per month
My loan - *€670* per month
2 credit cards - *€400* per month ( thats only paying off the interest on one of them and about *€80* a month extra off the other)
Food (€65 euro per week in Lidl for 2 people) - *€260 *per month

This all leaves me with about €170 a month disposable - I dont drink thank God! But in case of emergency we have nothing! Also, I am making little or no headway with the credit cards. And we have NO savings whatsoever.

I have missed one mortgage repayment and one car loan repayment which I contacted both institutions immediately and am currently paying off the arrears bit by bit. This happened last year when my partner lost his job initially and we have missed nothing since. Im on top of all my other bills and have extra in my gas and elec accounts to help us get through the winter without any major bills. ( i managed to do this when I got a tax rebate earlier in the year and also got 4 new car tyres and car service while I could!!)

I missed a car loan payment about 6 years ago with BOI and I wrote to them explaining my situation at the time - I then sold that car and paid off the loan in full early.

Im thinking if I could start putting €100 a month of the €170 I have left into a credit union savings account. Do this for a few months and then see will they consolidate the car loan and two credit cards. Ive got used to living on nothing so it wouldnt bother me. Id rather be actively decreasing what I owe rather than largely just paying off interest and getting nowhere.

Ive looked at the credit union loan calculator and reckon If I borrowed €36k in about 8 months time to pay off the remainder of the car loan and the 2 credit cards, I would have an extra €400 a month disposable and would be then actually gradually paying off the borrowed capital.

Is this realistic do you think or has anyone any ideas of what I can do? Would MABS discuss with the credit union on my behalf?

We dont spend outside our means now as we physically cant! Noone would lend us anymore money even if we wanted it.
We only ended up in this situation as we stupidly went mad on the credit cards 1.5 years ago when we bought the house to pay for furniture and solicitors fees etc and both of us were working full time at the time and could afford it then but things have now changed.

Any suggestions would be greatly appreciated.

Thanks!


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## Bronte

You should use your 170 to bring down and clear your highest debt which is probably your credit card.  How much are you paying for sky/phone/broadband, can you get rid of them? I don't think a credit union will let you borrow unless you have some savings with them.  How much is your car worth?  Would it be worth selling it and buying a cheaper car?  I don't understand how a car loan was used for a deposit?  Have you though about what could happen if your partner can no longer pay half the bills, do you have an agreement in relation to the house.  What is your estimate of the value of the house based on?  If you give more details of the interest rate you are paying on the debt it will be more helpful for others to give you advice.


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## Celtwytch

As Bronte said, you may not be able to borrow as much as you need from the Credit Union if you don't already have some savings with them.  €100 per month for 8 months would give you a start on saving there alright, but the amount you can borrow is limited by the amount of savings you have.

Take a look at the interest rate on your credit cards, then look here http://www.itsyourmoney.ie/creditcardcomparison for a card that offers a lower interest rate AND 0% on a balance transfer.  Switch both of your current cards to one of those, but cut up the card as soon as you get it.  You'll get 6 months of interest-free payments on most balance transfers, which should help you to make a big dent in your credit card debt.

Is there any way that you could use public transport to get to/from work?  You should be able to get an annual ticket through your employer, and it would save you a fortune on fuel and toll charges.

By the way, you didn't "stupidly" go mad with your credit card when you bought your house; it's only natural to want to fill your new home with nice things!  It's just unfortunate that your partner lost his job so soon afterwards, but neither of you could have predicted that.


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## mell61

would it be possible to let out a room in your house?   Even if you have a 2 bed, perhaps tidy up that 2nd room and let it out, depending on where you are it might bring in €200-350 per month, and you won't be taxed on that.
As we're heading into Xmas period, there are a number of companies looking for Xmas staff, could your other half do retail for a few months just to get a regular income coming in?  Would you consider some evening / weekend work?    
These won't clear up your money concerns, but might give you a bigger cushion than you currently have.
The credit unions used to be very specific on 3 x your savings when offering loans, but I believe that this may have changed recently, but I'd still go in and talk to them (or pick up the phone and ask).
I'd second the question on the car, can you sell and pick up a nice small engined japanese 5-6 years that will keep going with basic maintenance for a few years? 
Make sure that your family are aware of the situation, maybe not the bottom line numbers, but that his being out of a regular job is putting you under pressure...   YOu'll need their support.
Good luck


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## fio1978

Hi,

Thanks for the responses.

The car is only worth about 6k now and its the only one we have - he has a construction tipper truck type thing which gets him to and from work and does bring in some nixers but is not suitable to go anywhere else in - like if we were going to a christening or wedding or anything, we cant go in a tipper truck and I certainley couldnt drive it to work!

I live in rural north county dublin and while there is public transport, nothing that goes to Dublin West where I work so thats out of the question!

When we applied for a mortgage we were told we could have 95% loan to value and based on this we found a house we loved and put a deposit on it. Then at the last minute the EBS told us they made a mistake with the application and they would only give us 92% LTV meaning we had about a week to come up with about 12K as far as I can remember or the sale would have fallen through. I just topped up the car loan to do this. I had previously topped it up by 3k to go back and do a night course and 1k to get some dental work done which is why its so high now.

My partner uses our spare room as a home office for doing up any quotes etc when he has nixers. He also uses it for storing tools and materials for jobs as there is very little storage space else where. The nixers are starting to pick up a bit as because the house prices have decreased lately, many people are choosing not to move and are getting extensions/renovations etc instead so the small builder has some hope of survival! 

A few of our neighbours tried to let rooms but had little response as we are kind of in the middle of nowehere!

Im thinking of a second job. Ive done it before working my full time job during the week and two night shifts in a garage on Friday night and Saturday night. Its tough but if it has to be done it has to be done. It also is barely worthwhile when you consider the tax on it but if it comes to it I have no choice.

Its also just disheartening when I studied hard for years and went to college etc and he completed his FAS apprenticeship in bricklaying and now we are in this rut. I know there are probably people in a lot worse situations then us though and there is not much point moaning about it.


As for the interest rates on the 2 MBNA cards - Im not too sure what Im paying but could find out easily Im sure. Would another card company be willing to take on the comibned total of 12k on a 6mth interest free option do you think??

I have about €700 owed to me from health expenses which is due in any day now and will get me through xmas so at least I will manage that though it willl be a quiet one!


If I took a second job and put every spare penny I had into a credit union savings account between now and next August, I think I could get about 5k together while continuing to pay off the bits that I currently am paying monthly. This would include the few bob I would get from family for Christmas and birthday and my Christmas bonus and next years salary increase etc ( at the risk of sounding presumptuous!!)

Do you think the credit union would lend me 30k based on 5k savings?

If things get worse here he is thinking of going to Canada to work where he has some family and to send money home. Sad but true!

Also just to answer the question - Im basing the current value of the house at €290k on the prices of the other similar houses in the estate.

Thanks,

Fiona


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## Celtwytch

fio1978 said:


> Im thinking of a second job. Ive done it before working my full time job during the week and two night shifts in a garage on Friday night and Saturday night. Its tough but if it has to be done it has to be done. It also is barely worthwhile when you consider the tax on it but if it comes to it I have no choice.


 
As suggested by a previous poster, could your partner take a Christmas job in retail?  Most shops take on extra staff for a few months.  Some give shifts, so he should still be able to fit in a few nixers.



fio1978 said:


> As for the interest rates on the 2 MBNA cards - Im not too sure what Im paying but could find out easily Im sure. Would another card company be willing to take on the comibned total of 12k on a 6mth interest free option do you think??


 
The interest rate should be printed on your statement.  It will say something like "interest charged at x.xx%".  Multiply this by 12 to get the APR.  Or check out the MBNA website.  Any new credit card provider will look at your history.  So long as you haven't missed any payments, there shouldn't be a problem transferring 12k to a new one.  I have transferred more than that from one card to another (admittedly within the same bank) without any problems.  If there are limits to what you can transfer it should state that on the application form.  It's definitely worth doing, though, as at least every penny you pay will go straight off the actual balance rather than being eaten up by interest.



fio1978 said:


> Do you think the credit union would lend me 30k based on 5k savings?


Do you already have a Credit Union account?  If you do, then maybe (and I do stress _maybe_) they'll lend you that much.  If you're a new customer, then I'm afraid they'll be a bit more strict.  I think, as another poster mentioned, that the rule is no more than 3 times your savings.  I know of cases where that limit was waived, but that was for people who had been with the Credit Union for a long time.


fio1978 said:


> If things get worse here he is thinking of going to Canada to work where he has some family and to send money home. Sad but true!


 
Hopefully it won't come to this!  Best of luck.


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## Dreamerb

Does EBS allow you to take interest-only periods on the mortgage? If so - and if you're not on a fixed rate which forbids it - it might be worth looking into that, and concentrating on paying off capital on your most expensive debts. Since you're very early in your mortgage it'll probably free up only a little more (~€100 / €110 pm), but it's much more cost effective to pay down your credit cards and then your car loan.


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## so-crates

I know it is the voice of hindsight but you shouldn't have borrowed for the deposit - you should have walked away at that point. Being that as it may you don't need anyone to point out to you why that is a bad idea. Spending on the credit cards wasn't the best idea either but probably not the worst mistake of the two. 

You really, really need to adjust your attitude towards debt. What you are currently planning to do is to save in order to engage more debt to pay off existing debt. Probably because it is a very unpleasant feeling to have no flexibility, no room for manoeuvre and it is incredibly stressful to have to live hand to mouth. Unfortunately, there is no quick and easy fix to this. Paying off extra on your credit card will in the long run be the most efficient and cheapest and surest way to pay off your debt. You would be taking a gamble on being able to save enough to get a sufficient savings cushion built up on which your CU would allow you borrow. Those savings would not be accessible to you while you are paying off your debt in the credit union. Several CUs are now with the ICB so they check credit history in a similar fashion to the bank. The rules about multiples of savings etc varies from CU to CU but a good rule of thumb is that if this is the first time you have borrowed from them it will be at best 3 times - so I would think it unlikely that you would be able to access 30k with 5k savings. However, it is no harm to go and talk to them and ask the question. Why would you want MABS to do this for you? Firstly you need to do this for yourself.

Also think of it this way. If you think you can save 5k, that means you think you can conceivably in the same period pay off the balance on the 4k credit card.... Wouldn't it be better to be rid of that definitely? 

You are probably already doing this but you need to cut every expense you can and as ruthlessly as possible. Sky is luxury you can't afford you need to get rid of it. Turn your heating off as much as possible and wear jumpers instead to reduce your heating bill - given that we are heading into winter your bills will in all probability naturally rise from your current expenditure. Reduce your electricity bill as much as possible by ensuring that you switch off appliances, lights etc. Investigate if there is a possible route to work that doesn't involve having to pay the toll (this would need to be carefully balanced against any change in cost of fuel). Really and truly and honestly is it totally impossible for you to use public transport? Even if it means two or more buses? It may not be fun but it may be your biggest potential income expander to get rid of the car. Try and find if there is anyone else in your vicinity travelling to work in West Dublin, they may not be able to take you the whole way but they may be able to drop you at a bus stop that you can use. It is not good enough to say that because there isn't a direct bus there isn't an option. Truly and harshly evaluate whether there is any possibility of changing, the flexibility the car offers you is costing you too much at the moment. Other people I know are travelling 40, 50, 60, 70 miles using trains, buses, trams, bicycles, feet on a daily basis - it is doable.

Find out what the interest is on each of your debts - that should be at the tip of your tongue! I would be surprised if another credit card company would be willing to allow you to transfer but it is always worth asking the question - the worst they can do is say no. if there is any chance of you being able to do this it may be easier to transfer one than two, do your cards attract the same rate or is one more expensive than the other?

Another thing that may be worth asking but may not be possible due to your missed payments and current climes is to request a payment holiday on your mortgage, this obviously comes with the warning that the interest continues to mount but as it is likely your lowest debt cost (interest rate) and your highest salary chunk it would give you some liquidity that you could redirect to paying off your credit card. It may also be worth asking about going interest only for a spell, although the vast majority of your repayment is interest - it isn't the whole thing and it would free up some money.

You are in difficulty but you are head above water, this is something that you can get out of, it isn't hopeless. It will be hard work though, and it will cost you a great deal of effort, time and comfort.


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## Flax

Can your partner get a full-time job somewhere? It is unfair on you that he is only doing jobs every now and then. Call centres are always looking for people. A sales job would bring him in a reasonable wage.


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## fio1978

Hi there,

Thanks for all the responses. My partner is currently looking for full time work but as Im sure you all know - its not easy out there now particularly when your only skill set lies in the one area that has suffered mostly of late - construction. He is not really skilled in anything else - computers -absolute basics etc, he would be used to more manual/outdoors type work.! He has applied for a lot of warehouse and forklift/driver positions but I work in recruitment and am all too aware that the demand for this type of work at the moment is a lot higher than the supply!! But all he can do is keep trying.

I had heard about a government incentive to retrain a lot of the now unemployed construction workers in sustainable energy practices seeing as this is going to be such a big thing in the future. Im sure I heard Brian Cowen talking about it on the news with SEI? Does anyone know anything about this?

I know I made a lot of mistakes with my borrowing - I personally think the main one was assuming that things wouldnt change in terms of both of us being in full time employment. Anyway, there are no two ways about it - until he finds f/t work this is going to be a nightmare but Im willing to work hard to get rid of the debt. 


I could get a bus in to town and another one back out to work but I would rather work every hour god sends than do this and we definitley need the car. Like many we had to move a good bit out from where we grew up due to the price of houses at the time. Apart from the stress of the debt, we are kind of isolated in our misery - the car at least allows us to drop in to friends or family. I think without it we would kill each other!

I found €4 in my drawer here at lunch time and am going to buy a €4 Quick pick in the hope of a miracle!

Thanks,

Fiona


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## colm5

Quote:
My half of Bills (gas, elec, bins, broadband, phone, aa, insurances, sky) etc *€200* per month
Monthly travel expenses to and from work, petrol, toll fares car tax etc *€320* per month

Hi,

My simple adivse, as advised already i think, is to cut these expenses above. Examine your ESB and gas bills. It is very easy to cut electricity bills and gas bills substantially. example- my ESB bill is 30euro per month and gas bill is about 40e,and i don't live in the cold and darkness. Check the esb and sei web sites on really simple examples, put the excess saved towards your credit cards.
Cut sky, AA etc.. your car insurance should have a break down service included. Nobody needs SKY. 
400 a month between you seems very very high.

Is it possible to cycle to work (i'm not joking)? Or at the very least public transport. You need to avoid the toll bridge.

SEI training for construction people is to train contruction workers on energy efficient measures for people homes. Upgrading insulation levesl, foam pumping, triple glazing etc...Its basically to give people taining on more sustainable energy efficient buildings as this will be a large portion of construction work in the years coming.

Regards
Colm..


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## Lou34

Hi

If it helps I am in a very similar situation with my debts.  I split with my ex-partner about 2.5 years ago and as a result my monthly outgoings doubled - I pay the joint mortgage in total by myself.  Unfortunately I am not in a position right now to buy him out.  He bought another house with new GF and does not contribute towards our joint mortgage.  I earn €45,150 so thankfully have just about been able to keep head above water but it has been tough as I was left with quite a lot of debt.

Current Situation

MBNA Loan €16,730
AIB Loan €6,900
MBNA Visa Card €5,000
Credit Union Loan €5,300
Total: €33,630

My house is worth about €290,000 with mortage repayments at €1,250 per month (balance on mortgage is €262,000  plus on top of this I have been paying €1,162 per month off my debts.

I have €2,300 savings in the Credit Union and recently took the bull by the horns and wrote a detailed letter to them explaining my situation and to see if they would considering consolidating some of my higher interest debt.  They agreed they would clear my visa card and aib loan and add this amount to my existing loan, this will be paid off at €420 a month.  This added to my MBNA Loan payment will be €785 a month.  Still a lot but my aim is to get rid of these loans as quickly as possible in the shortest time frame and at least each month I see the figures decreasing!

I think you should definitely approach the credit union.  Each case is dealt with on an individual basis.  I found the most important thing was to make a financial plan showing your current situation and one showing a scenario if they were to grant you a loan.  Also enclose loan/credit card statements, a bank statement and a recent payslip.  Make an appointment and go see them.  Even if they aren't in a position to give you the loan straight away they may consider your application in a couple of months when you have a few bob saved with them.  Make that appointment as soon as possible.  Good luck, there is light at the end of the tunnel and you aren't alone.  A lot of people are in the same boat and at least you aren't ignoring the situation which is the first step!


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## Flax

colm5 said:


> Nobody needs SKY.


 
Yep. I got rid of my TV about 3 years ago.

Not only has this freed up my time to work on more constructive things instead of sitting on my This post will be deleted if not edited to remove bad language watching TV, but it means I have no Sky or TV licence bill. That's gotta be a couple of hundred a year right there.

I also don't drive - again, this is a conscious decision. I walk or use public transport (and sometimes taxis.) This saves me a couple of thousand per year.


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## colm5

Its about 1,000 per year actually on TV alone. Sky is up to 60 a month plus electricity to run your TV, not to mention the waste of time watching most of the crap on tv these days. And wait for the next TV licence increase!

Great stuff..


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## Bronte

Have you considered selling your house and renting, what is the rent of a similar property in town/near your workplace?


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## MeathCommute

Bronte said:


> Have you considered selling your house and renting, what is the rent of a similar property in town/near your workplace?


 
In the current climate, potential buyers expect real bargains. It might also be extremely difficult to sell. Not sure if this is a good idea


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## fio1978

Hi all,

Thanks so much for the responses and advice etc. Ive had some really interesting suggestions too in private mails.

My partner has two interviews for night warehouse jobs next week so fingers crossed. This way he could still do a nixer or two during the week if and when the come up. Im praying he gets one of these jobs - we would be in a great position to start paying things off if he has a steady weekly wage coming in.

Just to reply to some of the questions asked:

*Bronte/MeathCommute -* To sell this house now I think is madness as firstly we would prob make a loss on it now, adding to our debt and secondly its our home! Absolutely no way - if I have to take three jobs to make ends meet I will! I think I just have to accept that the immediate future is going to be tough but at least I have a home. We have no kids either so at least its only ourselves we have to worry about so if it means beans on toast for the next six months so be it!! I think I would be worse off if I sold it as Id still be left with all the debt but also with no home and paying someone elses mortgage.

*Colm5 -* Cycling to work?? Can you cycle on the M1 ?? Seriously, Id do it if its legal!!?? I could go through the Naul, Ballyboughal, the Ward and accross that way but would it be safe?? Cant afford to be out of work if I get knocked down or blown off the bike!!! Also, the SEI incentive - how does someone get into this? Ive checked their website for the last few months and I dont see any jobs posted for those who are 'laid off' construction workers?? The only ones Ive seen posted are for Financial Directors and the like!

Thanks again,

Fiona


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## woodbine

Hi Fiona, 

is it the Building Energy Rating courses that you meant?

http://www.chevrontraining.ie/?gclid=COrK8fmbw5YCFRSO1QodSExeyQ


there are loads of agencies/institutes offering them at the moment. and i believe that social welfare will help with some of the cost if you approach them.

hope this helps.


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## ontour

Fiona,

You have a good grip of your financial situation which is a significant first step. Go and talk to MABS to see what they have to say and talk to he credit union about consolidating loans.  Neither of these meeting will cost you a penny but could save you a lot.


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## here'sjohnny

*Go Green!*

Hi Fiona,

You have the will to do this and the tenacity so I hope you persist in driving down your debts but always remember it just takes one little loan to start edging those debts back up again!  Doing little projects around your house or garden might take your mind off the stress of all of this too.

Everyone has given you great suggestions here so I can't offer you much more except to ask you about considering reducing your bin charges - I used to have a bin and SKY but got rid of both.  You can give your partner a job by getting him to do the recycling - my local recycling centre is free and nearby and I go once a month - would you consider doing this as it would save you a little per month and use up a little bit of time that might be on his hands ?  It would also make more use of your or his car.  If you have a garden you can compost your vegetable cuttings.  This is how the germans do it, I don't know why we don't do it here more.

Installing a free-to-air satellite dish gives you enough channels with great reception and your partner might be able to install this too for an initial outlay of around €150-€200 - make it a Christmas present and you'll have no monthly SKY bills.  Again reducing your electricity bill might be also something you could try to address if you think it's high.    

Best of luck


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## finoblad

Your situation sounds difficult Fiona but you are clever and seem committed to improving your position and I'd be confident you will. A few suggestions for you (some have been mentioned, some haven't) If I was you I would be careful of how this debt will affect your outlook on life and your relationship etc. 

-Try switch one card onto another company and get the 6 month interest free.

-Its easy to say cancel SKY but when you arent going out and staying in to save money, having the TV with plenty of channels is pretty handy. I called SKY's bluff recently, I rang to 'cancel' and they put me on a 'special offer' package, reducing my sub from 60 quid to 41 until january. The free to air boxes are looking very attractive, more and more stations are going this route. I might get one myself in january.

-Advertise to car pool, yes you say you need the car to get to work, maybe someone close to you could do with a lift also, share expenses...

-Cook more. Dont buy pre-cooked or pre-prepared food, cook more of your own food and take lunch-boxes. Ask another couple over for recession busting dinner on a saturday night, get them to invite you back to theirs. Keep the budget low and all of you can enjoy a cheap night.

-Can you type or have a computer, could you type CVs and students thesis etc? Could your partner use your car to do pizza deliveries etc.

-Your partner, could he do a flyer offering direct labour. With the housing market the way it is, some people are looking at extending their house or converting a garage into a bedroom. 

-I would also shop around for every single purchase you make, from car insurance, life assurance, home insurance etc. Be absolutely sure each of these is to the absolute minimum and you are not paying for anything you dont need.

-Reconsider direct debits. If you pay a lot of your annual bills monthly, there is very often a lot to be saved by paying in one go. This is obviously very difficult to do when your finances are tight, but consider it, see if its possible.

Last suggestion which might sound very contradictatory, plan a small holiday in the spring. Maybe a long weekend, low budget but a break away from your problem for you and your partner.


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## fio1978

Hi all,

Thanks again for the responses - great ideas - I'll be just short of growing my own veg out the back garden!!

Im hoping my partner will get a job offer next week as he has two interviews - fingers crossed. One of them is for three 12 hour night shifts a week in a warehouse (crap pay but better than nothing!) which would allow him time to do some nixers on the other days to bump up his pay. He found a website for a company called Vistaprint a few weeks ago that allowed him to order 250 flyers/business cards for free so thats been done and his nephew is coming out tomorrow with his friend to help him post them around in letter boxes.

In terms of the bills we have already got rid of our Setanta package and have a fairly basic Sky package. what is this 'free to air' thing?? I think we definitley need to monitor our gas and elec to try cut costs a little bit. We did a good bit of shopping around for the health, life insurance and content insurance so I think we have the best rates we could get. My car insurance is already discounted by 50% as my brother works in a motor insurance company and got us a 'family and friends' rate.

One lady suggested that I do flyers up for babysitting in the local area, particularly as its coming up to the festive season so many people will be going to parties or want some time to do Xmas shopping without their kids in tow. Did this last night so am gonna go to the noticeboards in all the shops locally and post them up!

Im hoping that if I can do this for a few months and we live really frugally for the next while that we can a) stay head above water with all our debt b) get some savings together with a view to securing a consolidation loan at a low rate and c) start to make an impact on the money borrowed rather than just the interest.

Im kind of annoyed though that the government dont seem to have done anything at all to address the issue of the numbers of laid off construction workers. Whatever about those who made a packet during the boom and have a nice little nest egg now to rely on, what about all the recently graduated apprentices who slogged for four years on apprentice wage and now have nothing to go to. Or worse still, the ones who are in the middle of their apprenticeships and have no jobs now and so cant complete their time. I definitely think its something they need to address quickly. I think a significant number of these guys probably left school early too and have no other skills to fall back on now. I feel really sorry for my partner - he literally just got his papers after 4/5 hard years on apprentice wage when the industry crashed - its very disheartening for anyone. I looked up the SEI courses and they are about €1800 a pop which is a lot when you have nothing and you are still not guaranteed a job when you complete it anyway. Id love to hear from anyone who has done one of these courses and whether or not it has opened up any opportunities for them??

Anyway, rant over!

Im so glad I posted on here and grateful for all the replies and advice!

As for the holiday next year the only way thats going to happen is if I win one - what are my odds?? Ive applied to every competition going so maybe my luck will change - its nice to think about anyway!!

Fiona


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## here'sjohnny

Fiona free to air is just a satellite dish and a set-top box which you install yourself - it'd cost you 150-200 for the equipment and you'd have no monthly bills after that.  The equipment picks up the freely aired channels like Ch4, BBC 1,2,3,4 News 24, SKY news, CNN, E4, E4+1, Film 4, Film 4+1 and a whole slew of music channels, shopping (eek) and God channels.   RTE and those channels will be picked up by your TV already.  I just watch Bloomberg  these days.

Think of it - no monthly bills for SKY or anyone else !  That's 24 quid or more per month for you to spend on yourself


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## Lou34

Hi there, 

Sent previous post and now wanted to ask advice on my own situation.  Reminder of my situation is as follows:-

Mortgage Outstanding:  €263,000 (paying €1,375 pm interest only)
MBNA Loan €15,386 (paying €365 pm) - 4 years left
Credit Union Loan €16,950 (paying €420 pm) - 5 years left
Current Value of House €280,000 (probably less at the moment!)

I incurred my debts when my ex and I split about two years ago as I was trying to keep the mortgage repayments myself and was on a low income.

I now earn €2895 per month after tax so its not too bad and I can manage to service the debts.  

With the credit crunch taking hold I am unsure if my job will be certain in a couple of months.  Also my mortgage is due to revert to interest and capital in April (although I've been told I can apply for another year interest only).  It is unlikely I will get a job on the same salary here with the way things are so am considering going to London (worked there for a couple of years before) and am fairly confident can match my current salary with the sterling rate etc.  

Unfortunately I have been unable to buy out my ex as I missed a few loan repayments about two years ago and my credit rating has been adversely affected.  It will be another 4 years before it is good again.  I have tried to sell the house twice but it is literally impossible at the moment plus I've worked so hard to keep it it would be hard to let it go.  

I am thinking of renting it out if I go and work in the UK.  I can get approx €1,300 pm which will be ok if I can get another year on interest only.  However even if this works out it will still revert to cap and int in 2010.  My question is this - is my ex liable to pay half the shortfall?  It is a joint mortgage and the deeds are in both our names.  Also what is the situation when its eventually sold.  Would he still get 50% even though I have been making all the mortgage payments for the last couple of years?  I really don't know what the best thing to do is - should I try rent it out for 4/5 years and then buy him out when my other debts and cleared and my credit rating has been restored?  Any advice very much appreciated!


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## colm5

Hi,
You should put this on a new advise request post i think. Not an expert in this area but I have to imagine that your X is of course liable for half of everything with his name on it and would get half of the sale proceeds too.. You should get proper legal advise on it i would imagine.

If you rent it out, he should be paying half the balance to make up the mort payment.



Lou34 said:


> Hi there,
> 
> Sent previous post and now wanted to ask advice on my own situation. Reminder of my situation is as follows:-
> 
> Mortgage Outstanding: €263,000 (paying €1,375 pm interest only)
> MBNA Loan €15,386 (paying €365 pm) - 4 years left
> Credit Union Loan €16,950 (paying €420 pm) - 5 years left
> Current Value of House €280,000 (probably less at the moment!)
> 
> I incurred my debts when my ex and I split about two years ago as I was trying to keep the mortgage repayments myself and was on a low income.
> 
> I now earn €2895 per month after tax so its not too bad and I can manage to service the debts.
> 
> With the credit crunch taking hold I am unsure if my job will be certain in a couple of months. Also my mortgage is due to revert to interest and capital in April (although I've been told I can apply for another year interest only). It is unlikely I will get a job on the same salary here with the way things are so am considering going to London (worked there for a couple of years before) and am fairly confident can match my current salary with the sterling rate etc.
> 
> Unfortunately I have been unable to buy out my ex as I missed a few loan repayments about two years ago and my credit rating has been adversely affected. It will be another 4 years before it is good again. I have tried to sell the house twice but it is literally impossible at the moment plus I've worked so hard to keep it it would be hard to let it go.
> 
> I am thinking of renting it out if I go and work in the UK. I can get approx €1,300 pm which will be ok if I can get another year on interest only. However even if this works out it will still revert to cap and int in 2010. My question is this - is my ex liable to pay half the shortfall? It is a joint mortgage and the deeds are in both our names. Also what is the situation when its eventually sold. Would he still get 50% even though I have been making all the mortgage payments for the last couple of years? I really don't know what the best thing to do is - should I try rent it out for 4/5 years and then buy him out when my other debts and cleared and my credit rating has been restored? Any advice very much appreciated!


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## Bob_tg

Fiona - You said it is difficult to rent a room where you are, but is it possible to rent the whole house and rent somewhere smaller and cheaper elsewhere so that you can make a surplus?  Also, if you rented closer to where you work you could get rid of the car?

Bob.


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## parsi

here'sjohnny said:


> Fiona free to air is just a satellite dish and a set-top box which you install yourself - it'd cost you 150-200 for the equipment and you'd have no monthly bills after that.  The equipment picks up the freely aired channels like Ch4, BBC 1,2,3,4 News 24, SKY news, CNN, E4, E4+1, Film 4, Film 4+1 and a whole slew of music channels, shopping (eek) and God channels.   RTE and those channels will be picked up by your TV already.  I just watch Bloomberg  these days.
> 
> Think of it - no monthly bills for SKY or anyone else !  That's 24 quid or more per month for you to spend on yourself



It won't cost the OP anything as she already has a dish and a box. We cancelled sky last year and use our digibox to get the FTA channels.


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## fio1978

ok cool, so what do I do? Sorry clueless here!! Like do I literally just ring Sky and Setanta up and cancel my subscription and then my tv/dish just picks up those channels automatically?? confused?

Like when I just use my normal remote control I can only get rte 1  and 2, tv3 tg4 and utv.??

Sorry for sounding thick but Im not technically minded at all - evidently!!


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## woodbine

information in the above thread seems to indicate that it's just a matter of unsubscribing from sky and having the Free to Air channels 'left' on your system.

i haven't done this as we never had sky in our new house, but we have FTA in three rooms.We had to get three separate boxes but i think that the system can take a maximum of four boxes. However, the tv in our spare room has a feed from a FTA box in another room so the tv can be used, but you have to watch whatever is on the tv the feed is coming from. 

We find FTA fine. there are still nights when i can't find something decent to watch though. and i would love to have some of the documentary and nature channels but for the amount of tv we actually watch sky is just a luxury.

as mentioned in a post in the thread above, you should watch out for some channels which appear quite tame during the day but switch to 18+ content once it gets dark. (i don't think you mentioned kids, but just in case you had younger visitors)


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## here'sjohnny

Technologist said:


> You just stop paying the sub and when you card is deactivatd, you're left with just the FTA channels.
> 
> Or just buy a FTA or a 'FreeSat' compatible tuner and attach that to your dish instead. The FTA tuners can get more channels and work with more satellites than an unsubscribed Sky box. The FreeSat tuners are quite easy to use but only work on one satellite.



That's from Woodbine's link above.  Sorry but it occurred to me later that you had all the equipment already - you have a satellite dish, a box on top of your tv and the LNB which is part of your satellite dish - it's the end of the arm that looks into your satellite dish and looks like a kind of microphone.

Stopping your subscription will leave you with the Free To Air (FTA) channels.  You might have to tune it yourself after that or perhaps the FTA channels will automatically be left.  If you can tune the set-top box yourself you'll get all the UK channels and a bunch of news ones all for free.  There's tons of other rubbish for free too but if you get handy with your remote control you can eliminate them.  As the Technologist says, you can alternatively get yourself a new set-top box which will cost around 60 quid and will be compatible with the Sky satellite dish and LNB.  I found this easy to tune and if you're stuck, someone on the internet somewhere will guide you through the process for free.  You'll have loads of fun.

Is saving the cost of your Sky subscription per month worth thinking about doing this now ?


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## rabbits

Wasn't this something Eddie Hobbs was suggesting at one stage?  Basically, cut the magnetic strip off the credit card so you can't use it in shops but you still have all the relevant numbers for booking online flights etc.

The other tactic is to bury it in a drawer.  That way, its not to hand when you are out shopping and you have to deliberately dig it out when you want to use it.  You have to put it back afterwards though!!


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## Rusty Cogs

I dropped my credit card in a bowl of water and stuck it in the freezer. There if I need it but lots of time to change my mind while it defrosts. 

One more bit of advise (maybe mentioned above but I didn't see it), keep a record of ALL your expenditure. Every cent you spend should be noted. At the end of the month have a look through it and determine where money was spent unnecessarily. It's a cliche because it's true 'mind the pennies and the pounds will look after themselves'. Become aggressive with your savings, treat it like a game. Set aside €X amount every month to treat yourself to whatever if you stick to your budget. If any of my friends got into financial difficulty I'd like to think I'd be understanding & supportive. I'm sure your friends are/will too.


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## colm5

Rusty Cogs said:


> I dropped my credit card in a bowl of water and stuck it in the freezer. There if I need it but lots of time to change my mind while it defrosts.


 
Fantastic idea!! love it


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## Elainee40

fio1978 said:


> *€8k* - MBNA credit card costs me about €200 per month min repayment (now cut up and not used anymore)
> 
> *€4.k* - MBNA second credit card - costs about €120 per mth min repayment (now cut up and not used anymore)


 
Contact MBNA and ask them is there anything they can do for you with there interest rate, i done this on the off chance and reduced mine from 14.99% to 10.99% 
Didnt have to give a reason or anything


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## glic83

*Re: Go Green!*

you dont even have to install a free to air sat as your existing sat dish from sky will suffice and if you cancell your contract you will still have the likes of the bbc's and itv's e4,c4 more 4 and sky 3 and no extra cost then you could just pick up and antenna from woodies or b & q or 1 of them for the rte 1,net 2,tv3,tg4 it will save you a couple of quid each month anyway,if you got a halifx visa card you could transfer over whatever balance they give you ie if your limit is 1500 transfer over 1500 and at least thats 0% for 6 months and only 9.5% after so its still cheaper than the mbna and try and knock as much off the mbna in the man time


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## ClubMan

Rusty Cogs said:


> I dropped my credit card in a bowl of water and stuck it in the freezer. There if I need it but lots of time to change my mind while it defrosts.


You can probably still read the card details for "card not present" (e.g. internet) purchases without defrosting it.


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## fio1978

Hi,
Just as an update on my original post. My partner still has no work despite literally searching constantly and signing up to every agency!

We've cut out everything - no alcohol, Sky is gone, we bought the free to air box at Christmas and Im now 42 days off the fags!(The only positive thing thats come out of this recession for me!!)

Ive also got a second job. Ive my full time job during the week and then I work two night shifts in a call centre at the weekend.

Im totally wrecked but at least Im getting somewhere with the credit cards.I cant do this forever though - im so tired!! god im really paying for the stupid decisions I made over the last few years when it came to money.

Im hoping to get a credit union loan in 6 months time to cover whats left on the car loan and the two credit cards. That should make things a bit easier and will allow me some breathing space and to give uo the 2nd job.

Now I think Im working illegally as the combination of the two jobs means Im in breach of the working time directive. Does anyone know anything about this, like, if I plan it strategically that my average working week over the period of a year is under the 48 hr max, is this ok? Would it really be noticed or would I get away with it? Who monitors this kind of thing?? Is it still illegal to do it if its just for a shirt period of time to get yourslef out of a whole??


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## Mommah

Fio...well done you.
I wouldn't worry about the working time directive...as I think it applies to employers expectations of employees. If employees decide to work 2 jobs each less than 48 hrs but the total being more...I can't see what anyone can do about it.

My OH used to work 60+ hrs every week and no one was complaining except me!


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## Butter

Hi Fiona - just wanted to say good for you.  You are really doing your best to keep the show on the road.  It won't be forever I'm sure.  I hope your partner has a nice dinner on the table for you when you get home! 
Also don't be too hard on yourself about decisions you made in the past.  You are working very hard now to make up for it.  You weren't the only one making similiar decisons over the last few years.
Good Luck - I hope it works out for you.


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## BoscoTalking

[broken link removed]
more info on employee rights and laws regarding the working time directive. Can i ask - why can you partner not get a job in the call center?


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## fio1978

hi all, thanks for replies! My partner wouldnt really be suitable for a job in a callcentre as no pc skills whatsoever! all he has ever done since school is labouring or construction work and then got the bricklaying qualification with fas. Maybe it sounds like a cop out but even if he wanted that type of work who would give it to him with no experience. Also the 'etiquette' (for want of a better word) in an office would be quite different to that of a building site!

As for the working time directive stuff, its a bit unclear to me. The particular piece of legislation regarding 'double jobs' could be interpreted in a number of ways. Like it says its the responsibility of the two EMPLOYERS to ensure the employee does not exceed the average max weekly working hours between them, but it doesnt specify over what duration of time do you measure this 'average'. Like if I keep the second job up for 6 months and measure my average week worked over this entire year, ill be fine. However if I were to measure the last month my average is 62 hours a week with the two jobs and so therefore Im way over.

anyone know anymore about this??


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## allthedoyles

fio1978 said:


> As for the working time directive stuff, its a bit unclear to me. The particular piece of legislation regarding 'double jobs' could be interpreted in a number of ways.


 
Could someone here give us details on a situation where an employee was 'caught ' for working in excess of the working time hours .............and what were the consequences of that ?


Suspension ?
dismissal ?
fine ?
jail ?
Is the '' Organisation of Working Time Act 1997 '' really been implemented ?


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## Eblanoid

fio1978 said:


> Like it says its the responsibility of the two EMPLOYERS to ensure the employee does not exceed the average max weekly working hours between them, but it doesnt specify over what duration of time do you measure this 'average'.



Simply don't tell each employer about the other job - it's none of their business.  Instead of supplying a P45 or P60 to the second job, just find out the second job's employer number and inform Revenue about it.  Revenue will send a document to the second employer which will indicate correct Standard Rate Cut of Point etc, but this doc will give no indiction that you have another employment.


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## Eblanoid

allthedoyles said:


> Could someone here give us details on a situation where an employee was 'caught ' for working in excess of the working time hours .............and what were the consequences of that ?
> 
> 
> Suspension ?
> dismissal ?
> fine ?
> jail ?
> Is the '' Organisation of Working Time Act 1997 '' really been implemented ?


It's there to punish employers who try and force employees to work too much, not to punish employees.


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## babyspice

i think your making a mistake by puttin all your hopes in the credit union i love the place but they dont know you from adam and they wont touch you i can assure you, tell your partner to sell his truck if its not bringin in any money and get a job in mcdonalds..


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## Marcanthony

Hi,

Just a quick question regarding the transfer of credit card balances,I have 2 cc's with mbna and would like to transfer even one to a 0% cc for 6 months,could my wife get a cc and transfer my balance onto her card? I don't really want any more in my name!!! Plus she's much MUCH more money conscious than me!!

Thanks for any help guys.


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## DubShelley

fio1978 said:


> hi all, thanks for replies! My partner wouldnt really be suitable for a job in a callcentre as no pc skills whatsoever! all he has ever done since school is labouring or construction work and then got the bricklaying qualification with fas. Maybe it sounds like a cop out but even if he wanted that type of work who would give it to him with no experience. Also the 'etiquette' (for want of a better word) in an office would be quite different to that of a building site!


 
It really seems to me that you are doing all the leg work to get out of this situation? I mean, is your partner applying for every possible job? You  don't necessarily need any PC skills to work in a shop / supermarket or even as a previous poster mentioned - McDonalds... Is his pride standing in the way of helping out?


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## TheBlock

DubShelley said:


> It really seems to me that you are doing all the leg work to get out of this situation? I mean, is your partner applying for every possible job? You don't necessarily need any PC skills to work in a shop / supermarket or even as a previous poster mentioned - McDonalds... Is his pride standing in the way of helping out?


 

If your Dublin Based I believe that IKEA are going to start their interview process in about two weeks time. I don't think they will be looking for too much experience for the warehouse/floor staff...

Has your husband tried for work in any of the larger DIY Stores it might suit them to have a qualified tradesman on hand to talk to customers rather than spotty faced teenages.Might be a Good place for him to pick up some nixers also.


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## fio1978

Hi thanks for the replies. Yes, I believe he is applying for everything and anything. Im not at home enough now with the two jobs to actually supervise or witness this, but he says he is and Ive seen the automated response emails coming in. He had an interview for Ryanair and we are still waiting to hear back. He also had two warehouse op interviews but the feedback was that guys who were more experienced in the warehouse area got the jobs. Employers now have their pick of people and I think it might be fair to say, are getting very experienced people at excellent prices. I am currently recruiting myself as part of my role in job number 1 so Ive seen it first hand!! I think the DIY store job is a really good idea. Will have a look and see. Ive also openend an E bay store the other day - selling all the stuff we have accumulated over the years - part of the reason why we are so badly in debt I suppose! Anyway, sure it cant do any harm!!
Yes, Im p*ssed off shouldering the burden of this and it makes me angry that I have absolutely no time for myself but if the shoe was on the other foot I'd hope he would do the same for me. Also, who else is going to bail me out of this mess only myself??


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## fio1978

Actually sorry i meant to ask... we were thinking of selling his truck and getting him a car and then applying for a PSV licence for him to do taxi work. does anyone know how long this takes, how much it costs and is there any money to be made in taxiing at the moment? I have a good contact in a taxi firm who says he has work but he needs the psv licence. Any help much appreciated!!!


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## Marcanthony

I applied for a PSV licence last Oct and got my test date this week for 6th Mar, I didn't know when applying that there are only  few windows during the year when applications are processed, first 2 weeks of March/June/Sept only so if he was to get all the necessary documentation ready he could make the March deadline for application.

With regard to is there money to made in taxis these days, i don't honestly know i've heard conflicting reports on this but i sincerely hope there is otherwise i'm back to the drawing board. My wife and myself both work full time and have a 2yr old in creche but we are still finding it hard to make ends meets each month so the taxi was part time work for an extra few quid,we'll see what happens.

Good Luck with everything fio1978.


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## Marcanthony

Sorry fio1978, meant to also say that selling his truck and buying a car might not be a great idea because he will still need to buy a taxi plate for €6k+, i plan to rent a complete taxi at first and see how it goes rather on spend a small fortune on a dead duck.


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## beyondrapid

fio1978 said:


> Ive also openend an E bay store the other day - selling all the stuff we have accumulated over the years - part of the reason why we are so badly in debt I suppose! Anyway, sure it cant do any harm!!


 

what's the name of the store?
p.s. hang in there - sounds like you're making progress. lots of people made the mistake of spending money they didn't own. fair play for the effort you're making to sort it out.


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## Westgolf

quote "we were thinking of selling his truck and getting him a car and then applying for a PSV licence for him to do taxi work." unquote

Related to the DIY store idea, would your other half think of using the truck for a delivery service for local business. He has the vehicle so its a matter of getting the name and face out there.Also the initial cost is a lot less

Later on he may need a a hauliers licence but he can do a evening course to cover most of the paperwork required

best of luck

Westgolf


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## allthedoyles

I used eBay to sell all my household 'rubbish ' too and I made  over € 2,000 .


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## limerick123

my god .what did you sell for 2 grand?


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## rabbits

allthedoyles said:


> I used eBay to sell all my household 'rubbish ' too and I made  over € 2,000 .



Do tell!!!  What sort of stuff did you sell?  Clothes, old furniture, toys, 'stuff'?  I need to do a massive clearout of accumulated junk and a couple of people have suggested ebay but would be interested to see how you found it.  Especially handling the postage side of things.


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## nmesisca

Can I suggest www.adverts.ie as it is for Ireland, and Dublin in the specific. No fee to register, no fee to advertise there, no % to pay on successful sales. I have done great deals on adverts and can recommend it.
(no affiliation to the website whatsoever)


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## allthedoyles

rabbits said:


> Do tell!!! What sort of stuff did you sell? Clothes, old furniture, toys, 'stuff'? I need to do a massive clearout of accumulated junk and a couple of people have suggested ebay but would be interested to see how you found it. Especially handling the postage side of things.


 
If you look around the house and open drawers , you will find plenty items to sell on eBay . Most of the items I sold cost less than € 15 to post .......and I believe the Post Office have an agreement for discount with eBay , although I never used this option .

Here are some items I have sold in the past :


CD's
DVD's
Books
Magazines
Jewellery
Perfume
Playstation
Games for Nintendo/PS1 / etc
Handbags
Stamps
Old Coins / Old Notes
Communion Dress
DVD Player
Used Sim Cards
Mobile Telephones
The Sunday World / Free books with SW
Magazine previews of All-Ireland series
Framed pictures ( Sports Stars )
Computer Parts
Guinness Promotion Packs
Shamrock
Read this for tips for selling on eBay 

http://www.boards.ie/vbulletin/showthread.php?p=58829600#post58829600


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