# Should I refinance



## Danielle24

Hi,

Quick question I ran up a debt of about 21k which is down now to about €13,086(will be when I make this months payments). This is costing me over €600 per month. I am just about getting by and wouldn't say i'm comfortable, i'm always worried about money. If I stick at this I should be debt free in 2 years. However i'm considering taking out a loan with the CU over 5 years which will give me an extra 400e a month. I want to go back studying soon and to be able to enjoy my life more, plus (that's if they'll even give me a loan) when I have extra cash I can throw it off this loan. I'm due to get a few thousand back from shares in a couple of years, which would clear this anyways.


----------



## Danielle24

I know but I want to go back to college part - time and don't want to be still in college at 30.


----------



## jack2009

Are you sure if you refinance your monthly repayments will be that high?

by my calculation that means you will be borrowing 13k and repaying 24k.  Or are you really looking to take out another loan and put yourself back in the situation you are trying to remedy.


----------



## Danielle24

Jack2009 I don't think you've read my post properly.


----------



## Vacuum Box

I would stick it out for the 2 years, work hard and pay it off... thats what I did, it may sound like a great idea, but i assure you... taking out a CU loan is not the answer... get below the 10K mark on the loan and it will come down fairly quick..


----------



## Danielle24

Vacuum Box said:


> I would stick it out for the 2 years, work hard and pay it off... thats what I did, it may sound like a great idea, but i assure you... taking out a CU loan is not the answer... get below the 10K mark on the loan and it will come down fairly quick..


 

It also means i'll be 26 going back to college


----------



## Vacuum Box

and... better than going through college with a pile of debt on your back..2 years is not a long time...


----------



## Danielle24

Vacuum Box said:


> and... better than going through college with a pile of debt on your back..2 years is not a long time...


 

Paying back €200 a month or €50 per week is hardly gonna break my back plus it's an evening course i'll be doing so I will still be working full time.


----------



## Vacuum Box

ok.. your mind is made up. I am just giving my opinion as " I have been there and bought a few expensive T-shirts" !! GL with it..


----------



## jack2009

Danielle24 said:


> Paying back 200 a month or 50 per week is hardly gonna break my back plus it's an evening course i'll be doing so I will still be working full time.



Im that case why will keeping up current payments prevent you from starting college now!


----------



## Danielle24

jack2009 said:


> Im that case why will keeping up current payments prevent you from starting college now!


 

The course cost 2k not to mention books, exam fees etc, I would have thought that was obvious.


----------



## fizzelina

Good luck deciding what to do Danielle. I think both sides of the argument are very good. I would have to say though that 26 is not old to start college and it would be much nicer and less stressful to be in college debt free, since you can imagine the costs of college and a busy course can mean not being able to work as much as you had hoped. I'd really recommend paying the 13k loan first and since you seem to have a full time job at the moment then take advantage of having it and pay the 13k loan off and save the 2k college fees. I just think that in the long run you would be very pleased you did it that way. You never know what is going to come down the line, best to pay a loan as soon as you can. Good luck. It seems your mind is made up that college straight away is best (although the posters here disagree) but don't make any decisions without weighing up and considering the idea of sticking with the loan and repayments as they are now. Plus the money from shares in a few years will be a nice boost when in college. I understand you have little money to enjoy life now but maybe take that pain for 2 more years and then be debt free.


----------



## fizzelina

Just thinking again Danielle - so if you plan to keep working full time then why not keep paying the 13k loan so it clears in 2 years and still go to college now. For the college fees and book fees could you try to take out a student loan that had a deferred payment plan, maybe with payments starting in 2 years time (once the 13k loan was paid off) That way in 2 years time you have finished the 13k loan, have started college now like you want and the few thousand from the shares could clear a 3k fees/book student loan so you would have no debt.


----------



## BOXtheFOX

Danielle24 said:


> Hi,
> 
> However i'm considering taking out a loan with the CU over 5 years which will give me an extra 400e a month.


 
Explain how this is going to work?


----------



## Danielle24

fizzelina said:


> Just thinking again Danielle - so if you plan to keep working full time then why not keep paying the 13k loan so it clears in 2 years and still go to college now. For the college fees and book fees could you try to take out a student loan that had a deferred payment plan, maybe with payments starting in 2 years time (once the 13k loan was paid off) That way in 2 years time you have finished the 13k loan, have started college now like you want and the few thousand from the shares could clear a 3k fees/book student loan so you would have no debt.


 
Hmm, that is not something I had thought of but I will definitely look into it.


----------



## Danielle24

BOXtheFOX said:


> Explain how this is going to work?


 

Paying over €600 in payments now. With new loan payments will be €200 per month therefore freeing up €400 per month.


----------



## jack2009

Danielle24 said:


> Paying back 200 a month or 50 per week is hardly gonna break my back plus it's an evening course i'll be doing so I will still be working full time.


A similar mind set could be applied to saving for your college fund. Also, will you qualify for the 'grant' for paying college fees?


----------



## fizzelina

even nicer if you had a rich sibling / parent with 3k spare to fund college until the shares money comes in ;-)


----------



## Danielle24

jack2009 said:


> A similar mind set could be applied to saving for your college fund. Also, will you qualify for the 'grant' for paying college fees?


 

I think you're missing the point, I can't afford to save at the moment because i'm paying so much back. I doubt I will qualify for a grant, I have a good job that pays well.


----------



## Danielle24

fizzelina said:


> even nicer if you had a rich sibling / parent with 3k spare to fund college until the shares money comes in ;-)


 
Even if I did I wouldn't ask them, i've never been financially dependant on anyone and don't intend to start now.


----------



## fizzelina

Is it a private college and so private college fees? If so free fees doesn't apply, but if not then college courses have free fees, provided it's your first time. eg if you already did a degree then you can't do another degree and qualify for free fees again, if you did year 1 only of a degree then want to go back and do a different degree then you would pay year 1 fees and the rest would be free, and so on. It's worth ringing your local authority grants dept to ask about what might be available to you.


----------



## BOXtheFOX

Danielle24 said:


> I can't afford to save at the moment because i'm paying so much back.


 
So how will you pay back the additional loan from the credit union or are you talking about re-financing your existing loan through the credit union?


----------



## Danielle24

BOXtheFOX said:


> So how will you pay back the additional loan from the credit union or are you talking about re-financing your existing loan through the credit union?


 

Did you not read the thread title?


----------



## Danielle24

fizzelina said:


> Is it a private college and so private college fees? If so free fees doesn't apply, but if not then college courses have free fees, provided it's your first time. eg if you already did a degree then you can't do another degree and qualify for free fees again, if you did year 1 only of a degree then want to go back and do a different degree then you would pay year 1 fees and the rest would be free, and so on. It's worth ringing your local authority grants dept to ask about what might be available to you.


 

Thanks fizzelina,

I did a 2 year Higher Certificate in DKIT, so don't know if i'd qualify will check it out though.


----------



## vandriver

Did you get a quote of 200 for a 13k 5 year loan?


----------



## jack2009

Danielle24 said:


> I think you're missing the point, I can't afford to save at the moment because i'm paying so much back. I doubt I will qualify for a grant, I have a good job that pays well.


Grant might be the wrong word but i am referring to a tax refund that you can sometimes get when you pay college fees. Cant remember the ins and out of this


----------



## vandriver

If you have made enquiries about a cu loan do you have the necessary collateral saved in the cu already and if so why not use this to pay your college fees etc


----------



## BOXtheFOX

vandriver said:


> If you have made enquiries about a cu loan do you have the necessary collateral saved in the cu already and if so why not use this to pay your college fees etc


 
Then there is the problem of walking out the Credit Union door with a lovely new loan cheque in your hand. Do you have the will power to lodge all of it against your old borrowings?


----------



## Danielle24

BOXtheFOX said:


> Then there is the problem of walking out the Credit Union door with a lovely new loan cheque in your hand. Do you have the will power to lodge all of it against your old borrowings?


 

Not a problem.


----------



## Danielle24

vandriver said:


> Did you get a quote of 200 for a 13k 5 year loan?


 
No sorry I should have been more specific this is for 10k as part of the money I owe is interest free so it wouldn't make sense to pay that off with a new loan.


----------



## Bronte

Danielle24 said:


> No sorry I should have been more specific this is for 10k as part of the money I owe is interest free so it wouldn't make sense to pay that off with a new loan.


 
What do you mean interest free?  Is this a credit card debt?  You mention you have a good salary and that you want to live a little.  Can you not do more to pay off the debt and then live a little?  I'm all for education but you'd have to clarify why in a good job you ran up debts and be sure that you won't end up getting in a worse mess by doing what you propose to do.  You are doing well on getting down the 21K debt to 13K.  What is the interest rate you are paying on this, what interest rate would the credit union loan be at?  Do you have any savings?  Would your employer part fund your education.


----------



## jambo.ie

Danielle24 said:


> I'm due to get a few thousand back from shares in a couple of years, which would clear this anyways.


Are you due to receive shares or are you anticipating appreciation in the capital value of some shares you currently hold? It sounds like you might be in possession of a crystal ball. Either that or I'm making a massive and incorrect leap of deduction.


----------



## Danielle24

jambo.ie said:


> Are you due to receive shares or are you anticipating appreciation in the capital value of some shares you currently hold? It sounds like you might be in possession of a crystal ball. Either that or I'm making a massive and incorrect leap of deduction.


 

My company is one of the lucky few that the recession hasn't touched, it's strived and continuing to do so, my shared have tripled in price already so i'm not worried about them.


----------



## Danielle24

Bronte said:


> What do you mean interest free? Is this a credit card debt? You mention you have a good salary and that you want to live a little. Can you not do more to pay off the debt and then live a little? I'm all for education but you'd have to clarify why in a good job you ran up debts and be sure that you won't end up getting in a worse mess by doing what you propose to do. You are doing well on getting down the 21K debt to 13K. What is the interest rate you are paying on this, what interest rate would the credit union loan be at? Do you have any savings? Would your employer part fund your education.


 

It's not monies borrowed from a financial institution it's for other reasons which i'd prefer not to get in to. I ran up debt because I bought a car was stupid with my credit card, the cost of a wedding in Greece, some medical expenses. I've a totally different attitude and appreciation for money than what I did when I ran up this debt. My employer wants to keep me doing what i'm doing i've discussed doing courses but it's not viable at the moment. 

The interest rates are as follows:

Car - 8.9;%
Credit Union - 9.43%
AIB - 9.5%


----------



## jambo.ie

Danielle24 said:


> My company is one of the lucky few that the recession hasn't touched, it's strived and continuing to do so, my shared have tripled in price already so i'm not worried about them.


Unless you have crystal ball you have no way of knowing what your shares will be worth if and when you sell them. Past performance is not a guide for future performance, the value of your investment may go up or down, etc. etc.


----------



## Danielle24

jambo.ie said:


> Unless you have crystal ball you have no way of knowing what your shares will be worth if and when you sell them. Past performance is not a guide for future performance, the value of your investment may go up or down, etc. etc.


 
Based on company performance I don't see them going down, and even if they do go down i'll still get a few grand out of it.


----------



## truthseeker

Im a bit confused by the thread, but in summary OP, you have a 13K loan to run for 2 more years, and you want to take out a different loan to clear (most) of it - the new loan to run over 5 years?

And the main reasons for this are - costing too much to finance the loan monthly, and you want to go back to college.

If I were you - I wouldnt refinance the loan. Id pay it off, THEN go back to college.


----------



## Danielle24

truthseeker said:


> Im a bit confused by the thread, but in summary OP, you have a 13K loan to run for 2 more years, and you want to take out a different loan to clear (most) of it - the new loan to run over 5 years?
> 
> And the main reasons for this are - costing too much to finance the loan monthly, and you want to go back to college.
> 
> If I were you - I wouldnt refinance the loan. Id pay it off, THEN go back to college.


 
I think life is too short to spend another 2 years in a job you're not mad about just to clear debt in a shorter period of time.


----------



## truthseeker

Well then - it seems your mind is made up and you dont want to listen to any advice on here. Good luck with it.


----------



## jack2009

As others have said, you appear to have your mind made up before asking the question, so go ahead and take out the 5 year loan.

Best of luck


----------



## UFC

jack2009 said:


> As others have said, you appear to have your mind made up before asking the question, so go ahead and take out the 5 year loan.
> 
> Best of luck


 
Yep, I think Danielle came here looking for people to agree with her. 

Danielle: I have a feeling in 24 months time you will be upset when you realise you could be debt free but instead have 36 months left on a large loan.

By all means do whatever you want to do, but be extra sure you are not making a decision based on your emotions.


----------



## Danielle24

UFC said:


> Yep, I think Danielle came here looking for people to agree with her.
> 
> Danielle: I have a feeling in 24 months time you will be upset when you realise you could be debt free but instead have 36 months left on a large loan.
> 
> By all means do whatever you want to do, but be extra sure you are not making a decision based on your emotions.


 

No I came looking for peoples opinions and advice or to see if anyone could suggest reasons I hadn't thought of myself as to why I shouldn't take out this loan. I'd be more upset at the fact i'd let another 2 years pass me by without doing something to get my career in order than the fact that I have some debts to clear, you missed the fact that I have shares coming to me in 2 years, which would clear this debt or at the worst make a huge dint in it. Thanks everyone for your replies.


----------



## moneyhoney

I used to work for one of the "big 2" banks. Had about 10k in shares when I left. Over the few years after I left I sold them off, a bit every year. I'm glad I did - met an ex-colleague there recently who said his "nestegg" was now worth a few hundred euro......a grand at most.

No-one saw the collapse in bank share prices coming until it was already happening. There's no such thing as a sure thing with shares.


----------



## Danielle24

moneyhoney said:


> I used to work for one of the "big 2" banks. Had about 10k in shares when I left. Over the few years after I left I sold them off, a bit every year. I'm glad I did - met an ex-colleague there recently who said his "nestegg" was now worth a few hundred euro......a grand at most.
> 
> No-one saw the collapse in bank share prices coming until it was already happening. There's no such thing as a sure thing with shares.


 

If the share price drops I can take the money I invested and run, this will still enable me to knock a chunk off my debts that's a sure thing.


----------



## jack2009

Danielle24 said:


> If the share price drops I can take the money I invested and run, this will still enable me to knock a chunk off my debts that's a sure thing.


 

Then what is stopping you from using the shares at the moment to pay for college, keeping the current repayments and being debt free in two years?


----------



## Bronte

Danielle24 said:


> . I've a totally different attitude and appreciation for money than what I did when I ran up this debt.


 
That's good, and the interest rate on the credit union is basically the same as you have now.  Education is a very good thing.  But you haven't clarified the bit in your first post about needing to live a little?  You mentioned a good salary so how a 2K course needs you to stop making 600Euro payments on your current debt is not making sense to me.


----------



## BOXtheFOX

Danielle24 said:


> Did you not read the thread title?


 
But it now appears that you are only refinancing *part *of your original loan.


----------



## jack2009

BOXtheFOX said:


> But it now appears that you are only refinancing *part *of your original loan.



yea cause she has repaid so much off does not need to borrow original amount.


----------



## Danielle24

jack2009 said:


> Then what is stopping you from using the shares at the moment to pay for college, keeping the current repayments and being debt free in two years?


 

Because I pay into it on a monthly basis and there's not enough in it at the moment.


----------



## Danielle24

Bronte said:


> That's good, and the interest rate on the credit union is basically the same as you have now. Education is a very good thing. But you haven't clarified the bit in your first post about needing to live a little? You mentioned a good salary so how a 2K course needs you to stop making 600Euro payments on your current debt is not making sense to me.


 

I can't afford to save the money for my course at the mo and freeing up €400 a month will enable me to do so.


----------



## Danielle24

BOXtheFOX said:


> But it now appears that you are only refinancing *part *of your original loan.


 

You're obviously not reading the full posts before replying.


----------



## Billo

Danielle24 said:


> I have a good job that pays well.




How much does it pay ?

If it pays well you have no problems repaying  loan.


----------



## BOXtheFOX

Danielle24 said:


> No sorry I should have been more specific this is for 10k as part of the money I owe is interest free so it wouldn't make sense to pay that off with a new loan.


 
So you are re-financing 10k of the loans you got from a financial institution but the interest free loans that you have (from family?) are not being re-financed. So these other loans are being put on the long finger. So will having to pay off these other loans not be a problem at some stage?


----------



## Danielle24

Billo said:


> How much does it pay ?
> 
> If it pays well you have no problems repaying loan.


 
That's a bit of a generalisation. I earn 31,295 per annum.


----------



## Danielle24

BOXtheFOX said:


> So you are re-financing 10k of the loans you got from a financial institution but the interest free loans that you have (from family?) are not being re-financed. So these other loans are being put on the long finger. So will having to pay off these other loans not be a problem at some stage?


 

Look you're making assumptions and not bothering to read posts properly. Loans are not from family. Loans are not being left on the long finger. Loans only costing €50 per month. As I said in previous post i've never borrowed from family.


----------



## BOXtheFOX

jack2009 said:


> yea cause she has repaid so much off does not need to borrow original amount.


 
Yes I understand that but....

I read it as she is re-financing the interest charging loan but not re-financing the non interest charging part of the loan. This part will still be there.


----------



## BOXtheFOX

Danielle24 said:


> As I said in previous post i've never borrowed from family.


 
Where did you say this?


----------



## Danielle24

Danielle24 said:


> Even if I did I wouldn't ask them, i've never been financially dependant on anyone and don't intend to start now.


 

Here, when asked if I would borrow money from rich siblings.


----------



## Bronte

Danielle, you're not on a great salary, you're not happy in your job, your job is steady, you feel in control of your finances, if doing what you propose gets you a better paying happier job then go for the education now.


----------



## SoylentGreen

Danielle24 said:


> Even if I did I wouldn't ask them, i've never been financially dependant on anyone and don't intend to start now.


 Can you not see how ludicrous this statement is?  You have been, are now, and it appears from your opening question will be, dependant on the banks in to your future.


----------



## Danielle24

SoylentGreen said:


> Can you not see how ludicrous this statement is? You have been, are now, and it appears from your opening question will be, dependant on the banks in to your future.


 

Oh give me a break yeah so I got my car on finance and borrowed for some luxuries, I pay it back no one else so whats the problem? How many people do you know that live debt free, i've not heard of people buying houses for cash, or cars etc?


----------



## jack2009

Danielle24 said:


> Oh give me a break yeah so I got my car on finance and borrowed for some luxuries, I pay it back no one else so whats the problem? How many people do you know that live debt free, i've not heard of people buying houses for cash, or cars etc?



There is a big difference from borrowing to buy a home and attending a wedding. As a general rule a loan should be taken out to match the life span of the  asset. In that regard i hope your car has two more years  5 more years left in it.


----------



## truthseeker

Danielle24 said:


> Oh give me a break yeah so I got my car on finance and borrowed for some luxuries, I pay it back no one else so whats the problem? How many people do you know that live debt free, i've not heard of people buying houses for cash, or cars etc?


 
With the exception of a mortgage, myself (and a lot of people I know) have only ever bought cars for cash, and have no other debt.

Maybe this thread should be a reality check for you - a lot of people DO live in debt, but a lot dont either. Which would you rather be?


----------



## Danielle24

jack2009 said:


> There is a big difference from borrowing to buy a home and attending a wedding. As a general rule a loan should be taken out to match the life span of the asset. In that regard i hope your car has two more years 5 more years left in it.


 
And then some.


----------



## Danielle24

truthseeker said:


> With the exception of a mortgage, myself (and a lot of people I know) have only ever bought cars for cash, and have no other debt.
> 
> Maybe this thread should be a reality check for you - a lot of people DO live in debt, but a lot dont either. Which would you rather be?


 

Not a lot of people at 21 fresh out of college have the cash to buy a car, sorry if that upsets you in some way.


----------



## truthseeker

Danielle24 said:


> Not a lot of people at 21 fresh out of college have the cash to buy a car, sorry if that upsets you in some way.


 
I did. Plenty of people do. They just cut their cloth to their measure and buy a cheap runaround until they can afford something better.


----------



## Danielle24

Bronte said:


> Danielle, you're not on a great salary, you're not happy in your job, your job is steady, you feel in control of your finances, if doing what you propose gets you a better paying happier job then go for the education now.


 
I'm 23 so I don't see anything wrong with my salary and i'm due for a payrise god some people are just not happy unless they're bringing others down.


----------



## ElaineBenes

You came here for opinions - yet you are quite defensive. I think you should just do your course and refinance. I've no idea why you posted this thread.

BTW - You have stated that you will be 26 in 2 years, you have 24 in your username & now you are stating you are 23?


----------



## Danielle24

truthseeker said:


> I did. Plenty of people do. They just cut their cloth to their measure and buy a cheap runaround until they can afford something better.


 
That's nice for you but I didn't and my old car packed in so I needed to get something decent as I travel about 200 miles a week.


----------



## Danielle24

ElaineBenes said:


> You came here for opinions - yet you are quite defensive. I think you should just do your course and refinance. I've no idea why you posted this thread.
> 
> BTW - You have stated that you will be 26 in 2 years, you have 24 in your username & now you are stating you are 23?


 
I came here for opinons and some constructive criticism some people are just nit picking and trying to find flaws in everything there's a diffierence. I'm soon to be 24 and I don't think your username has to reflect you're age, I thought you could put down any number you like.


----------



## jack2009

well then your pay increase will give you extra money to save for college and continue with your existing loans and shares will also help!

Then when your finished college you will be debt free and have no financial restraints.


----------



## ElaineBenes

Okay lets not split hairs.

If I were in your position, I would go back to college. But then, I'm not very sensible money-wise....that is after all why I am on this site...

However I am sensible career - wise. Make sure this course is worth doing and will benefit you in real terms. I know you think 26 is old but it's not. I'm 30 and I'm still doing extra courses by night as are most of my friends. It is common for those that do not fall in to a specific career for life...such as teaching etc as your path is not as defined and it takes a few years to place yourself on that path.

Whatever you do - best of luck.


----------



## Danielle24

jack2009 said:


> well then your pay increase will give you extra money to save for college and continue with your existing loans and shares will also help!
> 
> Then when your finished college you will be debt free and have no financial restraints.


 

Shares are not due to mature for another couple of years. My pay increase won't cut it.


----------



## UFC

Danielle24, do you ever think it is possilble that you might be wrong?

Anyway, do whatever it is you want to do.


----------



## Danielle24

UFC said:


> Danielle24, do you ever think it is possilble that you might be wrong?
> 
> Anyway, do whatever it is you want to do.


 
What am I wrong about?


----------



## truthseeker

Danielle24 said:


> I came here for opinons and some constructive criticism some people are just nit picking and trying to find flaws in everything there's a diffierence.


 
Wrong about people nit picking and trying to find flaws in everything - what i see are plenty of constructive posts, but you choose to perceive it differently because you dont want to listen.

Reread the thread - you have rejected most suggestions made, defended and justified borrowing behaviour, made smart comments to posters and wont listen to any suggestions made.

It seems like all you want is for everyone to say 'Oh yea, refinance - thats a great idea, good luck with it'. Anything to the contrary is just met with you considering it 'nit picking'.


----------



## Danielle24

truthseeker said:


> Wrong about people nit picking and trying to find flaws in everything - what i see are plenty of constructive posts, but you choose to perceive it differently because you dont want to listen.
> 
> Reread the thread - you have rejected most suggestions made, defended and justified borrowing behaviour, made smart comments to posters and wont listen to any suggestions made.
> 
> It seems like all you want is for everyone to say 'Oh yea, refinance - thats a great idea, good luck with it'. Anything to the contrary is just met with you considering it 'nit picking'.


 

Sorry but telling people they're not on a good salary and that they're not financially independant or that they should have been able to afford a car with cash straight out of college is not constructive advice. I don't know anyone who can afford to that and the small few that can usually live at home with their parents.


----------



## MelF

truthseeker said:


> Wrong about people nit picking and trying to find flaws in everything - what i see are plenty of constructive posts, but you choose to perceive it differently because you dont want to listen.
> 
> Reread the thread - you have rejected most suggestions made, defended and justified borrowing behaviour, made smart comments to posters and wont listen to any suggestions made.
> 
> It seems like all you want is for everyone to say 'Oh yea, refinance - thats a great idea, good luck with it'. Anything to the contrary is just met with you considering it 'nit picking'.


 
I'm actually amazed that so many people have tried to be helpful and continued to offer advice after OP's curt and rude responses - I had a look when post first appeared but decided against commenting as OP seemed to have a 'chip' on her shoulder from the outset.


----------



## truthseeker

Danielle24 said:


> Sorry but telling people they're not on a good salary and that they're not financially independant or that they should have been able to afford a car with cash straight out of college is not constructive advice. I don't know anyone who can afford to that and the small few that can usually live at home with their parents.


 
Well thats how you choose to see it. Unless you can open your mind, accept that other people (with more life and financial experience) may see things differently then not much is going to change for you.


----------



## UFC

Danielle, the fact that you need to borrow and refinance to get through life suggests you are doing something wrong.

Best of luck.


----------



## Danielle24

UFC said:


> Danielle, the fact that you need to borrow and refinance to get through life suggests you are doing something wrong.
> 
> Best of luck.


 
No it's called having a car to pay for, bills, rent, petrol, shopping etc and clear my debts in top of this. You'd swear no one else in the country was in debt.

Just to clarify I havent borrowed money in years, i'm just paying off a debt and I think the fact i've paid 8k off it says something.


----------



## truthseeker

Danielle24 said:


> No it's called having a car to pay for, bills, rent, petrol, shopping etc and clear my debts in top of this. You'd swear no one else in the country was in debt.


 
Rubbish. If you cant afford your lifestyle then you need to make the relevant cutbacks not borrow and refinance to continue it.


----------



## Danielle24

truthseeker said:


> Rubbish. If you cant afford your lifestyle then you need to make the relevant cutbacks not borrow and refinance to continue it.


 

You obviously have your mind made up that i've living a champagne lifestyle on a lemonade budget and that i'm always borrowing which is far from the truth.


----------



## truthseeker

Well you did manage to run up an enormous amount of debt in a short period of time and now want to have more debt for a longer period.
And you claim 





> No it's called having a car to pay for, bills, rent, petrol, shopping etc


Thats not a champagne lifestyle, thats living beyond your means.

You also say earlier in the thread that you have a different attitude to money now - how exactly? You want another loan to clear a current loan and to run for longer - how is that a different attitude?


----------



## Danielle24

truthseeker said:


> Well you did manage to run up an enormous amount of debt in a short period of time and now want to have more debt for a longer period.
> And you claim
> *Thats not a champagne lifestyle, thats living beyond your means.*
> 
> 
> You also say earlier in the thread that you have a different attitude to money now - how exactly? You want another loan to clear a current loan and to run for longer - how is that a different attitude?


 
So eating and having a car and paying my rent is living beyond my means?

Because I know now that i'm more conscious of budgeting and the cost of things and that i'm not going to run up any more debt.


----------



## truthseeker

Danielle24 said:


> Because I know now that i'm more conscious of budgeting and the cost of things and that i'm not going to run up any more debt.


 
Brilliant. Then youve answered your own opening question - dont refinance because that would be running up more debt.


----------



## truthseeker

Danielle24 said:


> So eating and having a car and paying my rent is living beyond my means?


 
Yes if you ran up 21K of debt doing it.


----------



## Danielle24

truthseeker said:


> Yes if you ran up 21K of debt doing it.


 

As i've said i'm not running up debt now, I was foolish in the past which is when I ran up the debt, not just from living expenses.

My car cost 11k. 3k for debt not mentioned. About 600e for medical treatment. 650e college overdraft. 1k for wedding in Greece. So it's really just over 4250 that was personal spending.


----------



## truthseeker

Danielle24 said:


> As i've said i'm not running up debt now


 
But if you do the refinance thing, you ARE running up more debt, in terms of how long it will take you to pay it off, and you are doing this to finance going back to college, and 





> and to be able to enjoy my life more


 
The reality of being in debt is that sacrifices have to be made if you want to get out of that situation. The personal sacrifice to you, if you want to clear the debt quickly - is 2 more years of things as they are (which will improve soon anyway with the pay rise).

Instead you want to make the debt last longer so you can go back to college and enjoy life more.

No matter what way you wish to see that yourself - it comes across as 'I want' and 'I want now' - thats fine, but if you do these things that you want, then you will be putting yourself into a position where you are in debt for longer.

That directly contradicts your posts where you say you have changed, you are more conscious of budgeting, you have a different attitude now etc...


----------



## Danielle24

truthseeker said:


> But if you do the refinance thing, you ARE running up more debt, in terms of how long it will take you to pay it off, and you are doing this to finance going back to college, and
> 
> The reality of being in debt is that sacrifices have to be made if you want to get out of that situation. The personal sacrifice to you, if you want to clear the debt quickly - is 2 more years of things as they are (which will improve soon anyway with the pay rise).
> 
> Instead you want to make the debt last longer so you can go back to college and enjoy life more.
> 
> No matter what way you wish to see that yourself - it comes across as 'I want' and 'I want now' - thats fine, but if you do these things that you want, then you will be putting yourself into a position where you are in debt for longer.
> 
> That directly contradicts your posts where you say you have changed, you are more conscious of budgeting, you have a different attitude now etc...


 

I see what you're saying and i've made more than my fair share of sacrifices over the last couple of years, an expensive lesson to learn but learnt nonetheless. I'm not planning to let this run over 5 years but just to give me a bit of breathing space for a few months to save college, pay car insurance for the year instead of monthly etc. As soon as I get college etc sorted, i'm planning to throw more off my monthly payments, that's the beauty of the Credit Union.


----------



## truthseeker

So would I be right in saying that what you really want is a break from current debt financing, then back to it after youve sorted a few things out?


----------



## Danielle24

truthseeker said:


> So would I be right in saying that what you really want is a break from current debt financing, then back to it after youve sorted a few things out?


 

Exactly !!!


----------



## truthseeker

Can you defer payment on any of your current loans - rather than a dramatic 5 year refinance on 10K of it, maybe your needs would be met by a different type of change?


----------



## Danielle24

I guess I could look into it though would this not affect my credit rating?


----------



## SoylentGreen

vandriver said:


> If you have made enquiries about a cu loan do you have the necessary collateral saved in the cu already and if so why not use this to pay your college fees etc


 
You side steped this question. Do you qualify for a loan?


----------



## Danielle24

SoylentGreen said:


> You side steped this question. Do you qualify for a loan?


 

Why is that relevant?


----------



## SoylentGreen

Danielle24 said:


> Why is that relevant?


 
Just as I thought, you don't qualify for a loan from the Credit Union after all.  So it's back to square one then for you.

Any other plans?


----------



## niceoneted

I don't think you should refinance. 
Could you start a thread in the money makeover section and perhaps people could give more feedback.
Also in relation to the shares - are they through your company, and if so and when they mature as you say in 2 yrs do you still have to be working with them? 
Your never to old to go back to college so don't be worrying about the age thing.


----------



## Danielle24

SoylentGreen said:


> Just as I thought, you don't qualify for a loan from the Credit Union after all. So it's back to square one then for you.
> 
> Any other plans?


 

What the hell are you talking about I haven't gone to apply why would I have applied when I didn't know whether I wanted to take out a loan. I've never had a problem getting a loan with the CU seen as how I haven't missed a payment with them in years I very much doubt it would be a problem.


----------



## niceoneted

There are lots of people who have not missed a payment previously, have a perfect credit rating, good earnings and have never had a problem getting a loan, that are being turned down for loans now. Financial institutions are applying tighter lending conditions and that stretches to credit unions too. 



Danielle24 said:


> What the hell are you talking about



Less aggression would be nice too!!


----------



## Danielle24

Less aggression would be nice too!![/QUOTE]


As would irrelevant posts, the question was should I refinance, not do you think i'll get a loan from the credit union.


----------



## niceoneted

No you should not refinance. You should look at your budget with fine tooth comb and readjust it  so as to manage for the nest 2 years until your current loan/debt is cleared.
I should also add that in your original post you questioned whether you would get a loan from the CU yourself so why jump question someone harshly when they suggest you may not get one.


----------



## Danielle24

niceoneted said:


> No you should not refinance. *You should look at your budget with fine tooth comb and readjust it so as to manage for the nest 2 years until your current loan/debt is cleared.*
> I should also add that in your original post you questioned whether you would get a loan from the CU yourself so why jump question someone harshly when they suggest you may not get one.


 
So basically do exactly what i'm already doing?


----------



## dmos87

Danielle24, your attitude on this post is appalling. People come to this website to give and receive advice, if you choose not to listen thats your perogative - *YOU* posted for advice but seem to be bitter to those being honest with you. At least accept peoples honest opinion - and these are people who have been there, done that. When the Credit Union take a look at the amount you have borrowed and have outstanding, they may not want to offer you a loan and that is what posters are saying. "But i've never missed a payment" etc. etc. is not going to cut it with the CU now - people are falling into debt that they cant control or get rid of and lenders like the CU are a lot more wary of taking on any large debt.

Yes, pat on the back for getting your debt down to what it is now. Yes, another pat on the back for having the sense to want to improve on your education. But shame on you for your bad attitude about taking criticizm and advice. Humble pie does a lot for a person, seems like you could do with a big bite. I'd recommend going back over this post from start to finish like I did and take a good long look at your responses to people.


----------



## jack2009

dmos87 said:


> Danielle24, your attitude on this post is appalling. People come to this website to give and receive advice, if you choose not to listen thats your perogative - *YOU* posted for advice but seem to be bitter to those being honest with you. At least accept peoples honest opinion - and these are people who have been there, done that. When the Credit Union take a look at the amount you have borrowed and have outstanding, they may not want to offer you a loan and that is what posters are saying. "But i've never missed a payment" etc. etc. is not going to cut it with the CU now - people are falling into debt that they cant control or get rid of and lenders like the CU are a lot more wary of taking on any large debt.
> 
> Yes, pat on the back for getting your debt down to what it is now. Yes, another pat on the back for having the sense to want to improve on your education. But shame on you for your bad attitude about taking criticizm and advice. Humble pie does a lot for a person, seems like you could do with a big bite. I'd recommend going back over this post from start to finish like I did and take a good long look at your responses to people.


 
Well said.


----------



## Danielle24

Danielle24, your attitude on this post is appalling. People come to this website to give and receive advice, if you choose not to listen thats your perogative - *YOU* posted for advice but seem to be bitter to those being honest with you. At least accept peoples honest opinion - and these are people who have been there, done that. When the Credit Union take a look at the amount you have borrowed and have outstanding, they may not want to offer you a loan and that is what posters are saying. "But i've never missed a payment" etc. etc. is not going to cut it with the CU now - people are falling into debt that they cant control or get rid of and lenders like the CU are a lot more wary of taking on any large debt.

Yes, pat on the back for getting your debt down to what it is now. Yes, another pat on the back for having the sense to want to improve on your education. But shame on you for your bad attitude about taking criticizm and advice. Humble pie does a lot for a person, seems like you could do with a big bite. I'd recommend going back over this post from start to finish like I did and take a good long look at your responses

Asking over and over again if I think i'll get a loan and then saying obviously you're not going to get a loan from the Credit Union based on nothing, and then telling me to keep doing the same thing I have been doing is not helpful. Why would you go out of your way to post and tell someone there not going get a loan?


----------



## SoylentGreen

Danielle24 said:


> Hi,
> 
> However i'm considering taking out a loan with the CU over 5 years which will give me an extra 400e a month. I want to go back studying soon and to be able to enjoy my life more, plus (*that's if they'll even give me a loan)* when I have extra cash I can throw it off this loan.


 
One minute you are unsure as to whether the Credit Union will give you a loan then you are adamant that they will give you a loan.


----------



## Grizzly

Danielle24 said:


> Even if I did I wouldn't ask them, i've never been financially dependant on anyone and don't intend to start now.


 
When you were running up your debts were you're parents/family members concerned at your "over the top" lifestyle?  Did they express their concerns in any shape or form?
Is it now the case that you can't face the "I told you so" comments"?

Just remember that your parents love you unconditionally and would be very glad to help you out if you will let them.

Swallow your pride and take an interest free loan from them. I think I read somewhere in your post that you already have an interest free loan but do not want to include that one in your re-financing plans. This seems a little unfair to the people who gave you this loan. Your gain and their loss.


----------



## IsleOfMan

Danielle24 said:


> No sorry I should have been more specific this is for 10k as part of the money I owe is *interest free* so it wouldn't make sense to pay that off with a new loan.


 
Where can you get interest free money?


----------



## Danielle24

Grizzly said:


> When you were running up your debts were you're parents/family members concerned at your "over the top" lifestyle? Did they express their concerns in any shape or form?
> Is it now the case that you can't face the "I told you so" comments"?
> 
> Just remember that your parents love you unconditionally and would be very glad to help you out if you will let them.
> 
> Swallow your pride and take an interest free loan from them. I think I read somewhere in your post that you already have an interest free loan but do not want to include that one in your re-financing plans. This seems a little unfair to the people who gave you this loan. Your gain and their loss.


 

I never had an "over the top" lifestyle. My family members don't know about my personal finances, why would you think that? You don't know about my circumstances so please don't make such a sensationalised statement about my parents helping me out. They're not in a position to help me out. 

Again with the taken an interest free loan, why do so many people take for granted that everyone is or wants to be a member of "Bank of Daddy".The interest free money i'm paying back is not a loan, and i'm sure a major institiution is not going to think it's unfair because I didn't mention their name in my post.


----------



## Danielle24

IsleOfMan said:


> Where can you get interest free money?


 

I never said I got money it's a bill I have to pay back.


----------



## IsleOfMan

Danielle24 said:


> I never said I got money it's a bill I have to pay back.


 
Are you absolutely certain that you are not being charged interest on this bill?

If you entered in to an agreement to purchase a product or service but didn't understand that you had to pay for it then .........


----------



## Bronte

jack2009 said:


> Well said.


 
I agree.  

Danielle don't you think this thread has run it's course.  Everyone on here is only trying to help you and you're lucky to be getting good free advice so a smidgen of gratefulness would be nice.


----------



## Danielle24

IsleOfMan said:


> Are you absolutely certain that you are not being charged interest on this bill?
> 
> If you entered in to an agreement to purchase a product or service but didn't understand that you had to pay for it then .........


 

It's not a product or service, I don't have to pay interest on it.


----------



## Danielle24

Bronte said:


> I agree.
> 
> Danielle don't you think this thread has run it's course. Everyone on here is only trying to help you and you're lucky to be getting good free advice so a smidgen of gratefulness would be nice.


 

I agree it's nice when people take the time out to give advice, not so nice when people take time out to make assumptions and try and be as negative as possible when posting. Thanks to everyone who gave advice.


----------



## IsleOfMan

Danielle24 said:


> It's not a product or service, I don't have to pay interest on it.


 
But you said it was a bill? Oh dear! Don't tell me you purchased a service but never paid for it. It then became a debt but in your mind you have seperated what it is now from what it was originally.


----------



## IsleOfMan

I think you should re-finance.  Many people have re-financed loans to reduce their monthly repayments and increased the term of their borrowings. This will usually mean that you end up paying more interest though. However if this means freeing up some cash to do some of the things you want to do then go for it. Re-financing can become addictive as can be seen from the excesses of the Celtic Tiger when people got new loans and then refinanced them against their homeloans.

In your case, however I am not so sure. You seem determined not to listen to other people or take advice. I think that your posts are the most aggressive that I have ever seen on AAM.  In many of your posts you have contradicted yourself. I am not even certain that you are being truthful with yourself.

You have posted replies almost immediately after other people have posted leading me to believe that you are glued to your keyboard waiting to pounce on people who might dare say something negative to you or something you don't agree with.

As I said, re-finance. Once only.  Get a variable rate on your new borrowings so that you can throw off surplus sums of money against this loan from time to time.

Just one thought on your company shares. Many staff might have the same thoughts as yourself when the lock in expires. Time your sale carefully.


----------



## Danielle24

IsleOfMan said:


> But you said it was a bill? Oh dear! Don't tell me you purchased a service but never paid for it. It then became a debt but in your mind you have seperated what it is now from what it was originally.


 
Oh dear?? Dont tell me?? Whats with the dramatics, this is not a service or product purchased. There is no interest to be paid on it. I can't say that much more.


----------



## Danielle24

ParkLane said:


> I think you should re-finance. Many people have re-financed loans to reduce their monthly repayments and increased the term of their borrowings. This will usually mean that you end up paying more interest though. However if this means freeing up some cash to do some of the things you want to do then go for it. Re-financing can become addictive as can be seen from the excesses of the Celtic Tiger when people got new loans and then refinanced them against their homeloans.
> 
> In your case, however I am not so sure. You seem determined not to listen to other people or take advice. I think that your posts are the most aggressive that I have ever seen on AAM. In many of your posts you have contradicted yourself. I am not even certain that you are being truthful with yourself.
> 
> 
> You have posted replies almost immediately after other people have posted leading me to believe that you are glued to your keyboard waiting to pounce on people who might dare say something negative to you or something you don't agree with.
> 
> As I said, re-finance. Once only. Get a variable rate on your new borrowings so that you can throw off surplus sums of money against this loan from time to time.
> 
> Just one thought on your company shares. Many staff might have the same thoughts as yourself when the lock in expires. Time your sale carefully.


 
I am not aggressive I appreciate people taking the time out to post, but it is so annoying when people post things like, you're never going to get a loan,why would people go out of their way to make negative comments like that which are neither helpful or relevant, or where I said that I have interest free monies to pay back and one poster posted 3 times to see if I was wrong or had made a cock up and to see if I really do in fact owe interest. It's like people want you to fall flat on your face.

Can you elaborate what you mean about the company shares if you don't mind.


----------



## IsleOfMan

Danielle24 said:


> I am not aggressive I appreciate people taking the time out to post, but it is so annoying when people post things like, you're never going to get a loan,why would people go out of their way to make negative comments like that which are neither helpful or relevant, or where I said that I have interest free monies to pay back and one poster posted 3 times to see if I was wrong or had made a cock up and to see if I really do in fact owe interest. It's like people want you to fall flat on your face.


 
Interesting. I purposely divided my post in to two responses. One where I answered your question regarding "Should I re-finance" and the other to give some constructive criticism.

I wanted to see which part of my post you would pick up on.

You completly ignored my comments on refinancing and went straight to the bit where I criticised your posting manner.


----------



## Bronco Lane

Danielle24 said:


> Can you elaborate what you mean about the company shares if you don't mind.


 
Are these shares traded on the stockmarket and is there much of a market for them?

If a lot of the staff were given the option to purchase shares (including the owners of the company) there could be a lock in period during which these shares cannot be traded.  If in a couple of years this lock in expires there might be a flood of shares coming on to the market and the marketmakers, knowing this will push the price down.


----------



## Danielle24

Bronco Lane said:


> Are these shares traded on the stockmarket and is there much of a market for them?
> 
> If a lot of the staff were given the option to purchase shares (including the owners of the company) there could be a lock in period during which these shares cannot be traded. If in a couple of years this lock in expires there might be a flood of shares coming on to the market and the marketmakers, knowing this will push the price down.


 

No their shares in my company.


----------



## Billo

Danielle24 said:


> No their shares in my company.



Time to close the thread ?


----------



## Bronco Lane

Danielle24 said:


> No their shares in my company.


 
So "No" they are not traded on the stockmarket and "No" there isn't much of a market in them?

Sorry I bothered.


----------



## SlurrySlump

Danielle24 said:


> My company is one of the lucky few that the recession hasn't touched, it's strived and continuing to do so, *my shares* *have tripled in price* already so i'm not worried about them.


 
Despite that they are not listed on the stockmarket or easily tradeable?


----------



## Danielle24

Bronco Lane said:


> So "No" they are not traded on the stockmarket and "No" there isn't much of a market in them?
> 
> Sorry I bothered.


 

I'm not with you why the angry face?


----------



## MelF

Billo said:


> Time to close the thread ?


 
I wish someone would - OP's attitude is akin to that of a spoilt child!


----------



## Danielle24

MelF said:


> I wish someone would - OP's attitude is akin to that of a spoilt child!


 
My attitude is that of a spoilt child? Based on what the fact I said I wouldn't go running to my parents for money?


----------



## niceoneted

And the rest! 
Note to that OP only seems to post during office hours!


----------



## Danielle24

niceoneted said:


> And the rest!
> Note to that OP only seems to post during office hours!


 
Amazing how when you disagree with peoples advice they attack you and nit pick on things like what time of day you post.

Can this thread be closed please?


----------



## fababby

When enough people tell you you're drunk, its time to lie down LOL

A


----------



## forgotten

loved reading this thread to see the replys from op.
leave it open.
see how far it goes.
still wondering about the shares,and the interest free loan.


----------



## txirimiri

Almost scared to post here in case I get eaten by one side or another ...

But Danielle, wanted to point out to you Bronco's point in post 73. If you say that the shares in your company have 'tripled in value'. that means that they must be shares in a publicly traded company i.e. shares that are traded on the stockmarket, the value of which can fall as well as rise. Therefore, if you and other members of staff have been given options on these shares which expires in a certain time period, the shares will all flood onto the market at the same time, therefore pushing the price down. You also need to take into account that, as far as I know, any gain you make on options is taxed not as Capital Gains Tax (i.e. 20%) but as income tax (i.e. 42% if you earn over the threshold). My hubby got caught out on this last year - sold stock options worth 20 grand, kept 20% back to pay tax, spent the rest (including investing a big chunk in BoI shares when they were worth 4 euros a share - AARRGGHH!!!) and then got a not very polite letter from Revenue pointing out that he owed them 8 grand not 4. 

You need to get independent expert advice re your stock options


----------



## IsleOfMan

Danielle24 said:


> My attitude is that of a spoilt child? Based on what the fact I said I wouldn't go running to my parents for money?


 
But you told us in one of your posts that your parents wouldn't be in the position to lend you money anyhow? No, the spoilt child bit comes from your childish angry responses to people who are trying to tease out the facts so they can help you with your original request.. 

In order to help you can you answer these questions?

Where will you be able to sell your shares that have "tripled" in price?

Is the interest free loan a loan from your company to you?  Is it possible to do this?

What sort of business are you in that has avoided the recession?


----------



## Danielle24

forgotten said:


> loved reading this thread to see the replys from op.
> leave it open.
> see how far it goes.
> still wondering about the shares,and the interest free loan.


 

As i've said it's not a loan. I've explained about the shares also.


----------



## Danielle24

ParkLane said:


> But you told us in one of your posts that your parents wouldn't be in the position to lend you money anyhow? No, the spoilt child bit comes from your childish angry responses to people who are trying to tease out the facts so they can help you with your original request..
> 
> In order to help you can you answer these questions?
> 
> Where will you be able to sell your shares that have "tripled" in price?
> 
> Is the interest free loan a loan from your company to you? Is it possible to do this?
> 
> What sort of business are you in that has avoided the recession?


 

Yes my parents wouldn't be in a position and even if they were I would't look for money off them. I would rather not give out to much information about my business as its a sensitive nature. We sell the shares back to our company. It's not a loan it's not from my company it's not important where the money came from.


----------



## Odea

Danielle24 said:


> No their shares in *my *company.


 
Are you the owner of the company because in your latest post you say that we sell them back to the company. Are you a director or something?

What is the sensitive nature of your company?  Is it manufacturing, retail, Research and Development, entertainment, legal, head shops?


----------



## forgotten

(As i've said it's not a loan. I've explained about the shares also.)

the more you explain -the less we know!!.


----------



## Danielle24

Odea said:


> Are you the owner of the company because in your latest post you say that we sell them back to the company. Are you a director or something?
> 
> What is the sensitive nature of your company? Is it manufacturing, retail, Research and Development, entertainment, legal, head shops?


 

I know whats happening with my shares. My job is irrelevant and I don't want to discuss my whole life on an internet forum.


----------



## niceoneted

The only conclusion I can come to on the interest free money - as she says it's not a loan but money that is owed - is that it is credit card debt that is on an interest free period at the moment? 
Does that now make sense to others. 
OP lots of people post questions/scenarios etc with what they perceive to be all the info but in order sometimes for people to give as good a response from the vast life/business/financial/legal or what ever experience is needed they need additional information. 
There are a number of questions that people have posted looking for additional info in order to help - you seem to see it as an invasion for info - and you have chosen to ignore them. 
Remember that most of the posters here are a lot older and wiser. A lot have been where you are now. I myself woke up one morning owing 24k with nothing to show for it. 8 k of it was on a credit card. I worked bloody hard to pay it off in one year and I wasn't earning a whole lot more than you.


----------



## Danielle24

niceoneted said:


> The only conclusion I can come to on the interest free money - as she says it's not a loan but money that is owed - is that it is credit card debt that is on an interest free period at the moment?
> Does that now make sense to others.
> OP lots of people post questions/scenarios etc with what they perceive to be all the info but in order sometimes for people to give as good a response from the vast life/business/financial/legal or what ever experience is needed they need additional information.
> There are a number of questions that people have posted looking for additional info in order to help - you seem to see it as an invasion for info - and you have chosen to ignore them.
> Remember that most of the posters here are a lot older and wiser. A lot have been where you are now. I myself woke up one morning owing 24k with nothing to show for it. 8 k of it was on a credit card. I worked bloody hard to pay it off in one year and I wasn't earning a whole lot more than you.


 
 This is not a credit card debt.


----------



## denise2007

Hi Danielle,

I understand how you've gotten into debt and you are by no means alone.  I think there are a lot of people out there in your position.  However, you are lucky enough to still have a job and from what you've said seems to be fairly stable I think your priority is to clear down your debt ASAP.  I don't think the answer is to refinance.

I'm a qualified accountant and had to study part-time to get my qualification.  Studying part-time is incredibly difficult and expensive however the increase in salary makes the studying worth it.  I don't think it would really matter whether you start at 24 or 26 the increase in salary will come as a result of experience and exams.  There's honestly no rush !

Given the current economic situation you really need to get your debt down.

I find your comments on your shares incredibly confusing.  All I can say about shares having worked in several investments banks.  Don't rely on them. They can be worth thousands one week and worthless the next no matter what industry.

all the best !


----------



## Danielle24

denise2007 said:


> Hi Danielle,
> 
> I understand how you've gotten into debt and you are by no means alone. I think there are a lot of people out there in your position. However, you are lucky enough to still have a job and from what you've said seems to be fairly stable I think your priority is to clear down your debt ASAP. I don't think the answer is to refinance.
> 
> I'm a qualified accountant and had to study part-time to get my qualification. Studying part-time is incredibly difficult and expensive however the increase in salary makes the studying worth it. I don't think it would really matter whether you start at 24 or 26 the increase in salary will come as a result of experience and exams. There's honestly no rush !
> 
> Given the current economic situation you really need to get your debt down.
> 
> I find your comments on your shares incredibly confusing. All I can say about shares having worked in several investments banks. Don't rely on them. They can be worth thousands one week and worthless the next no matter what industry.
> 
> all the best !


 
Thanks Denise,

There is a chance of course the Shares could go belly up. However, i'm guaranteed the money I invested back. This is a Sharesave scheme in work. I know there is no rush i'm just freaking out that time is running away with me and there's so much I want to do. Another reason I was thinking of refinancing is god forbid some day I ended up on the dole it's a lot easier to meet payments of €200 a month than over €600.


----------



## denise2007

Yes, that's a valid point.  If you do end up on the dole would certainly be easier to pay €200 than €600.

Good luck with everything and calm down !  You'll be working long enough and will look back think that there is really is no difference between 24 and 26


----------



## fizzelina

Danielle24 said:


> Another reason I was thinking of refinancing is god forbid some day I ended up on the dole it's a lot easier to meet payments of €200 a month than over €600.


 
Jumping back in here Danielle after initially giving my opinion at the start (not to refinance) and then following the rest of this thread, anyway I would say with regard to this comment that if you end up unemployed then it would be easier to have no loan, so that is why i had advised to pay off the debt sooner rather than refinance since you don't always know what way things will go. If you are reasonably job secure right now then pay your loan off and then consider studying when you have saved the funds you need. But honestly I don't think you need any more advice than what has been given in the many comments already so either take it or don't but surely there's been enough on this thread?


----------



## Danielle24

denise2007 said:


> Yes, that's a valid point. If you do end up on the dole would certainly be easier to pay €200 than €600.
> 
> Good luck with everything and calm down ! You'll be working long enough and will look back think that there is really is no difference between 24 and 26


 
Thanks Denise, 

I will try calm down, thing i'm having a "mini mid life crisis"


----------



## Danielle24

Thanks fizzelina,

I've tried closing but no one has responded.


----------



## SlurrySlump

Danielle24 said:


> . I ran up debt because I bought a car was stupid with my credit card, the cost of a wedding in Greece, some medical expenses.


 
Let's say that you are paying back an interest free loan in respect of the above mentioned medical expenses or having to pay back monies to the Department of Social Welfare or something similar. I agree, keep this part of the loan as it is interest free and only costing you €50 per month.

I would refinance the balance and spread the remainder of the loan out over a longer term.

You have said that you are in a recession proof job so no need to worry about being unemployed. Even if you were made unemployed, your new repayments of €200 per month might be manageable.

I think you confused people about your shares. You gave the impression that the company was yours, and not an employee.

With your new qualifications you might be able to look for a better position within your company. What is it you want to study?

Do you still have a credit card?  I hope that you have disposed of this?

You are not having a mid life crisis if you are still in your twenties but you are certainly having some sort of an episode because your comments/answers are not normal.  Think of the effect you might be having on your work colleagues and family. Are you still close to your family?

You said at the beginning that you worry about money. Don't. Your health is far more important. Take one step at a time in dealing with everything. 

The easiest way to eat an elephant is one bite at a time.


----------



## Danielle24

SlurrySlump said:


> Let's say that you are paying back an interest free loan in respect of the above mentioned medical expenses or having to pay back monies to the Department of Social Welfare or something similar. I agree, keep this part of the loan as it is interest free and only costing you €50 per month.
> 
> I would refinance the balance and spread the remainder of the loan out over a longer term.
> 
> You have said that you are in a recession proof job so no need to worry about being unemployed. Even if you were made unemployed, your new repayments of €200 per month might be manageable.
> 
> I think you confused people about your shares. You gave the impression that the company was yours, and not an employee.
> 
> With your new qualifications you might be able to look for a better position within your company. What is it you want to study?
> 
> Do you still have a credit card? I hope that you have disposed of this?
> 
> You are not having a mid life crisis if you are still in your twenties but you are certainly having some sort of an episode because your comments/answers are not normal. Think of the effect you might be having on your work colleagues and family. Are you still close to your family?
> 
> You said at the beginning that you worry about money. Don't. Your health is far more important. Take one step at a time in dealing with everything.
> 
> The easiest way to eat an elephant is one bite at a time.


 

Hi Slurry Slump,

Nope I don't own the company unfortunately. I don't bring any of my personal stuff to work. I am close to my family but wouldn't concern them with my financial worries the irony is I do have to help my brother and my mam on occasion with money. I have no credit cards, paid off and closed it. I have a Higher Certificate in Business and PR, so I wanted to do a degree in say PR and Marketing or something similar.


----------



## Odea

So, what have you decided to do?


----------



## Danielle24

Odea said:


> So, what have you decided to do?


 

Hi I have decided to apply for it. I had to cancel a dentist appointment last week as I couldn't afford it, I can't live like that.


----------



## Odea

Life is about being as happy as you can. There are lots of things free in this world or low cost. I can get as much enjoyment out of a well prepared picnic as I can sitting in a restaurant eating a meal.  By being clever with your resources you can go a long way. Thankfully I don't smoke and I drink very little, that helps.
Having to cancel a dental appointment is no way to live. If you develop a plan that includes refinancing and stick to your plan as well as changing some bad habits then thats a good thing.


----------



## Danielle24

Odea said:


> Life is about being as happy as you can. There are lots of things free in this world or low cost. I can get as much enjoyment out of a well prepared picnic as I can sitting in a restaurant eating a meal. By being clever with your resources you can go a long way. Thankfully I don't smoke and I drink very little, that helps.
> Having to cancel a dental appointment is no way to live. If you develop a plan that includes refinancing and stick to your plan as well as changing some bad habits then thats a good thing.


 

Thanks Odea, trust me i've learned an expensive yet valuable lesson, I had no clue about budgeting or managing money a few years a go. I've completely changed my attitude, hopefully i'll get the loan now.


----------

