# Advice needed



## defiant (20 Jan 2008)

Could do with a bit of advice.
I have a mortgage, car loan, personal loan & owe €2500 on cc.
Monthly ougoings €1800, income €2400. This is not usually a problem as my missus takes care of day to day spending & savings.
We are getting married in June i'm really worried about how much we're spending. 
What i need is a loan to tide me over til after the wedding but i doubt i'll get one with my current outgoings.
Anyone have any ideas???


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## ClubMan (20 Jan 2008)

*Re: Advise needed*



> *Advise needed*



You need to do out a detailed and accurate budget or income and expenditure list to see where the money is going. You may need to keep a spending diary to help with this. Then you can see if/where savings can be made. On the face of things taking on even more debt may not be the best idea. You probably need to deal with your existing debts and live within/below your means.


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## mercman (20 Jan 2008)

*Re: Advise needed*

Do you have any decent amount of equity in your home ?? If so the simplest best and less stressful way of sorting your finances would be to re-mortgage for the equity portion of your home, group all your loans together, pay them off with the re-mortgage amount and then put yourself in a budget pattern that teaches your spending habits manners. Saves the headache when getting married.


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## defiant (20 Jan 2008)

Its a fairly new mortgage so thats a no go.
The car is up for sale so when it goes the car loan gets cleared.
Thinking about transfering cc balance to one of the 0% APR for 6 month offers but do you think i'll get approved for a new one with my finances as they are?


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## ClubMan (20 Jan 2008)

Post more details - e.g. exactly how much is coming in (for both of you if necessary), exactly how much your debts are and at what interest rates, where the money is going etc. and people may be able to comment in more detail.


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## defiant (20 Jan 2008)

ClubMan said:


> Post more details - e.g. exactly how much is coming in (for both of you if necessary), exactly how much your debts are and at what interest rates, where the money is going etc. and people may be able to comment in more detail.


 
Ok,
Mortgage €1025 pm
Car Loan €300 pm (To be cleared once car is sold & buy a little runabout with what's left)
Personal Loan €240 pm
AIB CC Balance 2500 paying €100 pm

Monthly income €2200. I can cover all my debts and utility bill each month but now the wedding is coming up our spending has gone way up and we need more cash. We estimate with pressies we should get 8000 from the wedding. So once its over we can control our spending and start clearing debts.

Last years income was on average €3000 - €3500 pm but things have gotten quiet at work and there's no OT going...


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## ClubMan (20 Jan 2008)

What I meant was for each loan including the mortgage the original amount borrowed and the amount outstanding, the term of the loan and the rate and type of rate charged. Do you have any savings/investments?

Basically the more information you post about your overall financial situation the easier it will be for people to help.


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## defiant (20 Jan 2008)

Mortgage €251750  Outstanding €245000  €1025pm  4.1%
Car Loan  €16000   Outstanding €13700   €295pm  9.5%
Loan  €10000      Outstanding  €8500   €240pm  10%
CC  €2500  €100pm  18%


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## ClubMan (20 Jan 2008)

defiant said:


> Mortgage €251750  Outstanding €245000  €1025pm  4.1%


4.1%? Is this a fixed rate or someting? Otherwise it seems suspiciously low? If it is fixed when is it fixed until?


> Car Loan  €16000   Outstanding €13700   €295pm  9.5%
> Loan  €10000      Outstanding  €8500   €240pm  10%
> CC  €2500  €100pm  18%


I think you need to tackle these before incurring even more debt.


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## defiant (20 Jan 2008)

Its a discounted tracker, the discount expires in 12 months...


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## ClubMan (20 Jan 2008)

defiant said:


> Monthly ougoings €1800, income €2400.





defiant said:


> Monthly income €2200.


Which is it? And is this gross or net?


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## defiant (20 Jan 2008)

Take the average, €2300 net. It varies month to month


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