# Need advice on how to get out of debt



## mtcrowley (11 Dec 2007)

Hi all ,

I`m 32 years old, just broke up with my long term (15 years) partner and mother of my 2 kids. The break up wasn`t nice but that a different story. My problem is that I now find myself having to start all over again (place to stay and all that) but I`m up to my neck in debt. I have the following debts;
Car loan of €10266.00
UB personal loan of €6520.35
MBNA credit card of 4851.00
Mbna personal loan of €6504.18
UB credit card of €7854.00
Credit Union loan of 11500.00

I have a take home pay of 2684.31 a month out of which I pay;
ex-partner €500.00 a month
Car loan 311.86
UB personal loan 160.85
MBNA Credit card 280-300
Mbna Personal loan 295.19
UB credit card 280-300 
Credit Union 350.00
Which doesn`t leave my with much more to start off again my life off again with.
It`s all starting to get on top of me now that x-mass is coming. I don`t drink or smoke I try and spend as little as possible it I just cant seem to manage.
Please help..... how do I get out of this mess before its too late.


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## ClubMan (11 Dec 2007)

*Re: Need advise on how to get out of debt*



Moved from .

You seem to have debts of about €50K on a gross income of presumably c. €40K? I think you need to go to MABS as a matter of urgency. You certainly need to consider knocking any _Xmas _(e.g. presents) expenditure on the head. Did you own a property with your ex-partner? If so are you not getting anything out of that?


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## Martinslan (11 Dec 2007)

*Re: Need advise on how to get out of debt*

mtcrowley,  ok you have taken the first step which is asking for help. 
Clubman is so right, today ring and get an appointment with MABS. Your case is urgent and you need support that they offer every day to people in debt. Stay cool and update us on what MABS say...Give them the full story and details so they can hep put a plan together to get you sorted. 

Best of luck


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## gillarosa (11 Dec 2007)

*Re: Need advise on how to get out of debt*

Hi,

My heart goes out to you. I concur with Clubman, MABS should steer you in the right direction.

It may not help or apply to your situation but if your Credit Union is affiliated to your workplace they may be willing to negotiate with you in regard to helping you consolidate other loans. Also maybe you can sell your car, pay off the loan and try and get a cheaper but still reliable car about the €5K mark?


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## Thrifty1 (11 Dec 2007)

*Re: Need advise on how to get out of debt*

Definitely worth getting advice from MABS. You could consider trying to borrow more from CU and clear the credit cards and personal loans.

Make a list of the interest rates you are paying on each loan and then shop around for cheaper ones. You may be able to transfer balances on your credit cards to interest free ones (certain period).

My main priority if i were you would be to clear the high interest loans like the credit cards either by transferring the balance or increasing your CU loan to clear them.
Good luck.


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## ClubMan (11 Dec 2007)

*Re: Need advise on how to get out of debt*



Thrifty1 said:


> Make a list of the interest rates you are paying on each loan and then shop around for cheaper ones.


I doubt that somebody with that level of debt will have too much scope for shopping around - i.e. many (most?) lenders will not be willing to lend so that they can replace an existing higher cost loan with a new lower cost one. Obviously one way to find out though...


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## demoivre (11 Dec 2007)

*Re: Need advise on how to get out of debt*

Sixteen odd months ago, with 25k of debt, the op was advised to contact MABS in this thread. Doesn't look to me like any sound advice was taken on board  - a car loan and a credit union loan added to debts since .


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## ClubMan (11 Dec 2007)

*Re: Need advise on how to get out of debt*

Ah - well spotted. Perhaps people are wasting their time here so?


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## Flax (11 Dec 2007)

*Re: Need advise on how to get out of debt*

What happened to the SSIA?

How on earth are you spending so much money if you don't drink or smoke? Gambling? Drugs?

If I were you -

Sell the car and start using public transport
Get a part-time job on the weekends and evening per week
No more cinema, restaurant, etc.

You can probably be out of debt in 2 or 3 years if you really make a huge effort.


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## Teapot (11 Dec 2007)

*Re: Need advise on how to get out of debt*

Check this site out.

[broken link removed]


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## taponavillus (12 Dec 2007)

*Re: Need advise on how to get out of debt*

without meaning to be insensitive would you be able to declare yourself bankrupt


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## mtcrowley (13 Dec 2007)

*Re: Need advise on how to get out of debt*

Would any of you recommend going through my MyVesta, to be honest I`m not in the right frame of mind to be talking to the credit card companies, the break up took alot out of me. 
And for you who asked what happened the SSIA money, well the bulk of that when on paying solicitors fees, like I said the break up wasn`t nice. I had to fight to get to see my kids, her family never liked me so I ended up having to prove that I was their father and all that (name not on the birth cert) 
I really don`t want to drag it all up as I want to move on and get sorted out once and for all.
I know I`m in trouble and I know I should have done something about it along time ago but I cant trun the clock back.......beleive me I wish I could.
The weekends are when I get to see my kids, been a sales rep I spend alot of time on the road so it`s not possible for me to get a part time job as sometimes i never make back to my home town. 
The only restaurant I`ve gone too in the last 6-8 month is McDonnells with the kids.
And by the way how do you tell 2 young kids that Daddy wouldn`t be buying you any present this year as he`s broke.........put your self in my shoes


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## ClubMan (13 Dec 2007)

*Re: Need advise on how to get out of debt*



mtcrowley said:


> Would any of you recommend going through my MyVesta


Why? Don't they charge a fee for the same sort of service provided for free by _MABS_?


> And by the way how do you tell 2 young kids that Daddy wouldn`t be buying you any present this year as he`s broke.........put your self in my shoes


But you *cannot afford *to be buying presents in your current financial situation! At the very least look at buying second hand stuff or making something yourself for them etc.


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## ClubMan (13 Dec 2007)

*Re: Need advise on how to get out of debt*



ClubMan said:


> But you *cannot afford *to be buying presents in your current financial situation! At the very least look at buying second hand stuff or making something yourself for them etc.


Such as...

*[broken link removed]*


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## z101 (13 Dec 2007)

*Re: Need advise on how to get out of debt*

Can you consolidate some of the debth?
MABS are excellent and will be very helpfull for you. The can help with dealing with the banks. Dont ignore the problem and let time slide if you cant cover your monthly overheads. Get help ASAP!


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## purplealien (13 Dec 2007)

*Re: Need advise on how to get out of debt*

buy a present worth €15 for each kid in smyths or the like - then go into the €2 shop and spend another €10 on each kid.Total expenditure =€50.That's xmas sorted!!Tell your own family that you're a bit strapped for cash and you'd prefer if ye didnt exchange gifts this year.


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## z105 (13 Dec 2007)

*Re: Need advise on how to get out of debt*



> And by the way how do you tell 2 young kids that Daddy wouldn`t be buying you any present this year as he`s broke.........put your self in my shoes


 


> But you *cannot afford *to be buying presents in your current financial situation! At the very least look at buying second hand stuff or making something yourself for them etc.


 

It seems as though the OP CAN AFFORD to be buying Christmas presents  , here is his post at 5.27 this evening ! - 





> *Re: Nintendo Wii - Where to buy?
> I spent ages looking around for one for my kids, in the end I spoted and ad in the local paper posted by a store call Game Stop, they were getting in a delivery of 100 Wii`s and they would go on sale that Saturday. I would suggest ring some of these stores to find out if they have any coming in.....keep ringing them even if it mean every day. By the way when I got my one it was the 3rd last one left in the store out of the 100 so yu would need to move fast.
> *


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## ClubMan (13 Dec 2007)

*Re: Need advise on how to get out of debt*



demoivre said:


> Sixteen odd months ago, with 25k of debt, the op was advised to contact MABS in this thread. Doesn't look to me like any sound advice was taken on board  - a car loan and a credit union loan added to debts since .





Havealaugh said:


> It seems as though the OP CAN AFFORD to be buying Christmas presents  , here is his post at 5.27 this evening ! -


Yeah - seems pointless in offering further advice in this case since it looks like it will be ignored. Nobody can help you if you can't/won't help yourself.


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## Bronte (14 Dec 2007)

*Re: Need advise on how to get out of debt*

Probably a dad who is out of the family home feels pressurized into buying the latest gizmo for his kids, even if it's not logical it happens particularly at Christmas.  I've seen the poorest families buy their kids the most expensive presents borrowed from money lenders.  
Mtcrowley as others have said you need to make contact with Mabs to help sort you out, but it's you who have to make the first step.  If you don't this cycle of debt will get worse and worse.  Actually the first step today would be if you cut up your credit cards.  You asked for advice so try and do those two things today if you do nothing else.   If you don't come back on here saying you've done something concrete to solve the problem yourself you will make it difficult for other people to try and help you.


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## bamboozle (14 Dec 2007)

*Re: Need advise on how to get out of debt*



Bronte said:


> Probably a dad who is out of the family home feels pressurized into buying the latest gizmo for his kids, even if it's not logical it happens particularly at Christmas. I've seen the poorest families buy their kids the most expensive presents borrowed from money lenders.
> Mtcrowley as others have said you need to make contact with Mabs to help sort you out, but it's you who have to make the first step. If you don't this cycle of debt will get worse and worse. Actually the first step today would be if you cut up your credit cards. You asked for advice so try and do those two things today if you do nothing else. If you don't come back on here saying you've done something concrete to solve the problem yourself you will make it difficult for other people to try and help you.


 

Well said Bronte, its good to see somebody offering positive advice unlike others jumping on his case cause his situation has got worse.

But the OP has to make a positive step and start off by cutting up his credit cards so he cant spend any more, perhaps then target his loan or CC with the highest Interest Rate and pay as much as he can afford off it, once that is paid off then target the second highest.

Extreme discipline of his finances are called for….


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## ClubMan (14 Dec 2007)

*Re: Need advise on how to get out of debt*



bamboozle said:


> Well said Bronte, its good to see somebody offering positive advice unlike others jumping on his case cause his situation has got worse.


There is plenty of constructive/positive advice in this and the earlier thread mentioned but some might reasonably question the original poster's willingness to take it on board and act on it.


> But the OP has to make a positive step and start off by cutting up his credit cards so he cant spend any more, perhaps then target his loan or CC with the highest Interest Rate and pay as much as he can afford off it, once that is paid off then target the second highest.
> 
> Extreme discipline of his finances are called for….


 Which is basically what most others are saying too and yet you seem to imply that this is negative coming from others and getting "on his case"...


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## Marcos (14 Dec 2007)

*Re: Need advise on how to get out of debt*



bamboozle said:


> Well said Bronte, its good to see somebody offering positive advice unlike others jumping on his case cause his situation has got worse.



Some people just can't help themselves it seems......


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## ClubMan (14 Dec 2007)

*Re: Need advise on how to get out of debt*



Marcos said:


> Some people just can't help themselves it seems......


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## bamboozle (14 Dec 2007)

*Re: Need advise on how to get out of debt*



ClubMan said:


> There is plenty of constructive/positive advice in this and the earlier thread mentioned but some might reasonably question the original poster's willingness to take it on board and act on it.
> Which is basically what most others are saying too and yet you seem to imply that this is negative coming from others and getting "on his case"...


 
No CLubman what i'm implying is negative is when people decide that as his situation has deteriorated in the last 16 months since previously seeking advice (and receiving sound advice) then he does not deserve any further help.  That is negative especially when someone's situation is spiraling out of control.


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## TrebleT (4 Aug 2009)

*Re: Need advise on how to get out of debt*

Hi, I need a bit of advice.  I have debts totalling € 33,500.00 details are as follows :

Mbna personal loan - 21,839.26
Credit union loan - 8092.00
Mbna credit card - 1000.00
Ulster Bank credit card - 3100.00

I am trying to get my finances in order as I took on a mortgage in March and found by the time I paid my mortgage, bills, food shopping, mortgage protection, health insurance, petrol and all the above I am totally broke. I approached my credit union tonight only to be told they will pay off my credit cards which is totally useless to me.  I wanted a loan to consolidate the 4 debts thus reducing my monthly repayments and then being able to save money and live a somewhat normal life and by that I dont mean going out every weekend its just I find myself left with nothing each month and maxing out my overdraft.  I cut up my credit cards this morning so they cant be used any more.  Any advice anyone maybe about where I could get a consolidation loan I have an excellent credit history as I checked with the Irish Credit Bureau, I havent missed any payments on anything ever and dont plan to either I just want to get myself sorted and please dont tell me to go to MABS as if people didnt know they actually register you with the bank that you have gone to them for help and it goes against you I only know this as a friend of mine work in BOI and told me this she is a loan officer in there.  Cheers if anyone can help me.


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## niceoneted (4 Aug 2009)

Perhaps you should start off by starting a new thread in the money makeover section filling in all of the required details as gotten here http://www.askaboutmoney.com/showthread.php?t=61289
It will be easier for people to assist with more information re your finances. 
Like are you single or do you have dependents? Can you possible rent a room or two even for a year or two just to get ahead. Do you bring your own lunches to work? If not do. Do you smoke if so give up etc. 
Great work in cutting up the cards. Now try and clear the 1000 one first and it will be gone out of the way. If you have approached your credit union you must have shares how much do these stand at? Etc etc, More info will get a better response.


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## Elphaba (4 Aug 2009)

*Re: Need advise on how to get out of debt*



Thrifty1 said:


> Definitely worth getting advice from MABS. You could consider trying to borrow more from CU and clear the credit cards and personal loans.
> 
> Make a list of the interest rates you are paying on each loan and then shop around for cheaper ones. You may be able to transfer balances on your credit cards to interest free ones (certain period).
> 
> ...



Mabs would not recommend borrowing more to clear credit cards, not many people seem to know, that with Mabs acting on your behalf and with a letter of authority from them to credit card companies, the interest can be frozen on your credit card accounts. Mabs have a three week waiting list you urgently need to make appointment and bring someone with you for moral support as it can be tough. Good luck


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## TrebleT (5 Aug 2009)

Hi Niceoneted, 

Thanks for the advice, I am single with no dependents and I dont smoke my only vice is I like a few drinks like everyone else, I have approached the credit union and was told to ring them in the morning to see will they help me out I only have shares worth 2100.00.  I live in a one bedroom apt so cant rent it out unless they want to sleep in the hall cupboard lol...I bring my own lunch to work most days sometimes on a Thur when I get paid I get something from the cafe or shop.  I shop around each week to see which supermarkets are doing better deals, sadser like me I know.
I feel if I can just clear all of these debts into one I will be on the road to being debt free in 5 years or so.  I am going to start as you say by clearing off my credit card bill of 1k and take it from there.  Thanks again.


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