# Anyone ideas on how I can survive?



## stoneybroke (11 Aug 2009)

Age: 33
   Spouse’s/Partner's age: N/A 

   Annual gross income from employment or profession: 
Unemployed getting €10,623.60 on social welfare


   Type of employment: e.g. Civil Servant,  self-employed 
Recent graduate looking for work 

In general are you:
(a) spending more than you earn, or


   Rough estimate of value of home        180,000
   Amount outstanding on your mortgage: 95,000
*What interest rate    are you paying?  *APR + 1.15%

   Other borrowings – car loans/personal loans etc  Car Loan €230 per month

   Do you pay off your full credit card balance each month? Yes
   If not, what is the balance on your credit card? n/a

   Savings and investments: I wish!

   Do you have a pension scheme? No

   Do you own any investment or other property? No

   Ages of children: None

   Life insurance: Basic for mortgage reasons


*What specific question do you have or what issues are of concern to you?

I'm skint and in debt.  I don't know how to keep my head above water any more and am afraid of drowning.  Can anyone make useful suggestions of how I can survive until I get a job?
*


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## Romulan (11 Aug 2009)

How many bedrooms in your house/Appt?

Can you rent out a room or two?


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## so-crates (11 Aug 2009)

Given the equity you would seem to have in the house, even if your valuation is high selling the house would allow you to pay off the mortgage and may also leave you with a nest egg - have you considered selling? Or attempted to?


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## pudds (11 Aug 2009)

I don't know what the answer is but selling is not one of them as the market is stagnant unless he gives it away just to clear the debt. Only other suggestion I can make is to talk to MABS.

http://www.welfare.ie/EN/Publications/SW4/Pages/s13.aspx#13.1


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## z107 (11 Aug 2009)

The problem with selling the house is that they may no longer qualify for social welfare.


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## Guest110 (11 Aug 2009)

Have you tried seeing if the social welfare will help to pay the interest on the mortgage ?


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## Bronte (12 Aug 2009)

Do you need the car if not working, can you sell it and pay back the car loan.  That's a hefty bill each month you have for it plus the running costs.  If you sell the house you would not be able to rent anything better and would probably end up in a 1 bed or studio so I would not sell particularly as the 'profit' you make would be used to reduced your dole amount.  The positive is that you have a low mortgage with plenty of equity.  Can you upskill to make yourself more employable.  There must be schemes now for people to upskill to get them back in employment, try FAS to find out your options.


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## stoneybroke (13 Aug 2009)

Hey guys, 

Thanks for the replies and suggestions.  Should have said i'm based in Donegal and renting rooms isn't really an option because the amount you can get from room rents isn't worth the hassle of sharing.  

Selling my home will be last option as I dread not having that asset and with so much of the mortgage already paid I'd be back to square one again.  

Social welfare will not help with mortgage and I wouldn't be surprised if I sold and then didn't qualify anymore, typical of this country.  (If I didn't own the house they would pay about 80% of my rent now, but own anything in this country and you are on your own - rant over)

As I said I live in Donegal and we don't have public transport up here.  It is very difficult/next to impossible to live without a car up here.  

Upskilling is another option but not going to pay the bills for now, besides I am just out of college after 4 years, and jobs aren't out there at the minute.

Don't mean to shoot down all your ideas, they are much appreciated.  I may have to look at renting out the two other bedrooms, much as I hate the thought of it.


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## fobs (13 Aug 2009)

Would you consider renting out the house completely (as mortgage amount is small) and moving to another part of the country for work as can imagine there are not too many job opportunities in donegal?


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## niceoneted (13 Aug 2009)

What are your monthly mortgage payments?
What term is left on the car loan? How much is outstanding and how much might the car be worth? Can you downgrade?
Can you possibly look to go interest only on your mortgage for a year to give you a break.
I would look to rent a room if I were you just until you get ahead with your loan at least.


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## Mars39 (24 Sep 2009)

The benefit of renting out a room is that there is sharing of the house bills as well, esb, tv etc...

Also as previously suggested, to rent the house out completely. contact local HSE and council if they are looking.

Good luck,


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## jessysharma (24 Sep 2009)

mayb u could sell ur car and buy a cheap one instead. at least u could get rid of ur car loan.


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## Manica (28 Sep 2009)

Hi Stoneybroke,

There are few people that can help you with your financial problems on an unbiased level. I actually wrote an article about them few months ago.  They are what I call [broken link removed]. They are not related to any bank or finance house, which is good as they wouldn't be there with a hidden agenda to sell you anything. 

Not sure if there are any in Donegal but there is one guy in Cork called Dave Kelleher if you like to get in touch with him. I was so impressed with what he does I made him part of the official advisors on my website. 

Best of luck!

TK
www.biz-mania.com


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