# difficulty restructuring debt after separation



## adviceneeded (21 Nov 2008)

The info.

26yr old seperated with 3 kids

Earning 66,000pa

Outgoings: (for the ex)
Mortgage   -1300pm
Maintaince - 1000pm
ESB          - 50pm
Eircom       - 90pm
Bins          - 48pm
Home heating - 70pm 
Sky              - 87pm

Outgoings: (personal)
rent           -500pm
BOI Loan     -390pm    -14000 owed
BOI CC        -400pm   - 4000 owed
FF Loan       -163pm   - 6000 owed
Life insurance - 80pm (covers me and my kids + mortgage)
Pension      - 160pm

total outgoings per month : 4338.00 per month
Total income per month:     4652.00 per month


As you can see the seperation has left me stretched, I've no car, so no added expense there.
The banks now obviously won't let me restructor my debt as I'm seperated and in the Leisure industry. Not good things during the credit crunch....

Just need a little advise on how i should move forward...


----------



## PaddyW (21 Nov 2008)

*Re: Restructor after seperation*

Try to switch credit card to avail of a 0% interest offer, which should help on the repayments. Can you rent for less elsewhere.Rent prices falling big time so might catch a better deal elsewhere. 48 a month for bins sounds hefty, can that not be reduced by more recycling on her part maybe? The eircom bill also sounds pricey, lots ofmobile calls on it is there?


----------



## brazen_dude (21 Nov 2008)

*Re: Restructor after seperation*

By all means try to get rid of CC balance as it attracts higher interest and bin charges can be reduced if you recycle more... after separating recyclable stuff and compost bin for green waste i am rarely using my wheelie bin... like once in two months....


----------



## Flax (22 Nov 2008)

*Re: Restructor after seperation*

Why is your partner getting a sweet deal, and why are you being shafted for all the debt + no home?


----------



## Orga (22 Nov 2008)

*Re: Restructor after seperation*

what you are paying in home heating, eircom, bins and sky towards your ex is outrageously high. They must be on the full Sky package with all sports and movie channels, filling the dustbins weekly with 2 tonnes of popcorn tubs, while having a home sauna and chatting with australian cousins. Get these reduced and you are saving. They are the immediate things and unless they are specifically included in a court order/maintenance agreement they are do-able. Then sort out your debt, reduce the loan outgoing by extending the term - you have a liquidity problem so paying them back early will only exacerbate that. Then you you need to tackle the mortgage payment for the ex, you will need more info and possibly on-the-ground advice on that.

You could also have yourself declared bankrupt and that would sort everything as you could petition the courts in relation to setting aside the maintenance order-would be a cynical move and a silly one but it is an option.


----------



## PaddyW (23 Nov 2008)

*Re: Restructor after seperation*

Ask her to turn down the heating a degree or two also. Will save on that bill.


----------



## Rigoletto (24 Nov 2008)

*Re: Restructor after seperation*



Flax said:


> Why is your partner getting a sweet deal, and why are you being shafted for all the debt + no home?


 
my thoughts exactly.


----------



## coppers (24 Nov 2008)

*Re: Restructor after seperation*

How did you arrive at this agreement? You're entitled to at least a similar standard of living to your ex. I assume your ex is getting children's allowance on top of this.

If your ex is not working, she is probably entitled to some state aid, you need to work out a formal, fair agreement and most likely involve a solicitor.


----------



## Happy_Harry (24 Nov 2008)

*Re: Restructor after seperation*

How do you manage to bring home (most of it to your ex, but still) € 4652 on a gross salary of € 66K/12 = 5500 ?


----------



## Sarah W (24 Nov 2008)

Bins = buildings insurance!


----------

