Kill Uncle
Registered User
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- 5
Hi Guys
I have like most people over the last 4/5 years got into a lot of personal debt and even though I am servicing everything it wont be long before I cannot. My wife is unemployed for the last couple of years. She claims job seekers. She did receive a large redundancy from her job in 2009 but that is gone(gambling and bad investments) I have kept my job and earn around 50k p.a The mortgage is in my name only and was bought in 2000 with my sister. I bought her out in 2005. Basically my mortgage is 275k on tracker rate with BOI.(would put a rough value of 220k on it now) My wife build up debts /credit cards etc unknown to me (well I didnt know the extent!!!) I approached my bank AIB last year to clear all loans /credit cards etc. They kindly agreed but the terms are penal 23k over 7years at 380pm circa 11.7% APR. Again I took this loan out in my name. My wife also has a lease on a car which will be up next month. Have been paying 400 a month for the last 4 years...so we can give this car back next month and o/s loan will be cleared but she needs a car to get around and visit her sick mother. I make do with a 3k 02 GOLF. Whats left of our rainy day fund is circa 14k worth of shares. So out of salary every month of say 3,200 400 goes to her car 380 goes to personal loan 1100 to mortgage all the utilities gas, heat,VHI ,sky,broadband,mobile phones etc etc leaves about 300 a month for food and ocassional night out once a month. Basically the whole situation is causing me severe stress which effects my sleep and generally makes me quite ill.
We are both 40 no kids
I suppose the advice I am asking for is do I approach AIB and see if they could do something on their penal level of interest on their loan or do I speak to BOI and discuss the mortgage as a priority. If wife doesnt get job the savings will be gone very quickly. Somethings got to give.....
Thats my life....Any bright ideas appreciated apat from emigrate
I have like most people over the last 4/5 years got into a lot of personal debt and even though I am servicing everything it wont be long before I cannot. My wife is unemployed for the last couple of years. She claims job seekers. She did receive a large redundancy from her job in 2009 but that is gone(gambling and bad investments) I have kept my job and earn around 50k p.a The mortgage is in my name only and was bought in 2000 with my sister. I bought her out in 2005. Basically my mortgage is 275k on tracker rate with BOI.(would put a rough value of 220k on it now) My wife build up debts /credit cards etc unknown to me (well I didnt know the extent!!!) I approached my bank AIB last year to clear all loans /credit cards etc. They kindly agreed but the terms are penal 23k over 7years at 380pm circa 11.7% APR. Again I took this loan out in my name. My wife also has a lease on a car which will be up next month. Have been paying 400 a month for the last 4 years...so we can give this car back next month and o/s loan will be cleared but she needs a car to get around and visit her sick mother. I make do with a 3k 02 GOLF. Whats left of our rainy day fund is circa 14k worth of shares. So out of salary every month of say 3,200 400 goes to her car 380 goes to personal loan 1100 to mortgage all the utilities gas, heat,VHI ,sky,broadband,mobile phones etc etc leaves about 300 a month for food and ocassional night out once a month. Basically the whole situation is causing me severe stress which effects my sleep and generally makes me quite ill.
We are both 40 no kids
I suppose the advice I am asking for is do I approach AIB and see if they could do something on their penal level of interest on their loan or do I speak to BOI and discuss the mortgage as a priority. If wife doesnt get job the savings will be gone very quickly. Somethings got to give.....
Thats my life....Any bright ideas appreciated apat from emigrate