Debt Management

H

Husssy

Registered User
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Separation just came through before xmas(3 years waiting),in process of selling house house worth about €500k, mortgage left of app €158k. proceeds to be divided equally. At present i am struggling financially, paying mortgage(€500pm), rent(€400pm), car loan(€300pm) and credit card(€100 pm)every month. Auctioneer reckons house will sell in about 2 mths,3 months max,i will come out with approx €160k with auctioneers and solicitors fees. Have a baby in new relationship and as eveyone knows money shortages can cause friction, struggling like this for 1.5 yrs.
 
What's the specific question?

What is your monthly net income to compare against your outgoings?
What debts do you have outstanding (e.g. how much is outstanding on the car loan and CC?)?
Why are you paying a mortgage and rent?

Have you checked the key posts linked at the top of this forum which contain some useful debt management and budgeting tips and resources?
 
Sorry not more specific. Monthly net income is €2500. Owe about €6500 on car and Credit card is €1500. Also have o/d of 2500 up to limit. Question is should i continue struggle for foreseeable future or can i clear these debts with for example interest only loan until house is sold.
 
Could you transfer some or all of the debts onto a 0% balance transfer offer CC and then clear it when the funds come through? See the forum for more on such offers. You may need to stop using the CC for further transactions when using this strategy.

If you have run up this level of debt then perhaps you are living beyond your means generally and need to (a) get the debts under control and (b) address the budgeting/spending issues that have landed you in this situation to make sure that it doesn't persist or happen again?

Why are you paying rent and a mortgage?
 
Ex wife is still living in house, still have to pay half share of mortgage, I am currently renting myself. Have not used cc in 3 mths. Could you recomend Ccc with this 0% tfr offer. Sorry about previous post
 
If it is all too much of a struggle, especially with a baby, could you agree with your ex to apply to your mortgage company for a payment break of three months, and apply to your local banks for one loan to pay off the over draft, cc and car loan with low repayments or interest only until the house is sold- you should be able to negotiate a good interest rate when you tell the bank your circumstances. That is if you cannot qualify for an interest free cc as ClubMan says which is a very good option if you DO qualify.

BTW- Halifax- Bank of Scotland were advertising this 0% interest for 6 months Cc this weekend in Tralee when I was doing my shoping.
 
Husssy said:
Ex wife is still living in house, still have to pay half share of mortgage, I am currently renting myself. Have not used cc in 3 mths. Could you recomend Ccc with this 0% tfr offer. Sorry about previous post
Click to expand...
See the link that I posted.
 
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