P
patmustard
Guest
Hi there,
My wife and I are both unemployed with our only income being social welfare (approximately €1,700 per month inc rent supplement). We were out in Canada for a while and since we came back haven't been able to get jobs anywhere and are becoming increasingly desperate with our debt situation.
I have appoximately 10,200 of a personal loan with AIB, with repayment of 230 per month, and around 650 on a credit card with them, paying back 10% per month. Wife has a loan of 9,500 with AIB, paying 235 per month, a credit union loan with 2000 outstanding, paying back 100 per month, and around 1400 on her credit card paying 10% per month. Basically we are fcuked financially and we can't ask anyone to help us out, friend or family. We are both on temporary breaks from the loan repayments at present but that's up next month. Our expenses are as follows:
Rent/esb/phone/bins/heating oil €750
Loans €565
Credit card payments €205
Groceries/other expenses €whatever's left over from €1,700, around €180.
Now we have lived like this for a couple of months but this can't continue as we are both stressed beyond belief. We have no life at all at the moment or any room for manouvre. Can anyone advise the best options available to me? I've spoken to AIB and they did give a couple of months break to see if our situation would improve but it hasn't and we are just going to have to default on the loans when repayment is due again. I honestly don't care about a black mark going on my ICB report as I don't want another loan for as long as I live! (well certainly not for the next 5-10 years or so). I think we'd struggle to pay interest only to be honest and that wouldn't actually tackle the capital sum outstanding. Could we just declare bankruptcy? We have no assets, no car or house or anything of value. No kids either, thank god. Would this be easier to do from the UK?
Sorry if the post is a bit all over the place but I just want to get my thoughts written down and hopefully someone out there can give a bit of advice.
Thanks a lot.
Pat
My wife and I are both unemployed with our only income being social welfare (approximately €1,700 per month inc rent supplement). We were out in Canada for a while and since we came back haven't been able to get jobs anywhere and are becoming increasingly desperate with our debt situation.
I have appoximately 10,200 of a personal loan with AIB, with repayment of 230 per month, and around 650 on a credit card with them, paying back 10% per month. Wife has a loan of 9,500 with AIB, paying 235 per month, a credit union loan with 2000 outstanding, paying back 100 per month, and around 1400 on her credit card paying 10% per month. Basically we are fcuked financially and we can't ask anyone to help us out, friend or family. We are both on temporary breaks from the loan repayments at present but that's up next month. Our expenses are as follows:
Rent/esb/phone/bins/heating oil €750
Loans €565
Credit card payments €205
Groceries/other expenses €whatever's left over from €1,700, around €180.
Now we have lived like this for a couple of months but this can't continue as we are both stressed beyond belief. We have no life at all at the moment or any room for manouvre. Can anyone advise the best options available to me? I've spoken to AIB and they did give a couple of months break to see if our situation would improve but it hasn't and we are just going to have to default on the loans when repayment is due again. I honestly don't care about a black mark going on my ICB report as I don't want another loan for as long as I live! (well certainly not for the next 5-10 years or so). I think we'd struggle to pay interest only to be honest and that wouldn't actually tackle the capital sum outstanding. Could we just declare bankruptcy? We have no assets, no car or house or anything of value. No kids either, thank god. Would this be easier to do from the UK?
Sorry if the post is a bit all over the place but I just want to get my thoughts written down and hopefully someone out there can give a bit of advice.
Thanks a lot.
Pat