D
debthelp
Guest
Age: 30
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: €50,000 (basic and commission)
Type of employment: permanent private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
was spending more
Rough estimate of value of home €150,000
Amount outstanding on your mortgage: € 320,000
What interest rate are you paying? 2.15% (tracker)
Reduced repayment of €700pm until February (Interest only of €575 and the overpayment to go towards arrears of €1400) full repayment will be circa €1150 – would hope to get the arrangement for €700 extended for a further 6 months.
Other borrowings – car loans/personal loans etc
1) PTSB €5500 o/s repayments = €205pm
2) Halifax €4500 o/s repayments = €145pm
3) Credit Union €1200 o/s repayments = €120pm
4) PTSB overdraft €1800 – reducing at €200pm
5) Parental loan €20,000 repayment = €300 pm (cannot be reduced as it is part of their mortgage)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 3 cards
1) MBNA €8000 balance minimum payment circa €120pm
2) PTSB €1700 balance min payment circa €60pm
3) Tesco €3000 balance min payment €85 pm
Savings and investments: None
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: n/a
Life insurance: €51pm (medical loading on it so cannot be reduced)
What specific question do you have or what issues are of concern to you?
Basically looking to clear down all borrowings asap. I have sold my car, rented out my house and moved in with my parents for the next 6 months. Receiving €850pm rental income. Paying my parents €220pm rent – but don’t have any utility / grocery bills etc. I was unemployed for 12 months but have recently secured a new permanent job. Basic salary will be 32k but it is a sales role and I have been told I should earn a further 15-18k commission and bonuses (industry has picked up so this should be a realistic figure). Will probably take 3 months or so before commission is paid.
I am aiming to use every penny of my salary to pay down my debts and use the €850 rental income to live on (hoping to save €200 a month of this to build back up an emergency fund)
From my estimates I should be coming out with a net salary of circa €2500pm at least. I suppose I am just looking for advice on how to go about clearing the credit cards – should I concentrate on clearing the ones with the lowest balance first or put any extra funds into the higher rate ones? Should I continue to pay the minimum repayments and save my commission in the credit union with the view to maybe getting 1 big loan to clear everything? Credit cards have been cut up so not spending on them
I need to be in a position to move back to my house next summer so have to reduce my monthly outgoings before then.
Thanks
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: €50,000 (basic and commission)
Type of employment: permanent private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
was spending more
Rough estimate of value of home €150,000
Amount outstanding on your mortgage: € 320,000
What interest rate are you paying? 2.15% (tracker)
Reduced repayment of €700pm until February (Interest only of €575 and the overpayment to go towards arrears of €1400) full repayment will be circa €1150 – would hope to get the arrangement for €700 extended for a further 6 months.
Other borrowings – car loans/personal loans etc
1) PTSB €5500 o/s repayments = €205pm
2) Halifax €4500 o/s repayments = €145pm
3) Credit Union €1200 o/s repayments = €120pm
4) PTSB overdraft €1800 – reducing at €200pm
5) Parental loan €20,000 repayment = €300 pm (cannot be reduced as it is part of their mortgage)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 3 cards
1) MBNA €8000 balance minimum payment circa €120pm
2) PTSB €1700 balance min payment circa €60pm
3) Tesco €3000 balance min payment €85 pm
Savings and investments: None
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: n/a
Life insurance: €51pm (medical loading on it so cannot be reduced)
What specific question do you have or what issues are of concern to you?
Basically looking to clear down all borrowings asap. I have sold my car, rented out my house and moved in with my parents for the next 6 months. Receiving €850pm rental income. Paying my parents €220pm rent – but don’t have any utility / grocery bills etc. I was unemployed for 12 months but have recently secured a new permanent job. Basic salary will be 32k but it is a sales role and I have been told I should earn a further 15-18k commission and bonuses (industry has picked up so this should be a realistic figure). Will probably take 3 months or so before commission is paid.
I am aiming to use every penny of my salary to pay down my debts and use the €850 rental income to live on (hoping to save €200 a month of this to build back up an emergency fund)
From my estimates I should be coming out with a net salary of circa €2500pm at least. I suppose I am just looking for advice on how to go about clearing the credit cards – should I concentrate on clearing the ones with the lowest balance first or put any extra funds into the higher rate ones? Should I continue to pay the minimum repayments and save my commission in the credit union with the view to maybe getting 1 big loan to clear everything? Credit cards have been cut up so not spending on them
I need to be in a position to move back to my house next summer so have to reduce my monthly outgoings before then.
Thanks