Laughahalla
Registered User
- Messages
- 362
Age: 35
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 46500
Annual gross income of spouse:24000
Type of employment: Paye
In general are you:
(a) spending more than you earn, or
(b) saving?
About breaking even to spending more
Rough estimate of value of home: 200,000
Amount outstanding on your mortgage: 195,000
What interest rate are you paying? 2.3%
Mortgage is 880 per month
Other borrowings – car loans/personal loans etc
Car loan 10k remaining- 504 p/m Car worth 11k 22 months remaining on HP
Car loan 5k remaining- 264p/m Car worth 4500 22 month remaining on HP
Need both for work- No public transport in my area. Both at approx: 7%
Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card?
Between wife and myself we have 17k @ 11% on one card and 2k on another @14%
Pay approx: 500 p/m off the C.C – Not using it anymore except for emergency
Savings and investments: None
Do you have a pension scheme? Yes- Current fund 26,000- paying minimum allowed.
Do you own any investment or other property? Yes, Outstanding mortgage 84,000, Value if it could be sold, 90,000
Mortgage 433 per month, Rent coming in 500 per month
Management fee 900 per year which is 75 pm
Interest 2.3%
About breaking even on the flat but am in for the long haul with the aim of it being a pension contribution when older
House /flat expense per month- 100 euro
Both non smokers-
Christmas/crsitening gifts, weddings/Social/entertainment/takeaway/cinema/restaurant/holidays – Average 600 p/m
Clothes - Average over a year- 50 p/m
Gas/elec approx: 50 euro each per month so 100 euro
Petrol/diesel for both cars 260 p/m
Car tax for both cars 84 p/m
Sky 30 euro p/m
Food /toiletries approx: 400p/m
House Insurance 50 pm
Mobile Phones and mobile broadband internet 80 pm (30 each on mobile phones and 20 mobile broadband)
TV License 13 per month
We shop in aldi and have basic enough tv package and make our own lunches to bring to work.
Question:
Our income just about covers our expenses.
Would you recommend re-financing the cars to extend term and put saving towards paying down credit cards.
Ideally we wouldn’t need 2 cars but we do.
Are people on AAM consolidating loans ?
I don’t want to completely turn into a hermit so would like to have some social/entertainment/annual holiday during the year am I foolish not to cut these out completley.
We will be looking to start a family soon but am reluctant to bring a child into a home with so much debt.
Advice and Opinions good or bad welcome- Even the ones that say I ‘m an idiot for having so much credit card debtJ
I've averaged out the expenditure over 12 months, some months we would spend more and less in others.
I haven't checked yet but does anybody know if a bank would allow a c.c 0% transfer on a 17k cc debt?
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 46500
Annual gross income of spouse:24000
Type of employment: Paye
In general are you:
(a) spending more than you earn, or
(b) saving?
About breaking even to spending more
Rough estimate of value of home: 200,000
Amount outstanding on your mortgage: 195,000
What interest rate are you paying? 2.3%
Mortgage is 880 per month
Other borrowings – car loans/personal loans etc
Car loan 10k remaining- 504 p/m Car worth 11k 22 months remaining on HP
Car loan 5k remaining- 264p/m Car worth 4500 22 month remaining on HP
Need both for work- No public transport in my area. Both at approx: 7%
Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card?
Between wife and myself we have 17k @ 11% on one card and 2k on another @14%
Pay approx: 500 p/m off the C.C – Not using it anymore except for emergency
Savings and investments: None
Do you have a pension scheme? Yes- Current fund 26,000- paying minimum allowed.
Do you own any investment or other property? Yes, Outstanding mortgage 84,000, Value if it could be sold, 90,000
Mortgage 433 per month, Rent coming in 500 per month
Management fee 900 per year which is 75 pm
Interest 2.3%
About breaking even on the flat but am in for the long haul with the aim of it being a pension contribution when older
House /flat expense per month- 100 euro
Both non smokers-
Christmas/crsitening gifts, weddings/Social/entertainment/takeaway/cinema/restaurant/holidays – Average 600 p/m
Clothes - Average over a year- 50 p/m
Gas/elec approx: 50 euro each per month so 100 euro
Petrol/diesel for both cars 260 p/m
Car tax for both cars 84 p/m
Sky 30 euro p/m
Food /toiletries approx: 400p/m
House Insurance 50 pm
Mobile Phones and mobile broadband internet 80 pm (30 each on mobile phones and 20 mobile broadband)
TV License 13 per month
We shop in aldi and have basic enough tv package and make our own lunches to bring to work.
Question:
Our income just about covers our expenses.
Would you recommend re-financing the cars to extend term and put saving towards paying down credit cards.
Ideally we wouldn’t need 2 cars but we do.
Are people on AAM consolidating loans ?
I don’t want to completely turn into a hermit so would like to have some social/entertainment/annual holiday during the year am I foolish not to cut these out completley.
We will be looking to start a family soon but am reluctant to bring a child into a home with so much debt.
Advice and Opinions good or bad welcome- Even the ones that say I ‘m an idiot for having so much credit card debtJ
I've averaged out the expenditure over 12 months, some months we would spend more and less in others.
I haven't checked yet but does anybody know if a bank would allow a c.c 0% transfer on a 17k cc debt?