In debt -

I would be very grateful if anyone could offer advice.

I'm Irish living abroad with no savings in current country.

I have an account with BOI with 2000euro in it.

I've let things get out of control financially and I have the following debts

10000 on my credit card
5000 to family member
1000 vodafone
4000 tax owed

Its crazy that I let it get this far but a business I started has failed and hence the debts.

Would it be crazy to get a loan to pay back all the debts, and then just pay the loan back ?

any advice would be appreciated. I cant sleep and we've a little baby on the way in a few 5 months, I need to get this sorted out.

thanks
p

i just checked BOI website

€20,000 Over 5 years with 9.6% APR = €417.39 monthly payment

totaly repayment of 5 years = €25043.40

good or bad idea ?

would i even get approval seeing that Im not living in ireland ?

More important. Is there a Bank out there lending for this kind of thing ??

My debt is in Ireland, I thought it would make more sense to get the loan with the bank my irish account is in

??

First obvious question is would they even lend to you given you are no longer in Ireland.

The other questions then are... Do you have an income? Are you currently repaying anything on the debt? If so, what is your repayment plan? Are you able to manage that? Do you forsee that that will be manageable for some time, especially given a baby on the way? Have you spoken to your creditors about your debt?

Getting a loan is certainly something I would be considering (especially given that a high proportion of your debt is composed of likely high interest credit card and high priority tax) but it may not be forthcoming, especially if you are no longer resident in Ireland.

I read through the terms and conditions of the loan from their site, and it says nothing about needing to be resident but I will phone tomorrow to confirm.

I have a job and its paid ok but Ive been looking at my monthly payments on the high interest CC and as I need money now to pay tax it seems like an idea to get a loan to pay off all debts. I could afford the 500euro per month repayments on the loan.

so-crates said:

First obvious question is would they even lend to you given you are no longer in Ireland.

Click to expand...

Irish banks lend to non residents all the time.

Thanks Bronte, that is good to know.