Is it wise/foolish to roll all loans together if we can get approval? We see a big drop in income coming

[Mazie1]

Current situation
Spouse 45
Me 45

Current income 1340 per week
Dependents 2 age 9 and 11

Current debts: €10,000 AIB repayments €233 weekly
Credit card debit... sold to cabot €6,500 €140 weekly
Home loan €38,500 €118weekly

House owned fully €310K

We had a temporary increase in income which allowed us to decrease our debts. Where we stand now that income will fall substantially. We will not be in a position to keep up the same level of repayments. Do we consolidate all the loans into one loan and take out a 5 year loan for €55,000 to ensure we are meeting our commitments.

It has taken alot of hard work to get here and our circumstances have been really challenging

Our questions are would it be wise or foolish to roll all these loans together if we can get approval?- we see a big drop in income coming

We have worked with mabs and have concentrated on our spending habits and made necessary changes but we are also looking at the future, I do not have a pension my husband has a small one we have educational costs now and into the future. All help and advice is greatly appreciated.

 

[ClubMan]

Home loan €38,500 €118weekly

House owned fully €310K

I don't understand this. If the house is fully owned then why is there a loan?

Current income 1340 per week

Net? What about stuff like child benefit? Any other welfare payments or other income?

We had a temporary increase in income which allowed us to decrease our debts. Where we stand now that income will fall substantially.

The current household income seems to be €70k p.a. now (not sure if net or gross) so are you saying that this is going to fall? To what?

Current debts: €10,000 AIB repayments €233 weekly
Credit card debit... sold to cabot €6,500 €140 weekly
Home loan €38,500 €118weekly

What interest rates apply on these?

Do we consolidate all the loans into one loan and take out a 5 year loan for €55,000 to ensure we are meeting our commitments.

I presume that you wouldn't be able to consolidate these into a mortgage top-up given the household income?

Have you checked with the Credit Union in case they can offer you a suitable loan?

We have worked with mabs

What have they advised in relation to the outstanding loans?