I have just started facing up to the financial mess I am in. I haven't gone to MABS yet but am considering it. Would appreciate advice on which debts I should tackle first. Here is a broad outline of my current situation. All advice appreciated.
Age:
44
Spouse’s/Partner's age:
None
Annual gross income from employment or profession:
6,000
600 pcm from 2 lodgers rent-a-room scheme
Type of employment: e.g. Civil Servant, self-employed
Retail Part-time employed 10 hours per week
Other self-employed 10 hours per week @ €10 per hour
New Internet business (partnership) no profit as yet
In general are you spending more than you earn or are you saving?
Spending way more than I earn
Rough estimate of value of home
380k
Amount outstanding on your mortgage:
No mortgage
Other borrowings – car loans/personal loans etc
Credit Union loan €14k
3 UK Credit Cards £12k STG
Irish Credit Card €4k
4,000 owed to family, accountant etc.
Do you pay off your full credit card balance each month?
No, can only afford mininum payment but even miss this some months and have to suffer the charges.
If not, what is the balance on your credit card?
12k Sterling
4k euros
Savings and investments:
SSIA 5,000 (losing money)
UK ISA 20k sterling (losing money also)
Do you have a pension scheme?
2 small pensions from UK employment
Do you own any investment or other property?
No
Ages of children:
None
3 dogs cost approx 140 euros per month for food,
insurance, vet bills
Life insurance:
None
UK endowment policy, I pay 34 STG into each month. Matures in 2012.
What specific question do you have or what issues are of concern to you?
My main concern is to start clearing my debts, especially the credit cards and money owed to family and accountant. I am transferring some money to UK cards now that euro/sterling rate is better.