MABS criteria

S

scarednow

Registered User
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Hi,

We are really struggling at the minute financially and I was just wondering if people could tell me, will MABS deal with you, even if you can cover your debts, but have nothing left over for emergencies like car repairs/ doctors etc. Seems like there are people out there who, in comparison, are in a really bad place financially at the minute, but we currently have no quality of life and if say, our boiler broke down would have no option but to default on debt.

Also can anyone share their experience with MABS? I have worked out that we pay over 800 eur per month on interest alone to service our debts.

We are committed to paying back the money we borrowed, but even a small forgiveness on our interest would give us that rainy day fund - is this something MABS will cover?

Thanks for your help
SN
 
MABS will give you budgeting advice, although you may be a bit down the queue for an appointment given the other difficulties they are dealing with, however they won't be able to negotiate reduced payments if your budget planner when completed shows you can afford your repayments. There would be no point to them looking for them from the banks anyway as the banks will also look at the budget planner and would be unlikely to make any changes if they are no extenuating circumstances such as redundancy, illness, etc

Have a look at the MABS website where you will get lots of advice on budgeting, dealing with banks etc but no financial institution is going to reduce your payments so you can build up some savings, I understand totally why you want to do this, but the bank wont see it that way.

You could try and consolidate some loans, if you are with a credit union they may consider some lending, or you could look at extending the term of some debt (bearing in mind that you will actually pay more interest in the long run).
 
They will offer common sense advice on all areas of your finances. If there is something that would ease your burden they will tell you how. Their advice is honest and fair to you and your creditors. Very often they work closely with the credit unions so could negotite on your behalf.
Looking back to the 70's and 80's most young families lived like you are now, hoping from week that some essential did not break down. Good luck
 
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