Need advice on how to get out of debt

M

mtcrowley

Guest
Hi all ,

I`m 32 years old, just broke up with my long term (15 years) partner and mother of my 2 kids. The break up wasn`t nice but that a different story. My problem is that I now find myself having to start all over again (place to stay and all that) but I`m up to my neck in debt. I have the following debts;
Car loan of €10266.00
UB personal loan of €6520.35
MBNA credit card of 4851.00
Mbna personal loan of €6504.18
UB credit card of €7854.00
Credit Union loan of 11500.00

I have a take home pay of 2684.31 a month out of which I pay;
ex-partner €500.00 a month
Car loan 311.86
UB personal loan 160.85
MBNA Credit card 280-300
Mbna Personal loan 295.19
UB credit card 280-300
Credit Union 350.00
Which doesn`t leave my with much more to start off again my life off again with.
It`s all starting to get on top of me now that x-mass is coming. I don`t drink or smoke I try and spend as little as possible it I just cant seem to manage.
Please help..... how do I get out of this mess before its too late.
 
Re: Need advise on how to get out of debt



Moved from .

You seem to have debts of about €50K on a gross income of presumably c. €40K? I think you need to go to MABS as a matter of urgency. You certainly need to consider knocking any Xmas (e.g. presents) expenditure on the head. Did you own a property with your ex-partner? If so are you not getting anything out of that?
 
Re: Need advise on how to get out of debt

mtcrowley, ok you have taken the first step which is asking for help.
Clubman is so right, today ring and get an appointment with MABS. Your case is urgent and you need support that they offer every day to people in debt. Stay cool and update us on what MABS say...Give them the full story and details so they can hep put a plan together to get you sorted.

Best of luck
 
Re: Need advise on how to get out of debt

Hi,

My heart goes out to you. I concur with Clubman, MABS should steer you in the right direction.

It may not help or apply to your situation but if your Credit Union is affiliated to your workplace they may be willing to negotiate with you in regard to helping you consolidate other loans. Also maybe you can sell your car, pay off the loan and try and get a cheaper but still reliable car about the €5K mark?
 
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Re: Need advise on how to get out of debt

Definitely worth getting advice from MABS. You could consider trying to borrow more from CU and clear the credit cards and personal loans.

Make a list of the interest rates you are paying on each loan and then shop around for cheaper ones. You may be able to transfer balances on your credit cards to interest free ones (certain period).

My main priority if i were you would be to clear the high interest loans like the credit cards either by transferring the balance or increasing your CU loan to clear them.
Good luck.
 
Re: Need advise on how to get out of debt

Thrifty1 said:
Make a list of the interest rates you are paying on each loan and then shop around for cheaper ones.
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I doubt that somebody with that level of debt will have too much scope for shopping around - i.e. many (most?) lenders will not be willing to lend so that they can replace an existing higher cost loan with a new lower cost one. Obviously one way to find out though...
 
Re: Need advise on how to get out of debt

Sixteen odd months ago, with 25k of debt, the op was advised to contact MABS in this thread. Doesn't look to me like any sound advice was taken on board - a car loan and a credit union loan added to debts since :confused:.
 
Re: Need advise on how to get out of debt

Ah - well spotted. Perhaps people are wasting their time here so?
 
Re: Need advise on how to get out of debt

What happened to the SSIA?

How on earth are you spending so much money if you don't drink or smoke? Gambling? Drugs?

If I were you -

Sell the car and start using public transport
Get a part-time job on the weekends and evening per week
No more cinema, restaurant, etc.

You can probably be out of debt in 2 or 3 years if you really make a huge effort.
 
Re: Need advise on how to get out of debt

Check this site out.

[broken link removed]
 
Re: Need advise on how to get out of debt

without meaning to be insensitive would you be able to declare yourself bankrupt
 
Re: Need advise on how to get out of debt

Would any of you recommend going through my MyVesta, to be honest I`m not in the right frame of mind to be talking to the credit card companies, the break up took alot out of me.
And for you who asked what happened the SSIA money, well the bulk of that when on paying solicitors fees, like I said the break up wasn`t nice. I had to fight to get to see my kids, her family never liked me so I ended up having to prove that I was their father and all that (name not on the birth cert)
I really don`t want to drag it all up as I want to move on and get sorted out once and for all.
I know I`m in trouble and I know I should have done something about it along time ago but I cant trun the clock back.......beleive me I wish I could.
The weekends are when I get to see my kids, been a sales rep I spend alot of time on the road so it`s not possible for me to get a part time job as sometimes i never make back to my home town.
The only restaurant I`ve gone too in the last 6-8 month is McDonnells with the kids.
And by the way how do you tell 2 young kids that Daddy wouldn`t be buying you any present this year as he`s broke.........put your self in my shoes
 
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Re: Need advise on how to get out of debt

mtcrowley said:
Would any of you recommend going through my MyVesta
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Why? Don't they charge a fee for the same sort of service provided for free by MABS?
And by the way how do you tell 2 young kids that Daddy wouldn`t be buying you any present this year as he`s broke.........put your self in my shoes
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But you cannot afford to be buying presents in your current financial situation! At the very least look at buying second hand stuff or making something yourself for them etc.
 
Re: Need advise on how to get out of debt

ClubMan said:
But you cannot afford to be buying presents in your current financial situation! At the very least look at buying second hand stuff or making something yourself for them etc.
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Such as...

[broken link removed]
 
Re: Need advise on how to get out of debt

Can you consolidate some of the debth?
MABS are excellent and will be very helpfull for you. The can help with dealing with the banks. Dont ignore the problem and let time slide if you cant cover your monthly overheads. Get help ASAP!
 
Re: Need advise on how to get out of debt

buy a present worth €15 for each kid in smyths or the like - then go into the €2 shop and spend another €10 on each kid.Total expenditure =€50.That's xmas sorted!!Tell your own family that you're a bit strapped for cash and you'd prefer if ye didnt exchange gifts this year.
 
Re: Need advise on how to get out of debt

And by the way how do you tell 2 young kids that Daddy wouldn`t be buying you any present this year as he`s broke.........put your self in my shoes
Click to expand...

But you cannot afford to be buying presents in your current financial situation! At the very least look at buying second hand stuff or making something yourself for them etc.
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It seems as though the OP CAN AFFORD to be buying Christmas presents :confused: :confused:, here is his post at 5.27 this evening ! -



Re: Nintendo Wii - Where to buy?
I spent ages looking around for one for my kids, in the end I spoted and ad in the local paper posted by a store call Game Stop, they were getting in a delivery of 100 Wii`s and they would go on sale that Saturday. I would suggest ring some of these stores to find out if they have any coming in.....keep ringing them even if it mean every day. By the way when I got my one it was the 3rd last one left in the store out of the 100 so yu would need to move fast.
Click to expand...
 
Re: Need advise on how to get out of debt

demoivre said:
Sixteen odd months ago, with 25k of debt, the op was advised to contact MABS in this thread. Doesn't look to me like any sound advice was taken on board - a car loan and a credit union loan added to debts since :confused:.
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Havealaugh said:
It seems as though the OP CAN AFFORD to be buying Christmas presents :confused: :confused:, here is his post at 5.27 this evening ! -
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Yeah - seems pointless in offering further advice in this case since it looks like it will be ignored. Nobody can help you if you can't/won't help yourself.
 
Re: Need advise on how to get out of debt

Probably a dad who is out of the family home feels pressurized into buying the latest gizmo for his kids, even if it's not logical it happens particularly at Christmas. I've seen the poorest families buy their kids the most expensive presents borrowed from money lenders.
Mtcrowley as others have said you need to make contact with Mabs to help sort you out, but it's you who have to make the first step. If you don't this cycle of debt will get worse and worse. Actually the first step today would be if you cut up your credit cards. You asked for advice so try and do those two things today if you do nothing else. If you don't come back on here saying you've done something concrete to solve the problem yourself you will make it difficult for other people to try and help you.
 
Re: Need advise on how to get out of debt

Bronte said:
Probably a dad who is out of the family home feels pressurized into buying the latest gizmo for his kids, even if it's not logical it happens particularly at Christmas. I've seen the poorest families buy their kids the most expensive presents borrowed from money lenders.
Mtcrowley as others have said you need to make contact with Mabs to help sort you out, but it's you who have to make the first step. If you don't this cycle of debt will get worse and worse. Actually the first step today would be if you cut up your credit cards. You asked for advice so try and do those two things today if you do nothing else. If you don't come back on here saying you've done something concrete to solve the problem yourself you will make it difficult for other people to try and help you.
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Well said Bronte, its good to see somebody offering positive advice unlike others jumping on his case cause his situation has got worse.

But the OP has to make a positive step and start off by cutting up his credit cards so he cant spend any more, perhaps then target his loan or CC with the highest Interest Rate and pay as much as he can afford off it, once that is paid off then target the second highest.

Extreme discipline of his finances are called for….
 
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