Need advice on how to get out of debt

Re: Need advise on how to get out of debt

bamboozle said:

Well said Bronte, its good to see somebody offering positive advice unlike others jumping on his case cause his situation has got worse.

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There is plenty of constructive/positive advice in this and the earlier thread mentioned but some might reasonably question the original poster's willingness to take it on board and act on it.

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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Which is basically what most others are saying too and yet you seem to imply that this is negative coming from others and getting "on his case"...

Re: Need advise on how to get out of debt

bamboozle said:

Well said Bronte, its good to see somebody offering positive advice unlike others jumping on his case cause his situation has got worse.

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Some people just can't help themselves it seems......

Re: Need advise on how to get out of debt

Marcos said:

Some people just can't help themselves it seems......

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Re: Need advise on how to get out of debt

ClubMan said:

There is plenty of constructive/positive advice in this and the earlier thread mentioned but some might reasonably question the original poster's willingness to take it on board and act on it.
Which is basically what most others are saying too and yet you seem to imply that this is negative coming from others and getting "on his case"...

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No CLubman what i'm implying is negative is when people decide that as his situation has deteriorated in the last 16 months since previously seeking advice (and receiving sound advice) then he does not deserve any further help. That is negative especially when someone's situation is spiraling out of control.

Re: Need advise on how to get out of debt

Hi, I need a bit of advice. I have debts totalling € 33,500.00 details are as follows :

Mbna personal loan - 21,839.26
Credit union loan - 8092.00
Mbna credit card - 1000.00
Ulster Bank credit card - 3100.00

I am trying to get my finances in order as I took on a mortgage in March and found by the time I paid my mortgage, bills, food shopping, mortgage protection, health insurance, petrol and all the above I am totally broke. I approached my credit union tonight only to be told they will pay off my credit cards which is totally useless to me. I wanted a loan to consolidate the 4 debts thus reducing my monthly repayments and then being able to save money and live a somewhat normal life and by that I dont mean going out every weekend its just I find myself left with nothing each month and maxing out my overdraft. I cut up my credit cards this morning so they cant be used any more. Any advice anyone maybe about where I could get a consolidation loan I have an excellent credit history as I checked with the Irish Credit Bureau, I havent missed any payments on anything ever and dont plan to either I just want to get myself sorted and please dont tell me to go to MABS as if people didnt know they actually register you with the bank that you have gone to them for help and it goes against you I only know this as a friend of mine work in BOI and told me this she is a loan officer in there. Cheers if anyone can help me.

Perhaps you should start off by starting a new thread in the money makeover section filling in all of the required details as gotten here http://www.askaboutmoney.com/showthread.php?t=61289
It will be easier for people to assist with more information re your finances.
Like are you single or do you have dependents? Can you possible rent a room or two even for a year or two just to get ahead. Do you bring your own lunches to work? If not do. Do you smoke if so give up etc.
Great work in cutting up the cards. Now try and clear the 1000 one first and it will be gone out of the way. If you have approached your credit union you must have shares how much do these stand at? Etc etc, More info will get a better response.

Re: Need advise on how to get out of debt

Thrifty1 said:

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.

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Mabs would not recommend borrowing more to clear credit cards, not many people seem to know, that with Mabs acting on your behalf and with a letter of authority from them to credit card companies, the interest can be frozen on your credit card accounts. Mabs have a three week waiting list you urgently need to make appointment and bring someone with you for moral support as it can be tough. Good luck

Hi Niceoneted,

Thanks for the advice, I am single with no dependents and I dont smoke my only vice is I like a few drinks like everyone else, I have approached the credit union and was told to ring them in the morning to see will they help me out I only have shares worth 2100.00. I live in a one bedroom apt so cant rent it out unless they want to sleep in the hall cupboard lol...I bring my own lunch to work most days sometimes on a Thur when I get paid I get something from the cafe or shop. I shop around each week to see which supermarkets are doing better deals, sadser like me I know.
I feel if I can just clear all of these debts into one I will be on the road to being debt free in 5 years or so. I am going to start as you say by clearing off my credit card bill of 1k and take it from there. Thanks again.