Need serious help and Im only 22

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40k is due to Bond which I invested in 6 months ago.

I invested 40 in a European investment bond which is spread into Equities/Shares/Property/and Retial Property


The cost of the credit if I was to pay the 40k over 5 years amounts to €7,250

SO far after 6 months the bond stands at 167% which means I have €60,800. Why not just take the bond and pay off the loan? Well I cant as the bond has a term of 5 years. Now it has performed extrremely well so far but that was to be expected as the bond in questions ploughed 65% of the funds into Retail property in Birmingham which is reason for success so far. I fully expect this bond to return at least 200% prior to tax on return.

I am under pressure at the moment and dont want to use this bond to fall back on to bail myself out of debt. I want to clear the debt myself as this bond is intended to put me in good stead in 5 years time.

It has put me under pressure intitially but I am prepared to undergo this for a better future.

I must stress again that I want to try and leave the bond to one side as I dont want to be using it to bail me out of the situation. Obviously the return I get will more than cover cost of credit plus repayment when I get the return.
 
InDeep said:
I admit my spending habbits have to change and I know what I have to do. I will report back here in March to let you know how I am doing and I guarantee I will be well on my way.
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The truth may hurt but i guarantee you won't. Debt can be a very depressing experience and you are currently in the 'euphoria' stage of imagining a way out that will cause you only short term pain on the gamble that buying a property that will appreciate your way out of difficulties.

Spending problems don't disappear overnight the way you imagine and while you appear to have faced up to admiting that was the source of your problems you obviously haven't faced up to the face that this will be a massively difficult task to turnaround.

With, as you have now admitted, no real monthly commitments you have still managed to spend over 2 grand a month and still amass debt of 40k. You do need help with this and it extends far beyond simple maths.

If you seriously want to turn your life around then forget about buying property and face upto a long term plan to pay down your debt first and then start saving regularly.
 
Yes Bond was funded by PL's but NOT credit cards,that was by travelling year ago.

Believe if you want,wether someone on the internet believes or not really is up to you.


Patheon fund with Friends First by the way.

Would definitely recommend
 
Cash in the bond, pay the early encashment fee, and reduce the majority of your debt .... these funds have an escape clause but you pay a penalty to get out. Get back in the real world and stop crystal ball gazing with your opinions on house price deflation in the short term, house price inflation in the mid-term, 200% return in five years in a non capital guarantee bond which is geared (in fact it is doubly geared as you have borrowed to invest, so you are not discounting the cost of your debt against the potential growth) & I wont mention the exchange rate risks!! You need to pay heed to good advice and stop throwing excuses and half cocked ideas at everything....you are looking for help but appear to be ignoring everyone but yourself
 
gearoidmm said:
You say that you see the housing market slowing down in October/November thus allowing you to buy (do you mean that prices will fall to a more affordable level for you?) and then within 6 months after you buying, prices will have started to rise again so you can release equity. There is an inherent contradiction in this.
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My point exactly. Gambling on housing market performance (down then up) in order to get onto the property ladder and be in a position to do an equity release to cover debts is crazy in my opinion.

No offence but you don't really seem open to the prudent advice that people are giving here so I for one might call it a day in this thread.
 
Thank you,


I cannot cash in the bond,well I can but will only get 40k back and loose out on any gain,no thank you.


I am open to opinion believe me
 
Correct me if I am wrong here... but you have an investment of 40k in a relatively low risk bond fund therefore yielding relatively low returns.

Meanwhile you have financed this using very high interest loans to the tune of 40k, as well as gambling.

Cash in the fund, pay off your high interest loans and stop annoying people on the forum as it seems the means of your salvation is at hand.

G.
 
InDeep said:
I am open to opinion believe me
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Then here is one.

You have a gambling problem. Even if you hadn't explicitly revealed this in the first post, it becomes evident in the subsequent ones. You are counting on each of your investments paying out exactly as you have predicted and in your required timescale.

I'm not trying to lecture or be smart here. I appreciate that you know this and want to face up to it. You (correctly) titled the thread "Need serious help" but barely two and a half hours later you declared you were "here to prove all of you wrong."

You have nothing to prove to anyone here. No one wants to see you "lose" - in fact there are a lot of people here giving good advice to people in trouble purely to help out.

I don't work in finance, however it seems to me that you're not in serious debt when everything has been taken into account - and that you could clear it in a reasonable timeframe. The problem is that you are still trying to make some kind of 'killing.'
 
The problem is that you are still trying to make some kind of 'killing.'
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...and of you want to do it with Irish property, then you're about 10 years too late.
 
exile said:
You have a gambling problem. Even if you hadn't explicitly revealed this in the first post, it becomes evident in the subsequent ones.......The problem is that you are still trying to make some kind of 'killing.'
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Brilliantly observed, these were precisely my thoughts when I first read Indeep's opening post.

I posted here recently and owned up to huge credit card debts that were almost completely due to a gambling problem.

When I read Indeep talking about "starting to use my parents cards to try win money on horses to pay off my debt" it was a painful reminder. It was the night I considered using my mother's credit card to lodge money on a gambling website, after I had maxed out on my card, that I knew I was in serious trouble and it was time to do something about it.

I stopped right there, didn't 'steal' her card (and theft is what it would have been, there is no other word) and started trying to sort it all out.

So far so good, I haven't gambled in about 3 months now and have begun to eat in to my debts - there is a long, long way to go but it feels exhilarating to see those debts slowly reducing. Light at the end of the tunnel, and all that.

Indeep? For your own good face up to it: you are in SERIOUS trouble. Your debts are as frightening as mine, and I earn almost twice what you do. You CAN get out of it, but only if you face realities and acknowledge that you ARE in trouble. You are kidding yourself with all this talk of making a killing in the next year or two, the post I quoted above is spot on, "the problem is that you are still trying to make some kind of killing".

The only way you will sort this out is if you first accept that you are in much more serious trouble than you think you are, if you acknowledge that you have a serious gambling problem (which you most certainly DO if you used your parents cards to continue your habit), and if you stop living in dreamland, relying on potential financial 'killings' to get you out of the mess.

Deal with your financial situation as it is now, absolutely nobody can be certain how the housing market will go, we can all have a good hunch, but that's not enough on which to stake your financial future.

Go to MABS - now. Make an appointment today, you are not committing yourself to anything, but they will give you good advice and help you come up with a plan to fix this mess.

Most of the advice you have received on this board has been of the 'cruel to be kind' variety, which is what you need. Honestly, every word you have written proves that you just have no idea how serious your situation is.

Take heed of the advice, if you do things will slowly improve and you'll get your life back together again. At 22 you are much too young to be weighed down by chronic debt like this, but if you don't cop on it will follow you forever. Best of luck.
 
Ok first off I have one bond-it is divided into several sectors but is still one bond of 40k.


This bond is not going to make a killing over 2 years. It is invested over 5 years no less,so I am not banking on making a killing until then and it is 114% guaranteed now as there is lock in feature after 6 months so it is performing very very well.

Secondly I dont see myself as having a gambling problem as I gambled on credit cards last month for the first time ever really, I lost and have not gambled or intend to again.In my opinion no one makes money on gambling. I was given three tips,1 of them one but the other 2 lost,Hands up my fault.
 
You should change you name from Indeep to In Fairytale, because that's were you're living.

don't borrow money to pay off other debts, because this will only increase the amount you owe.

Get rid of your credit cards now, to stop yourself borrowing more.

pay off the loans with the largest interest rate first (usually the credit card).

as soon as you get paid, pay off you bills and withdraw the cash you have set aside for yourself. then if you run out off money, you can't overspend anymore.
 
Re: Need serious help and Im only 22!!!

Eurofan said:
It's not more debt advice you need it's a sound kick up the This post will be deleted if not edited to remove bad language to help you cop yourself on.
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here here

you know what you SHOULD do, - chop up the credit cards and keep up with your repayments that you agreed to.give your parents back their credit cards you cheeky fecker, and yeah for the next year stay on the bread line and keep your word to the institutions who gave you the money by paying them back. Or maybe Daddy and Mammy can bail you out:rolleyes: with a 99 year loan.

Most folks live on €100pw while saving deposits for houses, but in your job you should prob know that.
 
Slightly off course, but I'm still curious as to what you did with all that loan money. It certainly wasn't for dental treatment or an exotic holiday. What does somebody do with 30 odd grand 'cept buy a car or house deposit? Madness, 22 and that much debt....
 
InDeep said:
I must stress again that I want to try and leave the bond to one side as I dont want to be using it to bail me out of the situation. Obviously the return I get will more than cover cost of credit plus repayment when I get the return.
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Em so your willing to have five years of debt and stress at 22, for a better future in 5 years. Im only young too and in five years time I have no idea what the future will hold. Id rather be debt free and enjoy my life at your age.
 
InDeep....

The best thing you can do for yourself is to stop the denial....The help you need in my opinion is for the gambling that you have done to get yourself into this debt....I'm sorry but I just don't buy the borrowed to invest crap. If I'm correct and you have had a gambling issue for some time then I can point you in the right direction for proper help and support.

r2d2
 
CharlieMcC, really admire your post. Even if Indeep does not feel it applies to him it may very well help somebody else deal with their problem and i'm really pleased things are working well for you.

Indeep like others on this thread you posts and your language strike me as that of somebody who is willing to gamble and take high risks. For somebody who says they never gambled before a month or two ago it sounds like you gambled alot of money on 3 tips received - this strikes me as extremely risky for somebody who has never gambled before. I'm sure at the time you thought you couldn't lose rather like you do now with the house purchase suggestion you have but you are gambling again - in that you have fixed in your own mind a strategy that you feel can't lose. You don't appear to want to hear anything to the contrary.

I really don't feel that anybody is going to be able to convince you differently at the moment because i don't think you really want to hear it - if fact thats why you probably don't want to take up the suggestion of MABS because as you said in your own words ‘I don't think going to them will help as deep down they only tell people what they already know but dont want to admit to’
 
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