and he named his thread "Need serious help..."
so which is it Indeep? help or to prove us all wrong?
this sounds like a wind up to me.
Need serious help and Im only 22
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and he named his thread "Need serious help..."
so which is it Indeep? help or to prove us all wrong?
this sounds like a wind up to me.
I am curious as to precisely InDeep's job in "finance" entails. I certainly hope it doesn't involve influencing other peoples' decisions on financial products!
Indeep, re-reading your original mail, and the follow up mails you've posted, I've noticed that you seem to work in 2 separate financial arenas... you worry about repaying 80 to a friend, yet are blasee about carrying €40k of debt.
I think you need to take a step back and re-evaluate what you want from your financial future. You are anticipating buying a house with a view of making a killing, yet worry about getting through the coming month...
Your debt is huge for for your income level and having no security...
Cash in that bond, take the hit and clear a lot of your debt.... so you won't make that killing, at least you'll be in a position to plan accurately your future.
I know there have been a lot of strong comments made in this forum, but please re-read your own posting and see what we seem to see, someone so deep in denial about his debt levels and his potential future wealth that he hasn't realised he's out of his depth!
I think you need to take a step back and re-evaluate what you want from your financial future. You are anticipating buying a house with a view of making a killing, yet worry about getting through the coming month...
Your debt is huge for for your income level and having no security...
Cash in that bond, take the hit and clear a lot of your debt.... so you won't make that killing, at least you'll be in a position to plan accurately your future.
I know there have been a lot of strong comments made in this forum, but please re-read your own posting and see what we seem to see, someone so deep in denial about his debt levels and his potential future wealth that he hasn't realised he's out of his depth!
Nobody gambles large amounts of money on the internet when they have never gambled before, very desperate if you ask me - sounds like you were making a last effort to bail yourself out of trouble before posting here.
By coming on here you wanted reassurance - you believe that you have this great idea to get out of debt and you wanted other people to agree with you and tell you how wonderful an idea it is!. The reality is that people are offering real, honest and very good advice but now you have decided to prove everybody wrong because you didn't hear any praise as you had expected. Start with mabs and take it from there! - Then you might looking into your gambling problem (and yes you do have one, not just with the horses either) Then I would look very seriously into the reasons why you felt that at 22 it was okay to use your parents credit card to gamble.
I really do hope that someone like you isn't giving advice to the public on financial products - 22yrs old, living with mammy and daddy and still 40K in debt - Grow up mate cut your losses and stop trying to be some kind of financial whizz kid when you obviously aren't coping
By coming on here you wanted reassurance - you believe that you have this great idea to get out of debt and you wanted other people to agree with you and tell you how wonderful an idea it is!. The reality is that people are offering real, honest and very good advice but now you have decided to prove everybody wrong because you didn't hear any praise as you had expected. Start with mabs and take it from there! - Then you might looking into your gambling problem (and yes you do have one, not just with the horses either) Then I would look very seriously into the reasons why you felt that at 22 it was okay to use your parents credit card to gamble.
I really do hope that someone like you isn't giving advice to the public on financial products - 22yrs old, living with mammy and daddy and still 40K in debt - Grow up mate cut your losses and stop trying to be some kind of financial whizz kid when you obviously aren't coping
Does not compute.
€2,238 - (€550 + €800 + €700 + €120 + €100 + €60) = -€92.
What does this mean? Do you mean that you could approve a loan for yourself in your own job? Is that really true? Scary if it is...
Re: Need serious help and Im only 22!!!
Sounds like you want a pat on the back for this one - who do you work for - my god sounds like a dream job - 22, bad at finances and still able to get himself 350K - give us some credit
Yep, I thought this was a wind up too but lately I have had my doubts about the genuine nature of some of the recent threads on AAM. I was going to contribute to this thread the other day and when I went to do so it had been moved to the stb section and I was soooooooooo glad I hadn't wasted my time offering my tuppence worth. Fair play to the mod ajapale for spotting it was a joke 'cause it had me fooled.
H
HotdogsFolks
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Spot on!
This guy is too immature to be dealing with money. He clearly doesn't understand it.
OP - Get rid of the bond and start over again. You've screwed up. Accept defeat, clear your debts, clear your stress, and go from there...
InDeep, you might let us know how exactly you can "approve €350k" for yourself if you're earning €33k a year?
I earn more than twice what you do and am a qualified accountant (banks take a different view of professionals) and struggled to get that kind of approval without a guarantee.
The rest of your posts sounds like you're a habitual gambler and think that leveraging yourself to the hilt is the only way to get rich. At 22 you should forget about taking a gamble on the property market for a few years. Rent for half of what you'd pay in a mortgage and cut out the effect of any interest rate hikes and/or potential property downturn. Get yourself debt free before throwing yourself into more debt.
I earn more than twice what you do and am a qualified accountant (banks take a different view of professionals) and struggled to get that kind of approval without a guarantee.
The rest of your posts sounds like you're a habitual gambler and think that leveraging yourself to the hilt is the only way to get rich. At 22 you should forget about taking a gamble on the property market for a few years. Rent for half of what you'd pay in a mortgage and cut out the effect of any interest rate hikes and/or potential property downturn. Get yourself debt free before throwing yourself into more debt.
I don't see that the thread in question was a joke/wind-up.
I don't either in relation to that particular thread but have to admit have felt in some threads (particularly house price related) that some posters like playing devils advocate. I think it's hard to call it sometimes so i try and give the person the benefit of the doubt that its genuine. Hard to swallow though when some one seeks advice and then seems to be wanting to make a point and argue/ debate against all advice given. Makes me doubt whether the advice was really wanted and if it was just a device to air own views
I have no problem in saying that I often like playing devil's advocate. It's a legitimate strategy for help people who look for information to think about their situation especially when it balances biases that they or others have about some topic.
Re: Need serious help and Im only 22!!!
This statement alone suggests you are incredibly immature.
1. There is absolutely no definitive evidence to believe that the housing market is going to slow down or speed up, all ideas are purely speculation and opinion right now as at the moment the general gist on the economy from the CSO is extremely bright - which suggests that growth is likely to continue (much as non-home owners like myself and yourself would like to believe otherwise).
To suggest that its "definitely" going to happen, and on a particular date, is naive to put it nicely.
2. Secondly, Credit Unions are joining the ICB in efforts to stop themselves being labelled a "soft touch" by people like yourselves.
(A letter arrived at my best friend's house last week - was a last warning for a former tenant of the previous owner, who owed a local CU 12k before she skiddadled - do you really think CU's are going to continue to tolerate this situation?)
3. 40k is nearly 2 years net income for you. In order to clear all of this with a 30k loan at a reasonable rate will cost you 500 a month not counting interest over 5 years. A 350k mortgage will add 850 a month (assuming your partner pays half). Thats still leaving you will only 900-1000 a month which is still a crippling amount of repayments.
And thats over 30 years. Again not taking into account interest rate changes which could add huge amounts when they go up.
4. What really alarmed me, though, was the comment about gambling on your parents credit card. Firstly isn't 22 a bit old to still have a card on your mum's account? And secondly, doesn't gambling on a credit card under the illusion that you'll earn money pretty much suggest that you've got either a) a big attitude problem or b) a big debt problem.
If I were your employer reading this, I'd be very worried about your maturity and ability to understand financial issues, particularly since you are clearly having big problems managing your own.
My suggestion is to forget about the house until every penny of your debts are paid.
To answer your original question, yes, it is possible to enjoy life on a tiny income - people on social welfare have to live on little more than the figure you mention, and for many that includes a contribution to rent and bills. I was problem debts once myself, partially due to circumstances that I did initiate myself, but really more due to spending habits that evolved over years and one or two circumstances outside my control (a key figure in my case was a 3 year pay freeze).
Now everybody owes something but it does sound to me that you do (at least) realise that things are getting out of control.
Most people have debts, some people even big ones, but the difference between a debt problem and a debt is when you can't afford your repayments - which is exactly what you're facing. What you need to do is gain control again - and forget about the house for now. Get a grip on the reality of the situation and the house will eventually be yours - but be warned it may be years.
I'd suggest putting up with the 75 euros a month and then start throwing money at the debt with the biggest interest rate. Once thats cleared, continue with the next most expensive and so on until its paid off in full.
But talk to MABS if you can.
I think you probably realise at this stage that you're not going to keep a squeaky clean ICB record without hairshirt living, but look on the bright side, if you can put away 1000 a month it'll be all paid off within 3.5 years.
As for getting a 350k loan, surely you do realise that interest rates are going up and that the amount that you can borrow is failling with every rise? My friend with nearly 40k a year needed both a bond from her folks and her Dad as a guarantour to get 220k. Do you not realise that interest rates are probably going to be 0.5-1% higher this time next year?
This statement alone suggests you are incredibly immature.
1. There is absolutely no definitive evidence to believe that the housing market is going to slow down or speed up, all ideas are purely speculation and opinion right now as at the moment the general gist on the economy from the CSO is extremely bright - which suggests that growth is likely to continue (much as non-home owners like myself and yourself would like to believe otherwise).
To suggest that its "definitely" going to happen, and on a particular date, is naive to put it nicely.
2. Secondly, Credit Unions are joining the ICB in efforts to stop themselves being labelled a "soft touch" by people like yourselves.
(A letter arrived at my best friend's house last week - was a last warning for a former tenant of the previous owner, who owed a local CU 12k before she skiddadled - do you really think CU's are going to continue to tolerate this situation?)
3. 40k is nearly 2 years net income for you. In order to clear all of this with a 30k loan at a reasonable rate will cost you 500 a month not counting interest over 5 years. A 350k mortgage will add 850 a month (assuming your partner pays half). Thats still leaving you will only 900-1000 a month which is still a crippling amount of repayments.
And thats over 30 years. Again not taking into account interest rate changes which could add huge amounts when they go up.
4. What really alarmed me, though, was the comment about gambling on your parents credit card. Firstly isn't 22 a bit old to still have a card on your mum's account? And secondly, doesn't gambling on a credit card under the illusion that you'll earn money pretty much suggest that you've got either a) a big attitude problem or b) a big debt problem.
If I were your employer reading this, I'd be very worried about your maturity and ability to understand financial issues, particularly since you are clearly having big problems managing your own.
My suggestion is to forget about the house until every penny of your debts are paid.
To answer your original question, yes, it is possible to enjoy life on a tiny income - people on social welfare have to live on little more than the figure you mention, and for many that includes a contribution to rent and bills. I was problem debts once myself, partially due to circumstances that I did initiate myself, but really more due to spending habits that evolved over years and one or two circumstances outside my control (a key figure in my case was a 3 year pay freeze).
Now everybody owes something but it does sound to me that you do (at least) realise that things are getting out of control.
Most people have debts, some people even big ones, but the difference between a debt problem and a debt is when you can't afford your repayments - which is exactly what you're facing. What you need to do is gain control again - and forget about the house for now. Get a grip on the reality of the situation and the house will eventually be yours - but be warned it may be years.
I'd suggest putting up with the 75 euros a month and then start throwing money at the debt with the biggest interest rate. Once thats cleared, continue with the next most expensive and so on until its paid off in full.
But talk to MABS if you can.
I think you probably realise at this stage that you're not going to keep a squeaky clean ICB record without hairshirt living, but look on the bright side, if you can put away 1000 a month it'll be all paid off within 3.5 years.
As for getting a 350k loan, surely you do realise that interest rates are going up and that the amount that you can borrow is failling with every rise? My friend with nearly 40k a year needed both a bond from her folks and her Dad as a guarantour to get 220k. Do you not realise that interest rates are probably going to be 0.5-1% higher this time next year?
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InDeep: I was about to make a detailed response but the post of Iff12 of today is as good as you will get. But I’m beginning to wonder if this is a wind up or possibly the most self-centred and selfish poster on AAM.
You have received free advice of a very high quality on how to deal with your problems and all you can say is: “I am here to prove all of you wrong”.
Then you should not be here. This is a forum where those with more experience of debt management (and it is management of your money that gets you out of debt – not gambling) voluntarily make their knowledge and experience available to people with genuine concerns. Rather than accept this advice, you simply argue. After re-reading your posts, I’m reminded of the line in the Smith’s song ‘This Charming Man’ about “a jumped-up pantry boy who doesn't know his place”.
You should follow the advice given, go to MABS and it wouldn’t hurt to read some of Alvin Hall’s books on debt problems.
You have received free advice of a very high quality on how to deal with your problems and all you can say is: “I am here to prove all of you wrong”.
Then you should not be here. This is a forum where those with more experience of debt management (and it is management of your money that gets you out of debt – not gambling) voluntarily make their knowledge and experience available to people with genuine concerns. Rather than accept this advice, you simply argue. After re-reading your posts, I’m reminded of the line in the Smith’s song ‘This Charming Man’ about “a jumped-up pantry boy who doesn't know his place”.
You should follow the advice given, go to MABS and it wouldn’t hurt to read some of Alvin Hall’s books on debt problems.
When I first saw this thread there was only a few posts in it which I read and thought the thread was genuine. I returned to the thread the next day ( I think) , with the intention of adding my own thoughts but saw that it had been moved to the stb section which is "for jokes, stories, and other non serious stuff ", to quote from Brendan's guidelines. I therefore assumed that the thread was in some way a joke and didn't bother reading the additional posts in the thread since my previous visit, nor did I bother contributing - I don't spend much time at all reading or contributing to the stb section. I have just read the entire thread now and I agree with your view above - obviously ajapale spotted something that eludes us. I see the Pit Bull thread is also now in stb - is that right or are there gremlins at work
.liteweight
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I don't understand why that thread is STB either, unless it became more like a discussion than a reply to a specific question.
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