Personal and income details
Net (i.e. after tax) Income self: €1319 pm part time employment, private sector
Income history: Put on a 3 day week 2010, no change. Had been claiming SW for the other 2 days but this has now been stopped.
Net income partner/spouse: c. €1573 pm, full time employment, private sector
Income history: Lost job about 5 years ago, has been in and out of low paying jobs since. This one is secure enough but the pay is low.
Number of children 1
Amount of Mortgage Interest Supplement received N/A
Home loan
Lender: PTSB
Amount outstanding: €258,000
Value of home: c. €120,000
Interest rate: Variable 4.34%
Monthly repayment: Should be €1,279 after TRS, currently paying €930 (interest €797 + capital 133)
Amount in arrears None
Summary of discussions and agreements with the bank
We have been going to the bank every 6 months for the last couple of years and arranging a reduced payment on the mortgage. Didn’t want to keep paying interest only as I feel we are getting no where so agreed to interest plus part capital. The idea is that over time, as the other loans are cleared, we can increase the mortgage payment and eventually pay the full monthly amount.
Other loans and creditors
Overdraft – AIB €1,000
PTSB €500
Credit Card €1500
Credit Union e.g. Loan of €6,500 against €150 shares. Currently paying €225 per month off loan and €10 to shares. 2.5 years left.
Family Loan from family member balance €8,510 – try to pay at least €200 pm back. Interest free, no formal arrangement in place.
Other savings and investments
None. Try to put away €10 a week to cover Christmas, birthdays etc.
How important is retaining the family home to you?
In the short term, I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
We don't have childcare costs currently but will have creche fees starting in September. Approx €160 pm. Very lucky to have family member helping out with child minding.
What is your preferred realistic outcome?
Where should our priorities lie here? Should we go back to full mortgage and reduce CU payments and family loan payment? At the moment I don’t use the accounts with the overdrafts and don’t pay anything into them so they are just costing us money.
I don’t know the best way to work it all out.
Long term plan would be to be clear of short term debt, be comfortable in paying the mortgage and eventually be free from negative equity and move to a bigger house. Is that possible?
Net (i.e. after tax) Income self: €1319 pm part time employment, private sector
Income history: Put on a 3 day week 2010, no change. Had been claiming SW for the other 2 days but this has now been stopped.
Net income partner/spouse: c. €1573 pm, full time employment, private sector
Income history: Lost job about 5 years ago, has been in and out of low paying jobs since. This one is secure enough but the pay is low.
Number of children 1
Amount of Mortgage Interest Supplement received N/A
Home loan
Lender: PTSB
Amount outstanding: €258,000
Value of home: c. €120,000
Interest rate: Variable 4.34%
Monthly repayment: Should be €1,279 after TRS, currently paying €930 (interest €797 + capital 133)
Amount in arrears None
Summary of discussions and agreements with the bank
We have been going to the bank every 6 months for the last couple of years and arranging a reduced payment on the mortgage. Didn’t want to keep paying interest only as I feel we are getting no where so agreed to interest plus part capital. The idea is that over time, as the other loans are cleared, we can increase the mortgage payment and eventually pay the full monthly amount.
Other loans and creditors
Overdraft – AIB €1,000
PTSB €500
Credit Card €1500
Credit Union e.g. Loan of €6,500 against €150 shares. Currently paying €225 per month off loan and €10 to shares. 2.5 years left.
Family Loan from family member balance €8,510 – try to pay at least €200 pm back. Interest free, no formal arrangement in place.
Other savings and investments
None. Try to put away €10 a week to cover Christmas, birthdays etc.
How important is retaining the family home to you?
In the short term, I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
We don't have childcare costs currently but will have creche fees starting in September. Approx €160 pm. Very lucky to have family member helping out with child minding.
What is your preferred realistic outcome?
Where should our priorities lie here? Should we go back to full mortgage and reduce CU payments and family loan payment? At the moment I don’t use the accounts with the overdrafts and don’t pay anything into them so they are just costing us money.
I don’t know the best way to work it all out.
Long term plan would be to be clear of short term debt, be comfortable in paying the mortgage and eventually be free from negative equity and move to a bigger house. Is that possible?