Current debts
MBNA - €8000
Halifax - €3850
PTSB CC - €2085
PTSB O/D - €1371
PTSB Loan - €4360
BOI O/D - €1000
Management fees arrears - €3000
Monthly payments of €600 split between these – negotiated and paid through MABS
Parental loan which needs to be paid by the end of the year €3000 – currently saving €250pm in the credit union towards this
Mortgage €318,000 – reduced repayments of €750pm agreed for the next 12 months
€3000 in arrears
Net monthly income = €2150
TRS - €140 (saving towards 2012 management fees)
Current savings of €1000 in credit union
Hope someone can give me some advice. I renegotiated my personal debt repayments last year through MABS and recently have negotiated another 12 months reduced repayments on my mortgage. I have already had 2 years reduced mortgage repayments and would ideally like to get back to full payments by 2013.
The problem is my personal debt is not really reducing and it looks like I am going to be paying it off for years and when my mortgages goes back to full repayments (circa €1300 pm) I am not going to be able to manage.
I am wondering would I be better off stopping payments for say 6 months – saving the €600 per month (in addition to the €250 I am currently saving in the credit union) and then offering the banks a reduced settlement figure on each of the loans / credit cards – is this feasible? Will the fact that I have a job mean they will be less likely to negotiate with me?
In 6 months time I would have over €6000 saved - possibly twice more if I manage to earn some decent commission in work which I could save towards it.
Just feel like I am getting nowhere fast at the moment so would be grateful for any advice
MBNA - €8000
Halifax - €3850
PTSB CC - €2085
PTSB O/D - €1371
PTSB Loan - €4360
BOI O/D - €1000
Management fees arrears - €3000
Monthly payments of €600 split between these – negotiated and paid through MABS
Parental loan which needs to be paid by the end of the year €3000 – currently saving €250pm in the credit union towards this
Mortgage €318,000 – reduced repayments of €750pm agreed for the next 12 months
€3000 in arrears
Net monthly income = €2150
TRS - €140 (saving towards 2012 management fees)
Current savings of €1000 in credit union
Hope someone can give me some advice. I renegotiated my personal debt repayments last year through MABS and recently have negotiated another 12 months reduced repayments on my mortgage. I have already had 2 years reduced mortgage repayments and would ideally like to get back to full payments by 2013.
The problem is my personal debt is not really reducing and it looks like I am going to be paying it off for years and when my mortgages goes back to full repayments (circa €1300 pm) I am not going to be able to manage.
I am wondering would I be better off stopping payments for say 6 months – saving the €600 per month (in addition to the €250 I am currently saving in the credit union) and then offering the banks a reduced settlement figure on each of the loans / credit cards – is this feasible? Will the fact that I have a job mean they will be less likely to negotiate with me?
In 6 months time I would have over €6000 saved - possibly twice more if I manage to earn some decent commission in work which I could save towards it.
Just feel like I am getting nowhere fast at the moment so would be grateful for any advice