Hi
Myself and my husband have closed our business due to mounting debts and a massive decline in business.
We simply had no choice as our landlord refused to lower our rent and we were finding it harder to make ends meet.
We are now left with two credit cards with a total of €7,000 plus business and personal over drafts of €7,000 and a loan of €8,000.
We're in our forties, have never been in debt before. We have always paid our way and were "so called" sensible people.
We bought a house in 2006. We decided the sensible thing to do at the time was to buy a property that needed some work, so that we weren't getting a mortgage at the higher end, even though we were offered a higher mortgage. We put in €150,000 of our own money when buying the house.
Unfortunately over the past two years we have tried everything to sell our house, just to be free of debts which we find are a crippling constant worry. We have dropped it over €120,000 which would leave us with nothing, but we may be left with a small amount to pay our debts.
To be honest at this stage we haven't a problem renting and having no assets, life is too short to struggle with the daily worry of debts.
We need advice from people that have or are going through a similar situation but who are probably a bit further down the road.
Our situation at the moment is we are lucky enough to get €320/week from SW, but no matter how much we try to cut down on our expenses, we cannot possible see how we will ever get to begin to pay back the bank/credit cards etc. It's not that we don't want to try, we have cut everything to a minimum, we always go to the use by date counter to buy our daily meat etc.
We are trying not to spend too much on home fuel but our house isn't insulated and is practically an ice box at times but we are stuck with it.
We have been honest with our bank and they have told us they will come back to us in a weeks time when we have sorted out how much we can afford to pay back each week.
I gusess we really need to know what happens when we just don't have anything to pay back or if anything the absolute bare minimum.
Has anyone been here that may be able to put our minds at rest or give us what ever information/advice necessary.
Sorry about the long boring post and thanks for taking the time to read it.
Myself and my husband have closed our business due to mounting debts and a massive decline in business.
We simply had no choice as our landlord refused to lower our rent and we were finding it harder to make ends meet.
We are now left with two credit cards with a total of €7,000 plus business and personal over drafts of €7,000 and a loan of €8,000.
We're in our forties, have never been in debt before. We have always paid our way and were "so called" sensible people.
We bought a house in 2006. We decided the sensible thing to do at the time was to buy a property that needed some work, so that we weren't getting a mortgage at the higher end, even though we were offered a higher mortgage. We put in €150,000 of our own money when buying the house.
Unfortunately over the past two years we have tried everything to sell our house, just to be free of debts which we find are a crippling constant worry. We have dropped it over €120,000 which would leave us with nothing, but we may be left with a small amount to pay our debts.
To be honest at this stage we haven't a problem renting and having no assets, life is too short to struggle with the daily worry of debts.
We need advice from people that have or are going through a similar situation but who are probably a bit further down the road.
Our situation at the moment is we are lucky enough to get €320/week from SW, but no matter how much we try to cut down on our expenses, we cannot possible see how we will ever get to begin to pay back the bank/credit cards etc. It's not that we don't want to try, we have cut everything to a minimum, we always go to the use by date counter to buy our daily meat etc.
We are trying not to spend too much on home fuel but our house isn't insulated and is practically an ice box at times but we are stuck with it.
We have been honest with our bank and they have told us they will come back to us in a weeks time when we have sorted out how much we can afford to pay back each week.
I gusess we really need to know what happens when we just don't have anything to pay back or if anything the absolute bare minimum.
Has anyone been here that may be able to put our minds at rest or give us what ever information/advice necessary.
Sorry about the long boring post and thanks for taking the time to read it.