Should I refinance

niceoneted said:
The only conclusion I can come to on the interest free money - as she says it's not a loan but money that is owed - is that it is credit card debt that is on an interest free period at the moment?
Does that now make sense to others.
OP lots of people post questions/scenarios etc with what they perceive to be all the info but in order sometimes for people to give as good a response from the vast life/business/financial/legal or what ever experience is needed they need additional information.
There are a number of questions that people have posted looking for additional info in order to help - you seem to see it as an invasion for info - and you have chosen to ignore them.
Remember that most of the posters here are a lot older and wiser. A lot have been where you are now. I myself woke up one morning owing 24k with nothing to show for it. 8 k of it was on a credit card. I worked bloody hard to pay it off in one year and I wasn't earning a whole lot more than you.
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This is not a credit card debt.
 
Hi Danielle,

I understand how you've gotten into debt and you are by no means alone. I think there are a lot of people out there in your position. However, you are lucky enough to still have a job and from what you've said seems to be fairly stable I think your priority is to clear down your debt ASAP. I don't think the answer is to refinance.

I'm a qualified accountant and had to study part-time to get my qualification. Studying part-time is incredibly difficult and expensive however the increase in salary makes the studying worth it. I don't think it would really matter whether you start at 24 or 26 the increase in salary will come as a result of experience and exams. There's honestly no rush !

Given the current economic situation you really need to get your debt down.

I find your comments on your shares incredibly confusing. All I can say about shares having worked in several investments banks. Don't rely on them. They can be worth thousands one week and worthless the next no matter what industry.

all the best !
 
denise2007 said:
Hi Danielle,

I understand how you've gotten into debt and you are by no means alone. I think there are a lot of people out there in your position. However, you are lucky enough to still have a job and from what you've said seems to be fairly stable I think your priority is to clear down your debt ASAP. I don't think the answer is to refinance.

I'm a qualified accountant and had to study part-time to get my qualification. Studying part-time is incredibly difficult and expensive however the increase in salary makes the studying worth it. I don't think it would really matter whether you start at 24 or 26 the increase in salary will come as a result of experience and exams. There's honestly no rush !

Given the current economic situation you really need to get your debt down.

I find your comments on your shares incredibly confusing. All I can say about shares having worked in several investments banks. Don't rely on them. They can be worth thousands one week and worthless the next no matter what industry.

all the best !
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Thanks Denise,

There is a chance of course the Shares could go belly up. However, i'm guaranteed the money I invested back. This is a Sharesave scheme in work. I know there is no rush i'm just freaking out that time is running away with me and there's so much I want to do. Another reason I was thinking of refinancing is god forbid some day I ended up on the dole it's a lot easier to meet payments of €200 a month than over €600.
 
Yes, that's a valid point. If you do end up on the dole would certainly be easier to pay €200 than €600.

Good luck with everything and calm down ! You'll be working long enough and will look back think that there is really is no difference between 24 and 26 :)
 
Danielle24 said:
Another reason I was thinking of refinancing is god forbid some day I ended up on the dole it's a lot easier to meet payments of €200 a month than over €600.
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Jumping back in here Danielle after initially giving my opinion at the start (not to refinance) and then following the rest of this thread, anyway I would say with regard to this comment that if you end up unemployed then it would be easier to have no loan, so that is why i had advised to pay off the debt sooner rather than refinance since you don't always know what way things will go. If you are reasonably job secure right now then pay your loan off and then consider studying when you have saved the funds you need. But honestly I don't think you need any more advice than what has been given in the many comments already so either take it or don't but surely there's been enough on this thread?
 
denise2007 said:
Yes, that's a valid point. If you do end up on the dole would certainly be easier to pay €200 than €600.

Good luck with everything and calm down ! You'll be working long enough and will look back think that there is really is no difference between 24 and 26 :)
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Thanks Denise,

I will try calm down, thing i'm having a "mini mid life crisis"
 
Danielle24 said:
. I ran up debt because I bought a car was stupid with my credit card, the cost of a wedding in Greece, some medical expenses.
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Let's say that you are paying back an interest free loan in respect of the above mentioned medical expenses or having to pay back monies to the Department of Social Welfare or something similar. I agree, keep this part of the loan as it is interest free and only costing you €50 per month.

I would refinance the balance and spread the remainder of the loan out over a longer term.

You have said that you are in a recession proof job so no need to worry about being unemployed. Even if you were made unemployed, your new repayments of €200 per month might be manageable.

I think you confused people about your shares. You gave the impression that the company was yours, and not an employee.

With your new qualifications you might be able to look for a better position within your company. What is it you want to study?

Do you still have a credit card? I hope that you have disposed of this?

You are not having a mid life crisis if you are still in your twenties but you are certainly having some sort of an episode because your comments/answers are not normal. Think of the effect you might be having on your work colleagues and family. Are you still close to your family?

You said at the beginning that you worry about money. Don't. Your health is far more important. Take one step at a time in dealing with everything.

The easiest way to eat an elephant is one bite at a time.
 
SlurrySlump said:
Let's say that you are paying back an interest free loan in respect of the above mentioned medical expenses or having to pay back monies to the Department of Social Welfare or something similar. I agree, keep this part of the loan as it is interest free and only costing you €50 per month.

I would refinance the balance and spread the remainder of the loan out over a longer term.

You have said that you are in a recession proof job so no need to worry about being unemployed. Even if you were made unemployed, your new repayments of €200 per month might be manageable.

I think you confused people about your shares. You gave the impression that the company was yours, and not an employee.

With your new qualifications you might be able to look for a better position within your company. What is it you want to study?

Do you still have a credit card? I hope that you have disposed of this?

You are not having a mid life crisis if you are still in your twenties but you are certainly having some sort of an episode because your comments/answers are not normal. Think of the effect you might be having on your work colleagues and family. Are you still close to your family?

You said at the beginning that you worry about money. Don't. Your health is far more important. Take one step at a time in dealing with everything.

The easiest way to eat an elephant is one bite at a time.
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Hi Slurry Slump,

Nope I don't own the company unfortunately. I don't bring any of my personal stuff to work. I am close to my family but wouldn't concern them with my financial worries the irony is I do have to help my brother and my mam on occasion with money. I have no credit cards, paid off and closed it. I have a Higher Certificate in Business and PR, so I wanted to do a degree in say PR and Marketing or something similar.
 
Life is about being as happy as you can. There are lots of things free in this world or low cost. I can get as much enjoyment out of a well prepared picnic as I can sitting in a restaurant eating a meal. By being clever with your resources you can go a long way. Thankfully I don't smoke and I drink very little, that helps.
Having to cancel a dental appointment is no way to live. If you develop a plan that includes refinancing and stick to your plan as well as changing some bad habits then thats a good thing.
 
Odea said:
Life is about being as happy as you can. There are lots of things free in this world or low cost. I can get as much enjoyment out of a well prepared picnic as I can sitting in a restaurant eating a meal. By being clever with your resources you can go a long way. Thankfully I don't smoke and I drink very little, that helps.
Having to cancel a dental appointment is no way to live. If you develop a plan that includes refinancing and stick to your plan as well as changing some bad habits then thats a good thing.
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Thanks Odea, trust me i've learned an expensive yet valuable lesson, I had no clue about budgeting or managing money a few years a go. I've completely changed my attitude, hopefully i'll get the loan now.
 
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