Hi,
... Really want to apply for a mortgage with my other half in the next year but know i've no hope (or do I?) of getting one with my financial mess at the minute...
Money is just in a mess at the moment so really need advise on the best way to tidy it and clear it off asap so I can move forward - feel like I can go no where i.e. buy a house.. with this hanging over me.
Hi Sarah, just a few thoughts...
firstly you are planning with your boyfriend to buy a house - is actually he aware of your current financial situation? Have you told him? I just get the feeling that you maybe have had the "Lets get a house together" conversation without touching on the "I already have a big debt" problem. Based on your income and debt level 5 years to clear it would seem reasonable, 3 years will be very, very hard. Also the other thing is that you won't be able to contribute to building a deposit while you are clearing that debt. I am not trying to be discouraging but perhaps buying a house is not something you should be focussed on for another five years. At that point you will hopefully be debt free and may even have a deposit together.
Hi,
Car: 344.44 - restructed my loan over 7 years but really want to pay it off asap (balance €24000)
Car loan would be more of a personal loan of €24k...
...
I've thought about getting one big consolidation loan to pay off everything but i'm unsure if the bank will give me one because of my previous history and the way the economy is now.
I just want to get rid of my debts asap - i'm a lot more sensible with my money now than I was 3 years ago when I got into this debt and really dont want to be paying the price for it for the next 5 years.
The existing loan for 24k you say is "more of a personal loan" does this mean that you have already consolidated debts previously? Rolling them in with a car purchase? If you have, and even if you haven't, in addition to taking out that loan you also owe 8k on cards (I don't know whether you ran that up before or after taking out the sizeable loan with GE but I am guessing that it was after? Elsewise you'd have paid off your CCs using the personal loan). Also I notice you mention you restructured the loan - was that to pay it off more quickly or to increase it?
If you have done so once before and are seeking to do so again you really do need to look long and hard at your spending (and I do appreciate you are probably doing that now)
I called GE who I have the loan with and I actually owe 23k. Taking that into account with my 2 credit cards for 8k do you think BOI would give me a consolidation loan over 3 years? I've worked everything out and can afford to pay £1000 a month off so it can be paid in 3 years.
I'm just worried they'll point blank refuse me because of my credit history - will the Underwriters not take into account my willingness to get out of debt and the fact that I have secure job? Bearing in mind also I will be (hopefully) due money in a couple of years (about 100k) so I will be investing that with them.
I don't think that a drop from 24k to 23k will make a significant difference in terms of whether you will be more kindly considered, the secure job and the plan of repayment are much more likely to carry weight. The fact that you might come into and inheritance at some point will carry no weight. You can't spend money you don't have and there is no guarantee that it will be yours. I'd probably not even mention it to be honest because it is basically says you are planning for money you don't have and may never have.
You have a plan (though for your own sake I would counsel perhaps looking at a longer timeframe and a smaller repayment) and you have identified how you want to meet it. I'd suggest trying for the consolidation. If you don't venture it you definitely won't get it!