I am a single male, aged 45. I bought my apartment in 2001. My mortgage was about €160,000. I took out a remortgage of €25,000 in 2007, which added to my debt. I paid my mortgage regularly until 2008, when I ran into employment issues, debt, and other difficulties.
For about a year and a half from 2008, I missed mortgage payments, missed other bills, ran up bank charges on non payment of bills, and generally made a mess of my personal finances.
From 2011 I finally caught up on my missed mortgage payments, and settled back down to regular monthly mortgage repayments, and repayment of other debts.
From 2013, I let the apartment to tenants (which I should have done much sooner) for €800 per month, and moved home to my parents.
My problem is that I have spent thirteen years as a single male on a relatively low salary (averaging €400-€450 per week) strangling myself to pay a mortgage on an apartment that I don't really want, can't afford to live in, and doing without everything else other than the bare necessities of feeding myself and paying management fees, taxes, and running a very old car.
I could live for another seventeen years continuing to go without to pay the mortgage, with my own apartment at the end of it all, or bail out now, sell the apartment for less than I bought it for in 2001 (about €135,000 - I owe €160,000 to clear everything), swallow all the enormous waste of money over the past thirteen years, and cut my losses.
I have no health insurance, do not drink or smoke, take no holidays, and pay a small amount to my parents each week for living there, after my car running costs, management fees, repairs, a €9,000 credit union loan (taken out misguidedly when I was in financial trouble), and general basic necessities are deducted. I save nothing at all, and have no pension plan. My credit rating is shot.
What do the financial experts, or other people of experience here, suggest? Should I stick with the grind, for another seventeen years, or cut loose and run, and spend my money on health and pension plans, save a little, and have a life? Are there any points of view I am missing?
For about a year and a half from 2008, I missed mortgage payments, missed other bills, ran up bank charges on non payment of bills, and generally made a mess of my personal finances.
From 2011 I finally caught up on my missed mortgage payments, and settled back down to regular monthly mortgage repayments, and repayment of other debts.
From 2013, I let the apartment to tenants (which I should have done much sooner) for €800 per month, and moved home to my parents.
My problem is that I have spent thirteen years as a single male on a relatively low salary (averaging €400-€450 per week) strangling myself to pay a mortgage on an apartment that I don't really want, can't afford to live in, and doing without everything else other than the bare necessities of feeding myself and paying management fees, taxes, and running a very old car.
I could live for another seventeen years continuing to go without to pay the mortgage, with my own apartment at the end of it all, or bail out now, sell the apartment for less than I bought it for in 2001 (about €135,000 - I owe €160,000 to clear everything), swallow all the enormous waste of money over the past thirteen years, and cut my losses.
I have no health insurance, do not drink or smoke, take no holidays, and pay a small amount to my parents each week for living there, after my car running costs, management fees, repairs, a €9,000 credit union loan (taken out misguidedly when I was in financial trouble), and general basic necessities are deducted. I save nothing at all, and have no pension plan. My credit rating is shot.
What do the financial experts, or other people of experience here, suggest? Should I stick with the grind, for another seventeen years, or cut loose and run, and spend my money on health and pension plans, save a little, and have a life? Are there any points of view I am missing?
