Kill Uncle
Registered User
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- 5
I am very sorry to hear this, it is dreadful hard on you to lose a dear friend in this tragic way. Talk to someone about how you feeling.
Try not to worry too much about the finances, you are able to manage and keep your head above water. The future will be better and your other half will eventually get a new job.
Hi Guys
I have like most people over the last 4/5 years got into a lot of personal debt and even though I am servicing everything it wont be long before I cannot. My wife is unemployed for the last couple of years. She claims job seekers. She did receive a large redundancy from her job in 2009 but that is gone(gambling and bad investments) I have kept my job and earn around 50k p.a The mortgage is in my name only and was bought in 2000 with my sister. I bought her out in 2005. Basically my mortgage is 275k on tracker rate with BOI.(would put a rough value of 220k on it now) My wife build up debts /credit cards etc unknown to me (well I didnt know the extent!!!) I approached my bank AIB last year to clear all loans /credit cards etc. They kindly agreed but the terms are penal 23k over 7years at 380pm circa 11.7% APR. Again I took this loan out in my name. My wife also has a lease on a car which will be up next month. Have been paying 400 a month for the last 4 years...so we can give this car back next month and o/s loan will be cleared but she needs a car to get around and visit her sick mother. I make do with a 3k 02 GOLF. Whats left of our rainy day fund is circa 14k worth of shares. So out of salary every month of say 3,200 400 goes to her car 380 goes to personal loan 1100 to mortgage all the utilities gas, heat,VHI ,sky,broadband,mobile phones etc etc leaves about 300 a month for food and ocassional night out once a month. Basically the whole situation is causing me severe stress which effects my sleep and generally makes me quite ill.
We are both 40 no kids
I suppose the advice I am asking for is do I approach AIB and see if they could do something on their penal level of interest on their loan or do I speak to BOI and discuss the mortgage as a priority. If wife doesnt get job the savings will be gone very quickly. Somethings got to give.....
Thats my life....Any bright ideas appreciated apat from emigrate
You need to thoroughly analyse your expenditure and eliminate wastage.
You are able to pay your mortgage ok. Things are tight for you as you are repaying the personal debt €380 pm. Is there any way your wife can do without another car? 2 cars for 1 worker and 1 jobseeker is expensive.
Consider liquidating the shares, maybe put 5k off the 7 year loan, leave 9k on deposit, if you could put 5k or so off the loan and get the monthly repayment reduced from €380 to a lower figure. If you only have 1 car, that frees at least €400 pm to live on/save etc
Hi Kill Uncle,
I'm very sorry to hear about your friend, that must have been a great shock and loss for you. Thats tough, I hope you are getting on okay.
I am glad to hear that you're wife is working on her issues, and that you two are in this together. It will help you to have someone to share this with.
Overall as I said above you are not in a bad position, you have some spare money every month. You also have options for clearing down your debt - I have given you some, there are others too. Have a read of other threads on this forum, you might pick up some ideas.
It might also be worth filling out the 'Money Makeover' section, you might pick up some tips for saving on your outgoings.
Keep going, try not to worry too much, you're not in a bad position. You will get there.
PS make sure to plan some nice (cheap) treats for both of you as you sort things out, life's short, so don't lose too much time to worrying about this. I was in your boat and am now coming out the other side, it takes time and you have to keep chipping away at the debt.
Best of luck[/QUOTETha
Thanks Mac
My friends passing has been very difficult but it also puts my financial issues very much in the spotlight.(But more importantly puts LIFE into perspective) We have great friends and family. We will get through this. I mentioned a figure of 1100 in my earlier post for mortgage. That did not include circa 500pm for say mobiles VHI gas electricity broadband TV car insurance/tax/diesal house insurance life cover etc etc (most people have these) so are unavoidable. I will investigate your suggestions and certainly look at the "Money Makeover" To hear someone who has gone through it and is starting to come out the othe rside gives me great hope. .
Thanks mate
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