money problems

millbrookk

hi, just joined boards.ie so hope im doing this rite.
i have recently been made unemployed. i have a large mortgage, car loan etc and finding it difficult meet all my outgoings. any advise

chickensandwich

Hi OP,

So sorry to hear about your money difficulties. Your first port of call should be MABS (www.mabs.ie). If you are having difficulties paying your debts they can intervene on your behalf and they will help you set up a budget etc.

The main thing is not to bury your head in the sand, talk to MABS and get their advice about how to approach your creditors.

Best of luck!

Acoustic

Dont talk to MABS staff away from them

i know 4 couples who got fooked up advise from them and now in worse situation than started

personally i wouldnt worry too much as ur not alone in this situation , first id contact bank's where you have mortgage and car loan and explain this and see if you can arrange a lower monthly fee for a few months , the banks would rather some money than no money

then id they agree id do up a small budget plan on what you have or entitlements from government and then see where you are ??? maybe some small sacrafices ???

LegacyUser

Acoustic wrote: »

Dont talk to MABS staff away from them

i know 4 couples who got fooked up advise from them and now in worse situation than started

personally i wouldnt worry too much as ur not alone in this situation , first id contact bank's where you have mortgage and car loan and explain this and see if you can arrange a lower monthly fee for a few months , the banks would rather some money than no money

then id they agree id do up a small budget plan on what you have or entitlements from government and then see where you are ??? maybe some small sacrafices ???

This is bad advice through and through, Telling someone in debt, who is unemployed not to worry and make a few small sacrifices and to ask the bank for lower mortgage repayments...banks do not agree to this first off. Please can you elabortate on how MABS made things harder for people?

OP, is it possible to sell your car and pay off your loan and get a cheaper car, Also, does your bank allow for an interest only payment, or a moratorium? Can you make a list of your outgoiings vs. whats coming in and maybe people can give their opinions on where you could make savings.

wexford202

millbrookk wrote: »

hi, just joined boards.ie so hope im doing this rite.
i have recently been made unemployed. i have a large mortgage, car loan etc and finding it difficult meet all my outgoings. any advise

Hi there OP

You are doing the right thing by facing that you are in financial difficulty rather than burying your head in the sand.

I cannot comment on MABS.IE as I do not know anyone who has used them before.

I would vist the bank forst of all where your mortgage is as there are people visting every day with the same stress. The bank have a new system in place for people in the same boat as yourself and at the moment will look into what you can actually afford to pay from your mortgage. Many people are paying interest only at the minute but if you can even pay 70% the bank will look at that as a good effort and not even bat an eyelid about it. They will sort out a six or 12 month plan to get you back on your feet.

With the car thing you need to first of all see how lond is your loan for. Can you extend it? Do you have a payment protection on your loan?

If you can get the mortgage thing sorted you may not even need to worry about the car.

Call the bank today and again don't worry. Many people are the same. It will not be the banks first time in dealing with this type of difficulty.

Acoustic

MABS FAN 101 wrote: »

This is bad advice through and through, Telling someone in debt, who is unemployed not to worry and make a few small sacrifices and to ask the bank for lower mortgage repayments...banks do not agree to this first off. Please can you elabortate on how MABS made things harder for people?

OP, is it possible to sell your car and pay off your loan and get a cheaper car, Also, does your bank allow for an interest only payment, or a moratorium? Can you make a list of your outgoiings vs. whats coming in and maybe people can give their opinions on where you could make savings.

do mabs pay your mortgage or car loan ?????? No

they gave the wrong advice to my friends

banks in this recession have become alot more lenient , they dont want repossesed houses , they want cash and some have even deferred mortgage payments for a year to help you get sorted , i mean why woud anybody even need mabs ??? are they free ? no so theres an added expense u dont need

its simple discuss everything with the bank and try arrange something to help both parties

wexford202

MABS FAN 101 wrote: »

This is bad advice through and through, Telling someone in debt, who is unemployed not to worry and make a few small sacrifices and to ask the bank for lower mortgage repayments...banks do not agree to this first off. Please can you elabortate on how MABS made things harder for people?

OP, is it possible to sell your car and pay off your loan and get a cheaper car, Also, does your bank allow for an interest only payment, or a moratorium? Can you make a list of your outgoiings vs. whats coming in and maybe people can give their opinions on where you could make savings.

Firstly you will never get anything near what your car is worth a the minute as the value f vehicles has crashed.

I know nothing about MABs.

I can in fact say that the banks will help as I know quite a few people that have had similar problems. It may only take a six month plan with the bank and you are back on your feet with a job.

It's not about how much money you have in the bank but about how well you have serviced this and previous loans.

Capt'n Midnight

have a look here too to make sure you are getting full entitlements
http://boards.ie/vbulletin/forumdisplay.php?f=861

Dixie Chick

Acoustic wrote: »

do mabs pay your mortgage or car loan ?????? No

they gave the wrong advice to my friends

banks in this recession have become alot more lenient , they dont want repossesed houses , they want cash and some have even deferred mortgage payments for a year to help you get sorted , i mean why woud anybody even need mabs ??? are they free ? no so theres an added expense u dont need

its simple discuss everything with the bank and try arrange something to help both parties

Sorry to butt in, but why would MABS pay YOUR mortgage and YOUR car loan.

You would be surprised why a lot of people need a service like MABS, a lot are very unclued into financial matters and MABS specialise in helping you deal with your debt management. Thats a shame they agve your friends wrong advice, what was wroing about it?