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Advice and Help please on debt

  • 16-05-2010 9:34pm
    #1
    laughoutloud
    Closed Accounts Posts: 7 ✭


    Hi All,

    I will keep this short....I have alot of debt and need some advice.

    Mortage about 170k
    Home Loan 38k
    Car Loan 17k
    Credit Card 5k

    All Different banks

    Other halfs loans
    28k car loan
    14k other debt.

    I lost my job and now work in a min wage job. my other half has an ok job 32k a year. We struggle to meet the repayments week to week.

    What can I do to reduce my debt as banks dont want to help I have asked!!


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    laughoutloud wrote: »
    Hi All,

    I will keep this short....I have alot of debt and need some advice.

    Mortage about 170k
    Home Loan 38k
    Car Loan 17k
    Credit Card 5k

    All Different banks

    Other halfs loans
    28k car loan
    14k other debt.

    I lost my job and now work in a min wage job. my other half has an ok job 32k a year. We struggle to meet the repayments week to week.

    What can I do to reduce my debt as banks dont want to help I have asked!!

    you could save with the credit union and maybe they will consider a consolidation loan over a longer period in a few months time!

    the car loans are awaful high. If you are over one half paid (one half of HP price) on these you could give the cars back (or give one of them back) without any liability remaining or adverse affect on credit rating. This is known as a voluntary termination of the agreement.


  • #3
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    whats he current value on the cars?

    my advice is sell the cars, pay off the car loan or reduce it right down and buy a cheap little car.

    do you really need two cars?


  • #4
    Bankguy
    Registered Users, Registered Users 2 Posts: 12 ✭Bankguy


    I would make an appointment with MABS, who can assist with a budget and engage with all of the lenders on your behalf. Keep in contact with the lenders and if you can hand back the car to the lender (hire purchase agreements) this is good advice. I would also do a summary of your finances and send a copy of this summary to each lender, asking them for time / assistance in dealing with your current repayment schedule. Good luck!:)


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