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Money issues

  • 11-01-2011 12:11pm
    #1
    shoes34
    Registered Users, Registered Users 2 Posts: 620 ✭✭✭


    As the title suggests its money issues, I own my own home and rent out a room the tenant told me last night he was moving out as his hours were cut at work and pay reduced so was moving home. Totally understand and have put an ad on daft to replace him.

    I work in a family business (my family) and just scared that its all going to go under as with the recession, insurance etc. we've had to let people go. I am not involved in the direct running of the business, am paid a wage like the rest of the staff but now am scared that its all going to go belly up on my brother and he's not the type who will talk about it. Afraid to mention it at home as I don't want to be upsetting anyone and now its just all getting to me and I am I have to admit a little frightened of what the future holds.

    Those fat cats in Dublin have a lot to be accountable for.


Comments

  • #2
    Wompa1
    Registered Users, Registered Users 2 Posts: 8,193 ✭✭✭Wompa1


    shoes34 wrote: »
    As the title suggests its money issues, I own my own home and rent out a room the tenant told me last night he was moving out as his hours were cut at work and pay reduced so was moving home. Totally understand and have put an ad on daft to replace him.

    I work in a family business (my family) and just scared that its all going to go under as with the recession, insurance etc. we've had to let people go. I am not involved in the direct running of the business, am paid a wage like the rest of the staff but now am scared that its all going to go belly up on my brother and he's not the type who will talk about it. Afraid to mention it at home as I don't want to be upsetting anyone and now its just all getting to me and I am I have to admit a little frightened of what the future holds.

    Those fat cats in Dublin have a lot to be accountable for.

    To be honest I don't quite have those commitments quite yet. I rent my own place but haven't entered the market. Do you have a family of your own yet?

    I wouldn't worry about it. It's a crappy position to be in but I guess very worst case scenario you might have to declare bankruptcy and write it off.

    Do you have any qualifications which might lend itself to a different job?


  • #3
    rick_fantastic
    Registered Users, Registered Users 2 Posts: 910 ✭✭✭rick_fantastic


    go to MABS, read the fine print on your mortgage protection policy.
    ensure that if you do get let go then make sure you will get paid out of this...
    lots of issues with the fine print on these policies...

    this is about the 10th post ive seen blaming the "fat cats" / "developers" / "bankers" for all these issues.... clearly you need to vent at somebody but in all fairness everyone is to blame for the mire we are in now.

    people didnt have to borrow more than they can pay back.... everyone who purchase a house / brand new car / extension to house / 8 holidays a year didnt need them...

    take control of your situation... work out a budget and try to plan for the event that you might lose your job!


  • #4
    shoes34
    Registered Users, Registered Users 2 Posts: 620 ✭✭✭shoes34


    rick_fantastic wrote: »
    go to MABS, read the fine print on your mortgage protection policy.
    ensure that if you do get let go then make sure you will get paid out of this...
    lots of issues with the fine print on these policies...

    this is about the 10th post ive seen blaming the "fat cats" / "developers" / "bankers" for all these issues.... clearly you need to vent at somebody but in all fairness everyone is to blame for the mire we are in now.

    people didnt have to borrow more than they can pay back.... everyone who purchase a house / brand new car / extension to house / 8 holidays a year didnt need them...

    take control of your situation... work out a budget and try to plan for the event that you might lose your job!


    I am not worried about losing my house and I wish I had the opportunity to take 8 holidays a year or buy a brand new car.

    Maybe I guess I just wanted to vent but obviously the wrong place. Apologises.


  • #5
    Peanut2011
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Peanut2011


    Well unfortunately these days the financial health of any business is a worry. You say working for family business and you don't want to upset anyone. Well your family also should and I'm sure they do know the situation you are in.

    I see no harm in asking them directly with the way things are at the moment do they see the business surviving for next year or where to they see it going. Can it keep up with reduced staffing or reduced overhead and will it be able to bridge the gap.

    I'm sure they can appreciate the direct question from you for you. You are asking them as a family member not as an employee.


  • #6
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    shoes34 wrote: »
    As the title suggests its money issues, I own my own home and rent out a room the tenant told me last night he was moving out as his hours were cut at work and pay reduced so was moving home. Totally understand and have put an ad on daft to replace him.

    I work in a family business (my family) and just scared that its all going to go under as with the recession, insurance etc. we've had to let people go. I am not involved in the direct running of the business, am paid a wage like the rest of the staff but now am scared that its all going to go belly up on my brother and he's not the type who will talk about it. Afraid to mention it at home as I don't want to be upsetting anyone and now its just all getting to me and I am I have to admit a little frightened of what the future holds.

    Those fat cats in Dublin have a lot to be accountable for.

    I'm a little confused, do you have a mortgage? Are you worried about losing your house or day to day expenses or both?
    If you are being paid a wage then you shoudl be entitled to social welfare benefits should the business fail

    Look, it's a crappy situation, I know many people who lost jobs/had income cut. Pointing the finger at 'fat cats' doesn't help the situation. Everyone needs to take responsibility for their own situation, while at the same time remember we are in a world recession. Just about everyone has had to make sacrifices!


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  • #7
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭LegacyUser


    Why is it that people leap straight to pointing fingers at individuals when they complain about the state of the economy (here and internationally).

    This person may have a mortgage. There is nowhere in the post that says he or she borrowed more than he or she could afford. You get a mortgage based on your earnings and the presumption that you are going to have a job. This economic situation is terrifying. Yes, people over-borrowed and bought too much on credit, but nobody knows if this is the case with the OP. So let's just answer her concerns without lecturing her.

    OP, I agree, the fat cats DO have a lot to answer for.

    Good luck with everything.


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