On the cusp of broke - please help

bkkrebel

Hi All,

I am not sure that this is the right place to post.

Without going into the sob story, I went abroad 2 years ago for work. At first, things went well - but over the last few months I've suffer a series of small but not insignificant financial set backs, and now find myself on the cusp of disaster.


- I lost a bit of rental income back home - which of course I cannot prove to the bank (€200)
- I am no longer entitled to child benefit for my daughter (€250)
- Interest rates have gone up and the exchange rate for me sending money home has gone down (€100)
- MBNA have changed their terms of payment and now repayements have gone from about €100 to € 200 (€100)
- My kids school fees have gone up (about €50)


Altogether, I am done about €700..... so I;ve been resorting to credit cards to make ends meet, and now they are approaching maxed out.

Most of my debts are with one lender, including credit cards (AIB) but before I approach AIB I would like to get some idea of what to expect them to say - in order to better nogotiate with them. Any hints or advice etc.?

Thanks in advance.

unclebill98

All banks have a set way of dealing with customers in debt. Their conditions are available in a booklet. If you want you can go into your branch and discuss your issues. At this stage they have seen it all, so your issues will be dealt with correctly.

Failing that you may want to go to Mabs. Long waiting list but it's a option.

cookie1977

As Unclebill says, talk to your bank immediately and be honest. If you're being open with them then they have to treat you under the code of conduct for mortgage arrears. Make an appointment with mabs and see if they can help with a budget. Act now and dont wait.

http://www.ifsra.ie/regulation/processes/consumer-protection-code/Documents/Code%20of%20Conduct%20on%20Mortgage%20Arrears%20%201%20January%202011.pdf

http://whatsnew.citizensinformation.ie/2011/01/10/the-revised-code-of-conduct-on-mortgage-arrears-ccma-came-into-force-on-1-january-2011-find-out-more-about-the-ccma/

http://keepingyourhome.ie/