Money troubles

Prim05

Hi there I'm in a bit of a pickle I urgently need about €60000 I have raised almost €30k from family I have mortgage on house 8 years into 35 year plan with only one missed payment 8 months ago , I have bank loan which was crippling me now re financed over longer term , I also have credit union loan which was re financed last year , my question is there anywhere I could go with my €30k to make it into the €60k I desperately need I can afford possibly €100 per week repayment any advice would be greatly appreciated

sopretty

A good rule of thumb is not to invest and/or gamble any sum of money you cannot afford to lose..
How's your poker face?

Prim05

sopretty wrote: »

A good rule of thumb is not to invest and/or gamble any sum of money you cannot afford to lose..
How's your poker face?

Not good definitely not an option

Cute Hoor

I feel your pain Prim05 but you need to be careful not to make yourself totally insolvent, you obviously need to raise the €60k pretty desperately. My suggestion would be to go back to your credit union, most credit unions now have a financial advisor who are there to help you. I'm assuming that your credit union is giving you the loan at a significantly lower rate than the bank, would it be possible to consolidate your bank loan, existing CU loan, and the extra €30k you now need into one CU loan with affordable repayments over the longest possible term. The other suggestion I would have is to go to MABS.

I know this isn't answering your question (on where to get the money) but you are just going to finish up in deeper merde if you take on an additional loan that you can't meet the repayments on. Good luck on coming up with a workable answer.

Prim05

Cute Hoor wrote: »

I feel your pain Prim05 but you need to be careful not to make yourself totally insolvent, you obviously need to raise the €60k pretty desperately. My suggestion would be to go back to your credit union, most credit unions now have a financial advisor who are there to help you. I'm assuming that your credit union is giving you the loan at a significantly lower rate than the bank, would it be possible to consolidate your bank loan, existing CU loan, and the extra €30k you now need into one CU loan with affordable repayments over the longest possible term. The other suggestion I would have is to go to MABS.

I know this isn't answering your question (on where to get the money) but you are just going to finish up in deeper merde if you take on an additional loan that you can't meet the repayments on. Good luck on coming up with a workable answer.

Thanks for your advice but going to credit union asking for that much when I only have€1000 savings there and my current loan is almost€9000 I don't think it would be approved I think mabs might be an option but I know very little about them what exactly do they do

Cute Hoor

Prim05 wrote: »

Thanks for your advice but going to credit union asking for that much when I only have€1000 savings there and my current loan is almost€9000 I don't think it would be approved I think mabs might be an option but I know very little about them what exactly do they do

You mightn't think you would get anywhere with your CU but it's worth trying, particularly talking to their financial advisor, you have nothing to lose. MABS do exactly what it says on the tin, try to help people in financial difficulty, here is what it says on their website 'The Money Advice and Budgeting Service (MABS) is the only free, confidential, independent and non-judgmental service for people in debt, or in danger of getting into debt, in Ireland.'

Bubbaclaus

30,000 on red?

Prim05

I guess ill just have to try them would it be better to lodge the €30000 into my account there and then look for the €60000 in one go

sopretty

I think they have guidelines around how long money has been saved for etc. You'd be down to 22k, given your savings of 1k and loan of 9k. Worth a shot I guess! How soon do you need the money? Would you be able to pay back a loan of 38k + mortgage?

Cute Hoor

Prim05 wrote: »

I guess ill just have to try them would it be better to lodge the €30000 into my account there and then look for the €60000 in one go

Talk to the financial advisor, let him/her know that you have the €30k, see what they say, they will give you good advice anyway even if they don't give you the loan, you have to be prepared to be open with them (or MABS) of course.

Prim05

Ok thank you very much for your advice