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need help with serious debt problem

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    #32
    RoadKillTs
    Closed Accounts Posts: 1,710 ✭✭✭RoadKillTs


    Good advice Paplo. There are alway ways to cut back on expenditure.


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    #33
    johnc2212
    Closed Accounts Posts: 27 ✭johnc2212


    the debt agencies will go through your finances and come to a figure of what you can pay back in total. They will then talk to each creditor and tell them this is what's available to pay. You pay them monthly they in turn pay your creditors. Where they make their money is charging you the first instalment.

    MABS are the best of them all.

    Try sorting it yourself. come to an arrangment with your more important lenders - mortgage car (if you need one) etc. Especially any outfit that uses the credit bureau which is all lending agencies in this country.

    Tell everyone else you will pay but you need time. The MABS website is full of good ideas.


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    #34
    steo87
    Closed Accounts Posts: 510 ✭✭✭steo87


    kylie81 wrote: »
    Hi guys,

    Just wondering if any of ye have any experience dealing with debt management agencies here. I've got myself into serious financial difficulty and have found a couple of agencies on the net (better not name names) that claim they will contact your creditors on your behalf and try to come to arrangements with them on reducing repayments. It sounds too good to be true though. The stress of what i owe is weighing me down considerably and i don't think I can deal with it by myself. Any advice would be much appreciated.

    MABS MABS MABS MABS MABS MABS MABS MABS MABS MABS!
    Seriously go to mabs - I worked for a bank a few years ago and the amount of help mabs gave customers was unreal. They do great work.

    http://www.mabs.ie/contact_us/contact_us.html


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    #35
    garbanzo
    Registered Users Posts: 742 ✭✭✭garbanzo


    drunkmonkey wrote: »
    I've 2 credit cards both with a 12.5k limit, thrown in a 25k car loan and there's your 50k. It's a lot easier than you think to run it up.

    I don't owe 12k on both my cards just have a big limit, just had this theory when I was younger that if I ever needed to leave the country in a hurry i'd have a lot of cash available without asking for a loan and by the time the credit card companys figured out i'd reached my limit i'd be on a desert island somewhere well away from their reach and harms way with a big wad of cash.

    I had those limits at 22 I just kept asking the bank to up the limits every few months, you got to love the boom years, Kaiser Soze hasn't a patch on me:)


    Sorry to spoil the party folksbut here's a reality check based on the above post.

    In a previous life (about 20 years ago in the UK) I worked as a Credit Reference Agent in London. The job was to trace people who had defaulted on loans, plant-hire etc. We found people throughout the UK and internationally. All parts of the world. The lesson I took from it was as follows and I share this with you all....

    It is probably easier to kill someone and disappear, than to owe money to some financial institution and disappear. Where there is money involved they will hunt you down.


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    #36
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    50k is a lot of money, but I used to owe about half that. It came from a combination of an ex-employer screwing me over and living beyond my means. I wouldn't say I had my head in the sand; it was more of a case of the debt slowly building up and a bit of bad luck.

    Anyway, I know and remember the feeling of being heavily in debt, so I have a lot of sympathy for you OP!

    Let's be realistic, having the debt for 15 isn't an option. You'll go mad.

    You need a plan to have it paid off in 4 or 5 years.

    Is there any way you can get a better job? I was lucky in that I had a reasonably well paying job which allowed me to have about €1500 extra per month after my living expenses, so I was able to fly through the debt. You need to figure out a way to do something similar.

    What age are you/what education and skills do you have?


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    #37
    drunkmonkey
    Registered Users Posts: 28,191 ✭✭✭✭drunkmonkey


    Pablo Sanchez wrote: »
    reduce pints

    You could also save money by drinking everything through a straw, a little bit of booze goes a long long way..;)


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    #38
    duffyp
    Registered Users Posts: 32 ✭duffyp


    Hey,
    I had a simular issue and managed to find an ex bank manager who does pro bono work with people with debt issues (north dublin)....quicker than mabs and has good links to different banks.....not involved with any other debt management people so a good reliable option. His names Gerry and his number is <snip>.
    Best of luck.


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