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About to miss first mortgage payment in 19 years

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Comments

  • #62
    pilly
    Banned (with Prison Access) Posts: 9,005 ✭✭✭pilly


    chisel1 wrote: »
    Three of the kids have part time jobs funding college. The fourth in in secondary.
    The car was sold on Saturday, thats paid this months mortgage. 5 months to go. Paid 500 off credit card bill (1700). yesterday. Getting a loan of 5k at month end for 6 months (12.9%), this will pay the college fee and part of the tax bill.

    Bits of work coming in (all invoiced) if they get paid in Feb, that mortgage should be paid, then down to 4 months........

    Have to be honest OP, if you're giving your friend financial advice on this then it's not good advice. Never ever prioritise CC debt over the mortgage. CC should get minimum payment only. That 500 would go a fine way towards paying next months mortgage.

    Also, if 5k borrowings are available why not fully pay off the mortgage? Everything else can be sorted over time. This will completely take the pressure off your friend. Knowing that his ICB won't be affected and his house is safe.


  • #63
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    This post has been deleted.


  • #64
    tracey turnblad
    Registered Users, Registered Users 2 Posts: 657 ✭✭✭tracey turnblad


    I would definitely pay the mortgage with the 5k. The college will wait... leave the credit card pay the minimum and pay off the tax...The college will wait!


  • #65
    mikeymouse
    Closed Accounts Posts: 568 ✭✭✭mikeymouse


    The people on this site will be in a better position to advise your friend



    also this list to find one local to him


  • #66
    pilly
    Banned (with Prison Access) Posts: 9,005 ✭✭✭pilly


    ....... wrote: »
    This post has been deleted.

    Because he may want to borrow to buy a car, do some repairs to house, many reasons.


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  • #67
    dogbert27
    Registered Users, Registered Users 2 Posts: 4,939 ✭✭✭dogbert27


    pilly wrote: »
    Because he may want to borrow to buy a car, do some repairs to house, many reasons.

    Then he'd be better off paying off his secured debt first (the mortgage) then his unsecured debt (the credit card).

    If he is that stuck for money then you can talk to the Revenue. If they don't listen to you don't pay the bill. They then hand it to the sheriff and you can work out a 6 month repayment with them.

    The the college fee, a face to face meeting with the college administration might allow you to pay this over a number of months. Also the person who is going to college should have a part time job to support their way and take the pressure off you.

    To the OP, while you may not think it all the debts are small and it will work out.


  • #68
    pilly
    Banned (with Prison Access) Posts: 9,005 ✭✭✭pilly


    dogbert27 wrote: »
    Then he'd be better off paying off his secured debt first (the mortgage) then his unsecured debt (the credit card).

    If he is that stuck for money then you can talk to the Revenue. If they don't listen to you don't pay the bill. They then hand it to the sheriff and you can work out a 6 month repayment with them.

    The the college fee, a face to face meeting with the college administration might allow you to pay this over a number of months. Also the person who is going to college should have a part time job to support their way and take the pressure off you.

    To the OP, while you may not think it all the debts are small and it will work out.

    That's exactly what I said, paid the mortgage before all else.


  • #69
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    This post has been deleted.


  • #70
    dogbert27
    Registered Users, Registered Users 2 Posts: 4,939 ✭✭✭dogbert27


    pilly wrote: »
    That's exactly what I said, paid the mortgage before all else.

    Sorry, I was reading the quote that you quoted!! :)


  • #71
    chisel1
    Registered Users Posts: 12 ✭chisel1


    creditor paid 1300 last night.
    another paid 535 today.
    then - I kid you not - tax refund 1300 to be offset against income tax.
    He is / will be phoning revenue now to arrange installments.
    The interest rate on credit card is 22%. Their offering turning the debt into a six month loan at 12.9%.


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