More than half of current mortgage holders are stuck in some form of negative equity debt which means that currently, no lenders will borrow them money and they can’t sell and move. However, to ensure there are not more and more people getting deeper into debt, this offer will only be available to people who can clearly keep up their payments. There will also be strict limits on the amount of negative equity that can be carried on. Other lenders across the nation will also be watching to see how the scheme progresses.

A spokeswoman for the Bank of Ireland has also explained that they will only approve mortgages where homeowners ended up owing 25% more than their new property was worth. E.g. someone buying a new home for €200,000 would take €50,000 of negative equity on to the new mortgage.

Do you believe that this new offer is a good idea or do you think that this will make people have more and more debt that they can not get out of? Is there any other way that the housing markets could be improved at this time? Leave your thoughts and comments below.

What do you think? Do you agree or disagree with the thought of being able to take money out of your retirement fund to pay off debt? Leave your comments below.

Tip 2: Use comparison sites to choose what companies you want to go with for your bills, i.e. electricity, gas, insurance etc. You could really save a lot of money as you may be currently on a high tariff with an expensive company and you don’t even know it. All the extra money you save could be put towards getting out of debt.

Tip 3: You can also change supermarkets and maybe try supermarket own brand. There have been tests where people have been blindfolded and given branded and own branded food. Guess what? The own branded food has actually been voted tastier on numerous occasions. This tells us that maybe preconception is causing us to spend more.

Tip 4: Ever heard of Groupon? There are many sites that now offer luxuries for cheaper. Sign up to a discount site and see what you could start buying for less. You’ll be surprised. Just because you are in debt doesn’t mean you cant enjoy yourself!

Tip 5: Have any Loyalty cards? You should sign up to some as they can be very rewarding if you are spending in that particular store over and over again.

So why not try and save money today from your very own home. If you have any other tips on how to save money and get out of debt please leave a comment below!

Step 1. Don’t ignore your problem: There is nothing to be gained by hiding your debts. No matter how big or scary they may seem, there is always a solution.

Step 2. Prioritise your debts: Make sure you know which debts are more important then others i.e. mortgage! Divide the rest of your debt to ensure you know which are secured and which are unsecured.

Step 3. Budget: Write out all of your outgoings and decide which ones are only a luxury and not priority and then you can start cutting things out of it, i.e. gym membership, golf, takeaways etc. If you are still in trouble move on to step 4.

Step 4. Phone Refresh Money: At Refresh Money we communicate with your creditors on your behalf so you don’t have to deal with them any more. We will try and stop interest and will lower your monthly payments. Our experienced advisor’s can guide you and answer any of your debt related questions whenever you are worried. If you do decide to join Refresh Money you will wonder how you survived without us! If it is for you make sure you follow the golden step 5!

Step 5. Don’t take out more credit: If you take out more credit to pay back existing debts, you are going to start a very dangerous cycle. This just creates more debt and involves even more unnecessary creditors. If you take out a debt management plan you must ensure you do not take out any more credit. However, you shouldn’t need to as all of your unsecured debts will be getting paid every month and you will hopefully have more spare money every month.

Phone Refresh Money today on 1890 987 857 and see if we can get you on your way to a debt free future.

This is the only way you can visualize what you are spending every month. You should make a list of all your outgoings and regular debits on your account. You can then check if you are getting the best deal. One of the biggest expenses people have is Insurance. Health insurance prices have recently been hiked up too which hasn’t helped. On average, families can save up to €1,000 per year by getting better deals on their motor, household, life, health and other insurance. Make sure you are on the best possible deal by visiting comparison sites and making sure you are entering the correct information, i.e. don’t incorrectly value your home as you may be paying more then you should be. You should then consider switching if you see a better deal. You could also save up to €275 a year by comparing electricity and gas company’s tariffs and selecting the cheapest one.

You can also easily save money by making a shopping list and sticking to it for your grocery shop. A good tip I heard was never go shopping when you are hungry as this can lead to impulse and unnecessary purchases. The evidence is there that we all buy too much as it is estimated between €600 and €1,200 worth of food is thrown out by each Irish family every year!

The budget announced last month, has restricted some of the reliefs taxpayers can claim, however there is still a long list available that could save you hundreds of euro. Every year there is also millions of euro intexrefunds that go unclaimed by workers. You can also still claim tax credits for as far back as 2008 so check to see if you are owed any money.

If you are really struggling to pay your bills, another option is to get a Debt Management Plan. This is where Refresh Money can help. A debt management plan is a way of repaying your unsecured creditors.  You make a reduced monthly payment to your debt management plan and we distribute the payments to your creditors on your behalf.  The accounts remain with your creditors, we make arrangements with them to accept the reduced payments and we also negotiate with them to stop interest and charges on your accounts.  This will lower your monthly outgoings and help you afford the other necessities in your life. Phone today on 1890 987 857

Pumps.ie has analyzed fuel prices throughoutIrelandand have claimed that petrol prices have climbed by up to 12 cent in the past 8 weeks. So what is going on? Many people are blaming the petrol companies for adding on extra costs. However, this is not the answer. It has been found by a study in Ireland that the petrol companies do not inflate the prices.

On average they receive 5 cent of the €1.55 average price. A spokesman for the AA says, “There are a few things going on, some of which are easy to explain and others which are more mysterious. Since the emergency budget in late 2008 there have been five separate tax increases, including increases in VAT, the introduction of carbon tax and three excise duty hikes,” he says. “Combined, these have added 21 cent to the price of a litre of fuel. Had successive governments not done this, we would be looking at a per-litre price today of €1.34.”

Another key element in the rise of fuel prices is the falling Euro. In summer 2011, the euro was trading as €1.43. Now it is trading at approximately €1.27. Due to the oil being traded in dollars, the exchange rate is adding several cent to the price also.

Whatever the reason, the Irish consumers are paying for it. In the past, the price rises didn’t have an effect on the demand. However, this time things are different. According to statistics, there has been a decrease in demand by 10% since 2009.

With things looking to get worse, and many people already struggling with debt, I have provided below a few tips to get you saving some €’s on the fuel bills.

Tip 1: Pump up your tyres: Under inflated tyres can cause higher levels of fuel consumption.

Tip 2: Don’t keep the car full: Try and lighten the car by taking out unnecessary “passengers” i.e. sports equipment in boot, prams etc. The lighter the car – the less fuel consumption.

Tip 3: Look around for the best price: Don’t just go to the most convenient Petrol station. There may be a cheaper one nearby.

Tip 4:  Drive better!: By accelerating and braking less you will save considerable amounts of fuel, about 25%!

Tip 5: Try not to drive: If you can walk, cycle or take public transport…do. It will save you money, and you could get fit!

Recent findings by the Central Bank have found that almost 100,000 homeowners are struggling to pay their mortgage. Approximately 63,000 people are 90 days behind or more and another 36,000 have restructured their mortgage, i.e. interest only etc. to try and save more money and ease the stress levels. These figures have got worse since June 2011 when only 55,763 homeowners were in arrears for more than 3 months.  During this research it was also found that the homeowners who can’t pay their mortgages are around €17,000 in arrears – so we’re not just talking about a few thousand here. In result of this, the number of repossessions is also rising. Between July and September 2011, the courts granted a total of 76 repossession orders and a further 162 homes were taken possession of by lenders. Just over 1000 homes have been repossessed in the last 2 years which is a shocking figure. People are now asking the Government to create a solution for the arrears problems as they believe without it; it will be very hard to recover economically. However, reacting to the figures found, the Irish Banking Federation noted that the level is still significantly lower then theUK– 21 per 100,000 in Ireland compared to 82 per 100,000 in theUK.

It has also been found that over a third of households with mortgages are in negative equity – this is when they owe more then the house is worth. More than half of the people who took out a mortgage between 2005 and 2008 are in negative equity. However, only 5% of these people are in arrears today. It seems that the higher levels of arrears are those who hold a standard variable rate mortgage as 16% of these are behind with their payments. Tracker mortgages show 12% being in arrears.

If you are struggling or behind with your mortgage and have other unsecured debts, phone Refresh Money today. We can lower your unsecured debt payments to your creditors to free up more money for you. Phone today and see what you can save on: 1890 987 857

If you are constantly stressing or worried about how you will afford all of your debts and bills, stop! This does not have to be the way! At Refresh Money we can lower your monthly outgoings to your creditors so you can free up more money for the other bills and necessities in your life. Call us today on 1890 987 857 and get the advice and support you need from our experienced advisor’s.

 1. Lower your payments to a level you can afford

We can do this by assessing your monthly or weekly income and expenditure to find out what a more realistic repayment amount would be for your credit cards, loans, store cards, catalogues and overdrafts.

2. Get interest and charges stopped or reduced

We will negotiate with your creditors to have your interest and charges stopped completely or reduced.  This means that your balances will come down rather than always staying the same because you are just paying the interest.

3.  Only make one monthly payment to all your creditors

In a debt management plan you only make one payment to your debt management company and this is split between your creditors every month based on how much you owe to each creditor.

4. Deal with creditor calls and letters

We will deal with your creditors on your behalf and we will provide you with free post envelopes for you to send any letters or statements into us so we deal with your post for you.

5.  Remove any stress or worry

We help thousands of clients with their finances so we know how creditors work and what their letters mean.  You can rely on our experience and can be reassured that we will get the best possible results for you.  The team at Refresh are very friendly and will put you at ease so that you can get on with your life without having to worry about your debt.

If you want to speak more about our plans contact one of our advisors on 1890 987 857 or email info@refreshmoney.ie today.

The Main causes of store card debt are: living beyond your means, a reduction in household income, relationship breakdowns and poor money management, illness or unexpected unemployment.

With a Debt Management Plan with Refresh Money, you can include debts such as store cards, credit cards, credit unions etc. Our advisors can create a plan unique to your needs and situation. We then work with your creditors to try and lower your monthly payments to try and free up more money for the other necessities in your life. Phone today if you would like to see how much money we could save you! 1890 987 857