Q I have been a Provident customer for many years. He recently announced that he would no longer provide loans in Ireland. Where can I go now to get a loan because I rely on Provident every year to help me pay back to school fees?
Your best bet is to contact your local credit union where you can become a member immediately. Credit unions offer loans of all sizes to meet your financial needs and are a great way to build up your credit history.
The cost of credit is also considerably cheaper than borrowing from an approved lender such as Provident, according to Paul Bailey of the Irish League of Credit Unions. For example, on a loan of € 500 over six months you will pay around € 15 in interest against € 150 in interest from a licensed loan shark, on the same amount over the same period.
Mr. Bailey says that as soon as you become a member of a credit union, you can apply for a loan and take advantage of the services that credit unions have to offer. Unlike banks and other credit institutions, credit unions operate on a not-for-profit basis.
All surplus funds are reinvested in developing new services for members and supporting their local communities.
If you’ve been affected by recent decisions from banks and other loan providers, the best advice is to contact your local credit union today. You can find your local credit union at creditunion.ie.
Q I am 66 years old. I have been receiving the deserted wife allowance for 27 years. When I reached retirement age, my benefit was supplemented up to the amount of the non-contributory pension. I have no other income. I have had both of my hips replaced and I have diabetes.
I have my own property which does not have a downstairs toilet.
As I get older, my health deteriorates and a time will come when I will no longer be able to climb the stairs. I hope to sell my property to acquire a single storey property to meet my future health needs.
If, on acquiring a new property, I end up with a surplus cash balance, will this affect or remove my entitlement to an Abandoned Wife Allowance? I understand that there is an exemption to allow a beneficiary of a non-contributory pension to have property and to keep up to € 190,500 in equity.
A There is no capital assessment of the means on the deserted wife allowance, according to a spokesperson for the Ministry of Social Protection. This means that the sale of this woman’s residence will not affect the payment of her abandoned wife’s benefit.
The spokesperson said that in the case described, it does not matter whether the woman sells her house, buys a smaller one for less and keeps a surplus. She continues to receive the Deserted Wife Allowance.
In addition to this, you need to know more about it.
Q It is the early 1970s and our house is poorly insulated, in poor condition and very cold in winter. Even with government grants, we need around $ 60,000 to make it comfortable for the next 10-20 years. Our incomes are low. What options do we have?
A To answer this question, we make some assumptions. First, that you don’t have enough savings to make these changes, and second, that you own your home completely.
The first option would be to move to a smaller, newer house that is already well insulated and comfortable, although in my experience that usually means giving up on your immediate neighborhood, which can mean a lot to you.
You can borrow money from the bank or the credit union over five to seven years, but you may not be able to make such repayments, according to Shane Tobin of insurance broker Lowquotes.ie.
If you have children they might consider “paying up front”, although you and they are in the best position to decide if they would be able to do so and if it would be wise to have such a discussion. , did he declare.
Mr Tobin said the alternative would be to consider a life loan, which allows people over the age of 60 to borrow against the value they have accumulated in their home without the need to sell it, l ‘redeem or make monthly repayments.
Instead, interest is added to the loan balance, which increases over time, and the loan is ultimately repayable after the borrower dies or leaves the property.
However, there is a clear and important trade-off as you will end up leaving less in your estate when you die than if you hadn’t taken out the loan, he added. Get good advice if you are considering a life loan.
