Your personal finance questions – Multi-car insurance, tax deductions and financial recovery from gambling addiction
Q What’s wrong with multi-car insurance policies? We have three cars in our house – mine, my husband’s and my daughter’s. I think we should be able to negotiate a good rate by placing all of our business with one insurer. The only thing is that my daughter is back in college as a mature student from September so she will be spending three nights a week in Dublin. I don’t know if that would be a problem.
A A multi-car policy is, as the name suggests, an auto insurance policy with a single insurer, which covers multiple vehicles owned by people in the same household. They offer discounted rates to policyholders, so they’re certainly profitable, says Deirdre McCarthy of Insuremycars.ie.
Most insurance companies, however, will stipulate that all people and / or vehicles on the policy are parked at the same registered address. However, you can still benefit from this type of policy as some insurers have add-ons that may include a student living away from home during school time, etc., Ms. McCarthy said.
Not all insurers specialize in these areas, so it’s worth talking to a broker who can advise you where to go. In cases like yours, transferring your home insurance often to the insurer will also help lower the premium.
A broker can indeed check whether the multi-vehicle and home contract is the most advantageous and, if not, he has access to a panel of insurers and can place each contract separately according to what is most suitable.
Q I am seeking your opinion on a matter regarding tax deductions from my income. I am a retiree who has three incomes. I have a private pension and income from my work, and income tax is properly deducted from these two incomes. The third income is the state pension, which is paid to me and tax is deducted from the full payment. The pension is for my wife because she did not have enough contributions. My question is, shouldn’t my wife get a full-fledged tax-free allowance? I am told that if I were self-employed my wife would receive a PAYE allowance herself.
A Income tax applies to almost all income. If you are 65 or over, you owe income tax in the usual way. If you are married, jointly assessed, the tax credits and the standard rate threshold can be split between the spouses based on your circumstances, according to Taxback.com’s commodity tax manager Marian Ryan.
If only one spouse or civil partner has taxable income, all tax credits and the standard rate threshold will be given to the spouse or civil partner with the income, Ms. Ryan said. When you start working for yourself, you are classified as self-employed. If your sources of income fall under the PAYE scope, you are not required to register as a self-employed person.
There is no additional PAYE allowance available for your spouse if you register as a self-employed person without having self-employed income, as is the case in your case.
Q Seven years ago my son struggled and overcame a gambling addiction that had the potential to ruin his life. However, since then he has really changed his life. He has been renting an apartment with his partner and their young son for several years. He has a good job and is in a good financial position and I would love to see them own their own home. However, I don’t want to encourage them too much to do so, in case there is no lender considering a request from them, given their history.
A Unless your son had loans that he couldn’t repay, his gambling problem shouldn’t be a problem with a lender because he just won’t know, according to the loan officer at MyMortgages. ie Joey Sheahan.
Even if he gets into debt and doesn’t repay, as long as that debt has been written off and it hasn’t been in the past two years, it shouldn’t be a problem.
Although his credit score may have been negatively affected in the past, if he can show that he has improved his banking and financial management a lot in recent years, then his score should have improved, Mr. Sheahan.
If online gambling was the problem in the past then the only bank that can see his past history is the one he had a checking account with at the time, so it may be an idea to go to another lender. where he would be working on a clean slate, Mr. Sheahan added.