Your Private Monetary Issues – Multi-Automotive Insurance, Tax Deductions, and Monetary Restoration from Playing Dependancy –

Q What to do with multi-car insurance? We have three cars in our house – my own, 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 my daughter will go back to college as a mature student from September is going to be in Dublin three nights a week. I'm not sure this would be a problem.

A As the name suggests, a multi-car policy is a car insurance policy with an insurer that covers several vehicles belonging to people in one household. They offer discounted rates to policyholders and are therefore certainly inexpensive, says Deirdre McCarthy of

However, most insurance companies require that all people and / or vehicles on the policy be parked at the same registered address. However, you may still be able to get this type of policy as certain insurers offer add-ons that can include a student away from home during the semester, etc., Ms. McCarthy said.

Not every insurer specializes in this, so it's worth speaking to a broker who can advise you on who to turn to. In cases like yours, moving your home insurance to the insurer often helps lower the premium.

A broker can actually check whether the multi-vehicle and home policies are best, and if not, they have access to a panel of insurers and can place each policy separately, whichever is best.

Q I would like your advice on a problem regarding tax deduction on my income. I am a three-income retiree. I have a private pension and an income from my job, and income tax is deducted from both income as intended. The third income is the state pension, which is paid to me and taxed on the full payment. The pension is for my wife because she did not have enough contributions. My question is, shouldn't my wife have her own tax allowance? I was told that if I were self-employed, my wife would receive a PAYE allowance.

A Income tax applies to almost all income. If you are 65 years of age or older, you must pay normal income tax. If you are married and jointly assessed, the tax credits and the standard rate cutoff point can be split between the spouses based on your own circumstances, according to Marian Ryan, Excise Tax Manager at

If only one spouse or domestic partner has taxable income, the spouse or domestic partner will be given all tax credits and the cutoff point of the standard rate with the income, Ms. Ryan said. If you start working just for yourself, you are considered self-employed. If your sources of income fall under the PAYE range, you are not required to register as a self-employed person.

If, as in your case, you register as a self-employed person without having an independent income, no additional PAYE allowance is available to your spouse.

Q Seven years ago, my son struggled and overcame a gambling addiction that could ruin his life. But since then he has really turned his life upside down. He has been renting an apartment with his partner and young son for a number of years. He's got a good job and is well financially and I would like to see them have a home of their own. However, I don't want to encourage them too much if no lender, given his background, would look at his application.

A Unless your son had a loan that he couldn't repay, his gambling problem shouldn't be a problem with a lender because he just isn't aware of it, according to credit manager Joey Sheahan.

Even if he got into debt and missed repayments, it shouldn't be a problem as long as that debt has been paid off and has not been in the past two years.

While his credit history may have been negatively impacted in the past, if he can show that he has improved his banking and money management significantly over the past few years, his rating should have improved, Sheahan said.

If online gambling has been the problem in the past, then the only bank who can see his track record so far is the one he had a checking account with at the time, working off a clean slate, added Mr Sheahan.

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