# Looking to consolidate loans



## olivia56 (4 Apr 2013)

Family 2 adults, 1 child
We have unsecured loans of €28,805 2 cars, loan to parents & 2 personal loans. Making total payments of €1040 a month between us. All loans will be finished in approx. 36 months. We have never gone into arrears.
also paying a monthly mortgage of €1380 after TRS (in negative equity of about €150k)
Both in permanent position bringing in a combined income of €5800 per month. With less than €1,000 in savings a bank account.
I would love to service just one loan, instead of making 5 direct debits each month and also pay my parents back in full instead of monthly payments. I have a dormat account with the credit union, I have never saved or had a loan with them, and it has about €80 in it. In anyones experience would the credit union consider giving us a joint loan to clear the others and hopefully pay them all over a short term, maybe 30 months?


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## dereko1969 (4 Apr 2013)

No offence, but I would fear for the solvency of the Credit Union if they gave you a loan. They don't have a relationship with you, you have virtually nothing in your account with them and yet you want them to give you an unsecured loan for nearly €30k? 

No harm in asking but there's no chance of you getting it.


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## olivia56 (5 Apr 2013)

myself and husband have perfect credit ratings and are both in secure emploment with a good incomes I don't think we are a big risk, we can easily afford the payments I am just looking to make my financial life easier, I am very disillusioned with the banks and honestly don’t want to give the business of a €29k loan even though it has already been approved by one branch.

I was told if I agreeded a to save half the loan amount each month also they may consider my application.


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## dereko1969 (5 Apr 2013)

Would you not then be increasing your outgoings if you have to save as well as pay off the loans? Does that make sense just to make life easier with one payment rather than five?

Also you need to check the interest rates for each of the loans and compare that with the interest rate the CU will be charging you, if you post them up here, smarter people than me should be able to assist.


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## Bronte (5 Apr 2013)

olivia56 said:


> r, I am very disillusioned with the banks and honestly don’t want to give the business of a €29k loan even though it has already been approved by one branch.
> 
> .


 
When I saw your title with 'consolidate' written in it I thought not a chance.  But you actually have loan approval from your bank.  Forget about your anger with banks, it's just business.  How much will this loan cost you, over what term and what interest rate (could you give the same information for the other loans).  Is the bank aware that you are paying back your parents. 

You didn't ask but I'm going to mention it anyway.  5 loans apart from your mortgage is a lot.  Particularly worring is that you had to borrow fom parents.  You have a good income.  You need to learn better budgeting, maybe there are valid reasons for having so many loans and so little savings.  You also need to start saving a regular amount.  

Stay away from the CU, you have no savings with them and they cost a lot more than the banks.


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## Gerry Canning (5 Apr 2013)

Credit Unions do NOT cost a lot more than the banks.They (unlike the Banks) are solvent. They also don,t add on sneaky little charges. They (unlike the Banks) still have some integrity. Your comment is not appreciated and for your information I have no input into any Credit Union.


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