# Anywhere doing loan consolidation



## tina4 (27 Jun 2011)

Mortgage  750 pm
Loan        600 pm credit union
Loan        598 pm personal loan
Loan        700 pm car

this is before, esb, phones, grocerys, ntl, managment fees, car insurance, car tax, ect.
I have no idea where to start looking for help/advice apart from this site.
We are managing just about at the moment but it would be soooo much easier if even the 3 loans were in the one place.


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## niceoneted (27 Jun 2011)

What are the outstanding balances, terms and interest rates of all the debts?
How much of take home pay is covered by these debts? 
Can you look to go interest only if you are not already on it. 

Can you sell the car to recoup what you owe on that loan?

Can you contact mabs - they will be able to negotiate on your behalf.


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## tina4 (28 Jun 2011)

Thanks for the reply. 

income 1100 wk

12,000 still owed on car ( car worth less than half that) finished march 2012
22,000 credit union Not sure of term
14,000 personal loan. about 18 months left
Im not sure of the interest rates.

Clearly i need to find out the terms and interest, thanks for the input.

Mabs wont help because we havent defaulted.
We are not interest only on any of them.
We just thought that if we could put the 3 loans in one place it would take some presure of, im finding it very difficult to juggle it all. 
and i constantly have to keep checking and remining myself whats due out when. As it stands we have only one wk out of the month that hasnt got some sort of loan coming out.

the only thing i can think of doing is have all the bills/loans coming out of a seperate account and just set up a standing order so that the money is transfered over each month.

Im also going to look for a financial advisor cause i aint got a clue about interest rates and whats best.

Am i making any sense??


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## Bronte (28 Jun 2011)

tina4 said:


> 1. Mabs wont help because we havent defaulted.
> 
> 2. Im also going to look for a financial advisor cause i aint got a clue about interest rates and whats best.


 
1. Did Mabs actually tell you that?  That's dreadful when they are set up to help people who have problems budgeting.

2. You'll have to pay for a financial advisor.  If you haven't a clue a good place to start is to get out all your loan documentation and post on here the correct terms amounts and interest rates of all your loans.  Start by doing the money makover thread (look at a few of the other one's).  You'll also need a spending diary.  When you post on here all your income and outgoings you will get better advice.


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## niceoneted (28 Jun 2011)

Tina, given your income is €4400 (4 weekly) and loans are at €2648 that leaves a shortfall for the month of €1752. 

Is this just for you or is there a partner/kids. What are your other outgoings like? 
I think it is a case of mismanagement of money. 
I think it would be prudent of you to set up a second account and have the €2648 and maybe another couple of hundred to cover bills, transferred when paid and use that to pay the bills. Also start a spending diary. See where your money is going. 

You will be finished the car loan in 9 months which will free up €700 (though you say €12000 still owed so is this right) - you could use that to snowball use and clear the personal loan 5 months after that - if it's not fixed. Then you will have almost €1300 to throw off the CU Loan.

It might be worth checking how much you have in the shares with the CU and see can you off set some of it to maybe lower your payments. 

I think you will get through this. In just over a year you will be clear of the car and personal loan. It's not that long and I feel you have enough left over to live well - although we don't know if you have big outgoings like creche fees or the likes. 
Stick with it start the spending diary.


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## onlineprint (14 Aug 2011)

Mr.Scott said:


> Hello Dear Friend my only advice to you now is to contact the Home service of LOAN2DAY FINANCIAL COMPANY to help you get a safety loan of 3% interest rate and it 100% guarantee to receive your loan funds.



Avoid like the plague. This is a scam.

Mr Scott or whoever you are, I take offense to scams like yours, I have seen it all before and before you try to defend your self, I would like to see PROOF that you have a licence to operate in Ireland


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