# Getting loan to pay off smaller loans and overdrafts



## Personal (22 May 2008)

I am a self employed woman in dublin. Last year, my partner emptied my business account and now its going through the courts.

I have the following debts: 5000 mbna credit card
750 rent P/m
5000 Bank loan
7000 overdraft

I feel like every ounce of what I earn goes on repayments. Ive tried everything to get the money back but to no avail so have no choice but to go to court.

Any advice on how I could best deal with my situation.

Im in the process of selling my car so hopefully that will help.


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## NicolaM (22 May 2008)

*Re: advice please*

Dear Personal,
Would you mind using this format for your post?
It'll get you much more useful replies, as it lists your income/expenditure 
Regards
Nicola


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## Personal (22 May 2008)

*Getting large loan to pay off smaller loans and overdrafts*

Age: 25
Spouse’s/Partner's age: N/A

Annual gross income from employment or profession: 40000
Annual gross income of spouse:

Type of employment: e.g. self-employed 

In general are you spending more than you earn or are you saving? I cant save as I am anxious to pay off my debts asap.. Every cent I earn is now going on repayments. 

Rough estimate of value of home: I am renting 750pm
Amount outstanding on your mortgage: 
*What interest rate are you paying? *

Other borrowings – car loans 500 pm- Currently selling it

Do you pay off your full credit card balance each month? 
If not, what is the balance on your credit card? 4900

Savings and investments: 0

Do you have a pension scheme? No

Do you own any investment or other property? No

Ages of children: 

Life insurance: 


*What specific question do you have or what issues are of concern to you? *

I am wondering is it possible to get one large loan to pay off overdrafts and loans and then have the one repayment per month.

The reason this happened is because I leant a former partner a lot of money when my business was going really well and he has refused to give it back. 

I have no option but to take legal action but I am really stressing about how best to deal with my problem.

I work a lot and if it means to get an evening job then so be it. Il do anything.

Any advice on consolidating my loans etc would be much appreciated.

Thank you


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## SMR123 (22 May 2008)

How much is your loan costing per month? Is it min payment you're paying off cc?


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## NicolaM (23 May 2008)

Hi
Have you considered transferring your credit card to a 0% one, as you must be paying a lot in interest at the moment if you haven't.eg here 
Have you spoken to your bank/a bank offering the most competitive loan rates about getting an unsecured personal loan to consolidate your debts?
There's information here about these, and presumably the interest rate would be less that what you are paying for your overdraft at the moment.
Getting such a loan would be dependant on your credit rating, and ability to repay.
Maybe you should consider talking to MABS, and getting advise from them? They have a help line on 1890 283438.
If you are going down the legal route, make sure you get a quotation in advance, so you will have an idea of the potential costs to you also
Regards
Nicola


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## Flax (23 May 2008)

Is the debt getting smaller or larger, i.e. are you managing to chip away at it?


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## so-crates (24 May 2008)

Personal said:


> 7000 overdraft


Are you saying here that your current account is €7000 overdrawn? Is this your personal or business account? Or do you differentiate between the two?


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