# Consolidation loan- advice



## lilyflower (14 Jan 2010)

I am seeking to get a consolidation loan as I have managed to build up quite a lot of credit card debt over several years while partner was sick and out of work. I already have 1 consolidation loan which I pay back 660 euro per month towards however I owe approx 9000 euro on credit cards.At the moment I usually end up paying back at least 500euro towards the credit card debit as the interest rates are quite high. I have tried to get a consolidation loan from both Ulster Bank and Bank of Ireland over the last year but none of the banks seem to be giving consolidation loans at the moment(I also think my credit scoring is poor due to all the credit cared debt).Is my best option to open a credit union account,get some money saved and try and get them to give me a consolidation loan or does anyone have any better ideas?Any advice would be greatly appreciated.


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## inasoup (15 Jan 2010)

lilyflower said:


> I am seeking to get a consolidation loan as I have managed to build up quite a lot of credit card debt over several years while partner was sick and out of work. I already have 1 consolidation loan which I pay back 660 euro per month towards however I owe approx 9000 euro on credit cards.At the moment I usually end up paying back at least 500euro towards the credit card debit as the interest rates are quite high. I have tried to get a consolidation loan from both Ulster Bank and Bank of Ireland over the last year but none of the banks seem to be giving consolidation loans at the moment(I also think my credit scoring is poor due to all the credit cared debt).Is my best option to open a credit union account,get some money saved and try and get them to give me a consolidation loan or does anyone have any better ideas?Any advice would be greatly appreciated.


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## inasoup (15 Jan 2010)

we were in a similar position. we noticed that other bank loans anyways get paid off but the credit cards because of the high interest rates are kind of impossible. we managed to get a loan frm the credit union to pay off the credit cards. so in 2 years tht will be completely repaid and some amount goes towards savings. we were told that they will review our condition after an year and if its satisfactory, we will get loan to pay off the bank loan too. I would suggest you to do something about paying off the credit cards first.


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## PyritePete (15 Jan 2010)

Maybe speak with MABS ?


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## cartman1 (26 Jan 2010)

Banks won't take on another bank's debt at the moment, however they may be willing to give you a loan to clear off their own debt on a credit card with a bank loan. Try that route first with each bank on an individual basis.if that doesn't work, the credit union is probably your best option


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