credit card and personal loan payoff

B

brianpat

Guest
Hi,

I need some advice on clearing off credit cad and one personal loan.
Credit card Loan:24k (10.9% APR)
personal loan:19k (7.5% APR FIXED)

personal loan every month to pay:700 euros
creadit card loan paying everymonth: depends

sal every month:3000
have mortgage paying:915euros every month
wife not working

I heard that some debt consolidation management companies do negotiate with creditors to completely freeze the interest rate and make one payment.

I was thinking of taking their help but am scared after watching channel4's program (shown monday at 9 dispacthes :debt consolidation)



Can anyone advise on that if that is true and if they are really genune.
 
It might be an idea to complete the money makeover template.
What term is the personal loan over and how long is left on it. What other expenses do you have? Can you try apply to transfer part of the credit card debt to an interest free card for 6 months to give you some breathing space.
 
Hi jhegarty and niceoneted

Thanks for your quick reply. Can you please tell me what do u mean money makeover template? I have no idea about it. My personal loan term was 5 years and now only 2 years are left. I only have one cc and I don't have anything left in that.

Since the cc and personal loan company is taking lot of interest and I find it very diff to survive with it I am thinking of taking the help of debt consolidation management in the hope that they can negotiate with my creditors to freeze my interest rate.

My question was has anybody used debt consolidation management and have they ever either reduced the interest rate or freeeze it. Are they reliable? Does it really work?

Thanks
Brian
 
Hi Jhegarty,

Just wondering if I have done any mistakes. Why have u sent that link?

Thanks
 
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