Hello
I am looking for some advice on how to consolidate Loans and Credit Cards. My problem is that I managing my outgoings very badly, in that I pay way too much interest for loans and credit cards. Here is some background information:
Background Information:
Debt I am trying to consolidate is listed below = €35,000 in total:
I would like to consolidate Loans 1 & 2, with Credit Card 1, 2 & 3 into 1 monthly repayment of about €1,000 per month (instead of paying interest 5 times, it would be much smarter to pay 1 set of interest rates). I can afford to pay €1,000 back per month via direct debit. But, as it €35,000 I require, before contacting the banks, I know this is going to be an issue with current global crisis etc
Any advice would be much appreciated.
Thanks and regards
Conor
I am looking for some advice on how to consolidate Loans and Credit Cards. My problem is that I managing my outgoings very badly, in that I pay way too much interest for loans and credit cards. Here is some background information:
Background Information:
- I am employed by a solid organisation, have no risk of loosing my job
- Salary €85,000 p.a (Net Income is about €4,350 p/m)
- Rental Income €600 p/m
- Single, with no dependencies (no wife / no kids)
- I pay my monthly mortgages, loans, bills and credit cards without fail
- Have remortgaged before, so this is not an option (at least I don’t think it is)
- No debt collectors after me
- Mortgage: Halifax approx €270,000 outstanding (tracker) (€985 p/m)
- Loan 3: €20,000 outstanding (€660 p/m) * This is outside the scope of this but thought I better mention it
Debt I am trying to consolidate is listed below = €35,000 in total:
- Loan 1: €12,150 outstanding (€364 p/m)
- Loan 2: €10,410 outstanding (€323 p/m)
- Credit Card 1: €7,000 outstanding (Ulster Bank MasterCard)
- Credit Card 2: €2,700 outstanding (Halifax Visa)
- Credit Card 3: €2,300 outstanding (Bank of Ireland)
I would like to consolidate Loans 1 & 2, with Credit Card 1, 2 & 3 into 1 monthly repayment of about €1,000 per month (instead of paying interest 5 times, it would be much smarter to pay 1 set of interest rates). I can afford to pay €1,000 back per month via direct debit. But, as it €35,000 I require, before contacting the banks, I know this is going to be an issue with current global crisis etc
Any advice would be much appreciated.
Thanks and regards
Conor