don't spose anyone works for any loan company or debt/fiance peeps do they ? im after consolidating but no-one will let me, i wanna roll my loan and cards into one big loan, any advice apprciated ?
i work for a bank, does that count ??
im bored !
thats exactly what i want to do, i got like 4 small loans that i want to consolidate into one larger affordable low interest loan, but i dont think anyone wants to know!
Just watch the Paramount Comedy Channel for about 20 minutes any afternoon and you'll end up with about two hundred numbers of "financial institutions" that will consolidate your debts. :P
The only problem is the actors they got for the ads, they must be the... ah never mind, just watch the feckin ads.
With these consolidated loans, I would have thought that they must be charging you a lot more in the long run or are they working on the premise that they are paying off your debt (so they wont be charged any more debt either, unless there are penalties for paying something off) and then charging you the average amount of interest?
So its effectively the same as getting a normal loan from a bank, to pay off existing debt and then pay the bank the money back? (though I presume the rates of interest at a bank or cheapest provider will be cheaper than consolidating a loan?) Or is my lack of knowledge about the situation showing :roll:
(If ive saved you cash, please forward half the saving to me)
If the total you need to clear your debt is less than £2000, then I would never consider a loan. Balance transfer it all onto a credit card* offering 0% APR for 6-9 months. As the 0% period nears its end, transfer it onto another company's card. Repeat as neccessary until the debt is cleared.
*Working on the assumption that you have a decent credit rating and would be accepted for a credit card.