Hi - I'm new to this - but can anyone offer information on consolidating personal loans in one... they seem to all include your mortgage - or advise on who to talk to about this -
There are lots of institutions that offer this service but you should be careful about consolidating personal loans onto a mortgage - you should generally only do this as a once off emergency measure to regain control of finances that have gone out of control and you should try to avoid spreading otherwise short term personal loans over the full term of the mortgage since although you may pay less each month in total you will most likely pay much more in the long term (e.g. if you are paying for a car or holiday or whatever over 20 rather than 2-4 years!). Perhaps you could post more detailed information about your situation (e.g. debts) so that people could offer more specific advice to you?
thanks Clubman.... i would say that i have over 30000, in personal loans alone... ie car with finance co., 1 year left, credit union loan over 5 year, credit card and home improvment loan... i have approached a few institutions and they will not accept me and some months were failed payments and I seem to be playing catch up all the time.. this time I have just reached the end of the line and running out of options...
Can you give more details please - e.g. a list of the particular loans including their terms and rates (including whether variable or fixed), original amount borrowed and amount outstanding now. Have you checked the dealing with debt threads at the top of this forum? Sounds like you need help. Try MABS. And get rid of the credit card(s).
Car - finance company - borrowed 4200 over 2 yrs, fixed monthly amt of 198, 1 year left
AIB - 5500 - fixed rate over 5 years... 136 per month, 2.5 years left
Credit Union - 9500 over 5 years... (new loan) 4.5 years left 189 per month
One Direct - 12000 fixed rate over 5 years - 198 per month , 4.5 years left
Credit Cards maxed at 5500.... I am chasing my tail at this stage... the mortgage is 400 a month on top of all this... I am digging a hole right......
Regardless of the advice you receive here I would strongly urge you to contact MABS for advice/assistance. You don't quote the rates on your loans but as they are fixed you are likely to face significant breakage penalties if you pay them off early by consolidating the loans onto your mortgage. You should bear this in mind when crunching the numbers to see what the best course of action to regain control of your finances is. MABS should be able to help with this.