Hi I have a refinancing question that I’m hoping someone may had similar experience with or may know how to go about taking the first steps.
In brief I’m trying to help sort out my parents debts. They’re both now retired and receive the state pension. They do not have a private pension nor do they have any other type of income. What they receive is enough to get by month to month with not much left over to finance their debts. My brother, two sisters and I have decided to help them out.
This is the run down of what they owe
1. Two credit union loans in my fathers name for a total of €21,000
2. Two credit union loans in my mothers name for a total of €18,000
Both the above totals constitute a small loan in the region of €2-5000 and a larger one of around €16,000 give or take.
3. Bank of Ireland loan of €22,500
4. AIB Loan of €12,500
Asset wise - my parents own their house but the deeds are with one of the banks as
on one of the loans.
Its quite a long story of how they have arrived at this point, but suffice to say we as siblings would like refinance the debts into one larger one with a longer payment period that we could all contribute a certain amount per month. So far the credit union have helped somewhat and agreed to lessen payments to small degree but not by much, they seem sticky as to the term of the loans which seems limited to 5 years.
To me the most obvious way forward would be to approach one or the other bank, but the impression I get, to put it mildly is that they may not look all that favourably on applicants looking to consolidate debts with other lending institutions.
Does anyone have any ideas on how to go from here, regarding refinancing or the best way of approaching the banks?
Any advice would be warmly received
In brief I’m trying to help sort out my parents debts. They’re both now retired and receive the state pension. They do not have a private pension nor do they have any other type of income. What they receive is enough to get by month to month with not much left over to finance their debts. My brother, two sisters and I have decided to help them out.
This is the run down of what they owe
1. Two credit union loans in my fathers name for a total of €21,000
2. Two credit union loans in my mothers name for a total of €18,000
Both the above totals constitute a small loan in the region of €2-5000 and a larger one of around €16,000 give or take.
3. Bank of Ireland loan of €22,500
4. AIB Loan of €12,500
Asset wise - my parents own their house but the deeds are with one of the banks as
on one of the loans.
Its quite a long story of how they have arrived at this point, but suffice to say we as siblings would like refinance the debts into one larger one with a longer payment period that we could all contribute a certain amount per month. So far the credit union have helped somewhat and agreed to lessen payments to small degree but not by much, they seem sticky as to the term of the loans which seems limited to 5 years.
To me the most obvious way forward would be to approach one or the other bank, but the impression I get, to put it mildly is that they may not look all that favourably on applicants looking to consolidate debts with other lending institutions.
Does anyone have any ideas on how to go from here, regarding refinancing or the best way of approaching the banks?
Any advice would be warmly received