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Consolidating loans

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  • 13-09-2014 12:10am
    #1
    Tmurf
    Registered Users Posts: 95 ✭✭


    I am looking at trying to consolidate a few loans, credit cards, overdrafts that myself and wife have built up.
    Can't put it on the mortgage and the bank won't cover another lenders loan.
    Is there any lenders giving out consolidation loans ??


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    #2
    Sam Kade
    Registered Users Posts: 12,313 ✭✭✭✭Sam Kade


    Bad idea just assuming you wanted to put your car loan in with your mortgage, You will be paying for your car over 20 years. Do you think you would still have the same car in 20 years never mind paying 3 times as much for it in interest? Same with any other short term loan. They used to catch people with this during the celtic tiger years and throw in a lump sum as well and made it look like the lump sum was free.


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    #3
    Tmurf
    Registered Users Posts: 95 ✭✭Tmurf


    Thanks for your post.
    Note that I said it wouldn't be on a mortgage.
    I asked a question if there were lenders around giving out consolidating loans.
    I am looking for something for over 5/6 years to consolidate debt I have into one loan.

    Thanks


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    #4
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Generally, no.

    Reports on here have indicated that Credit Unions may be sympathetic to such loans, but as each one is an individual organisation there is no certainty. Plus you may very well need savings and/or a history with them beforehand.


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    #5
    chooey
    Registered Users Posts: 311 ✭✭chooey


    I agree about the credit union. I consolidated some of my student loans with them. I didn't have savings with them at the time but they agreed that if I lodged some savings into my account with them they would give me the loan,


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    #6
    Tmurf
    Registered Users Posts: 95 ✭✭Tmurf


    Cheers,
    2 Loans with the Credit union, who are not interested in taking over another institutions debt..
    Also have savings tied up against these Credit Union loans that could be used to pay off some of whats owing.
    So basicly looking for a lender, not a Union who will give out a consolidation loan ??

    Thanks


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    #7
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Probably not going to happen, if that is the case.


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