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Struggling with debt

  • 24-03-2010 6:16pm
    #1
    joannaman
    Registered Users, Registered Users 2 Posts: 130 ✭✭


    Hi there,

    Perhaps someone can help me with this issue. I recently returned from traveling and have the following debt with aib; personal loan - 6,800, credit card & overdraft combined - 2,200. At the moment, I'm trying to find work and juggling debt is getting me down so I'd like to consolidate all my debt into one loan of approx 9,000 paying back approx 200 monthly over 5 years . I don't want to increase my debt, just make it more manageable. If I approach the bank, would they be likely to agree to this seeing as I don't have a job at the mo? I have been a customer for over 10 years, and have never missed a payment on any loans I have had, I have always paid my credit card bills in full every month and now I just want some space to get my life sorted out a bit.

    Thanks for any advice.


Comments

  • #2
    another world
    Registered Users, Registered Users 2 Posts: 541 ✭✭✭another world


    It´s not an easy situation and definitely the ideal situation is to get all your loans into one at a decent interest rate. You can´t lose by applying with AIB but without a job it won´t be easy and I would say pretty unlikely. Would you have any family member that could help you out with taking out loan? It might be your only option in the current situation (if it´s a possibility).


  • #3
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    Good luck with the job search. When you do have some income coming in, make sure you pay off the debts with the highest rate first.


  • #4
    joannaman
    Registered Users, Registered Users 2 Posts: 130 ✭✭joannaman


    Thanks for the replies guys. I'm going to chance it on Friday in my local branch but I'm not too hopeful either.


  • #5
    romah
    Closed Accounts Posts: 150 ✭✭romah


    PLAN B Rather than ask the bank to lend you €9000 ..

    Askthe bank to refinance or re-schedule your loan of 6800 with them. This will reduce your monthly repayments
    You can focus on your credit history and no missed payments etc...

    Dont panic about the overdraft..the fact that you have one in place is not a bad thing ..you dont actually owe that money immediately....work it off over time..

    Concentrate on paying back the credit card , if not completely then plan to pay it all off gradually in the next few months and try not to add to your debt in the short term.


  • #6
    itsyourmoney.ie: Aine
    Closed Accounts Posts: 10 ✭itsyourmoney.ie: Aine


    You might also find some useful info here.

    http://www.itsyourmoney.ie/index.jsp?1nID=94&pID=665&nID=770

    If you plan to approach you bank to ask them to restructure your loans, best to have your budget done out too.


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