My friend's debt

kathola

Are all these options to pay off loans still viable in Ireland these days (post recession)?

I also have an older friend who, I guess, didn't really understand the logic of a credit card at the time of taking it and has run up close to 10k. He's definitely in no position now, after a separation, to pay any good amount off it each month.

I've suggested taking a personal loan out and cutting up the credit card.. or at the very least cutting the limit down much, much lower for incidentals/emergencies.

Do the banks still give out personal loans for circumstances like this or would he be better off "rate surfing" and transferring the balance to 0% cards..?

Please bear in mind he's older and doesn't use the internet so needs a simple, straightforward solution.

Agent Smith

kathola wrote: »

Are all these options to pay off loans still viable in Ireland these days (post recession)?

I also have an older friend who, I guess, didn't really understand the logic of a credit card at the time of taking it and has run up close to 10k. He's definitely in no position now, after a separation, to pay any good amount off it each month.

I've suggested taking a personal loan out and cutting up the credit card.. or at the very least cutting the limit down much, much lower for incidentals/emergencies.

Do the banks still give out personal loans for circumstances like this or would he be better off "rate surfing" and transferring the balance to 0% cards..?

Please bear in mind he's older and doesn't use the internet so needs a simple, straightforward solution.

Easiest way is to get a personal loan from the bank to pay it off.

Lower interest. and wipes the card.

Then tell them to request a lower limit

danniemcq

delly wrote: »

How about moving credit card company and getting an introduction period of 0% interest?

kathola wrote: »

Are all these options to pay off loans still viable in Ireland these days (post recession)?

I also have an older friend who, I guess, didn't really understand the logic of a credit card at the time of taking it and has run up close to 10k. He's definitely in no position now, after a separation, to pay any good amount off it each month.

I've suggested taking a personal loan out and cutting up the credit card.. or at the very least cutting the limit down much, much lower for incidentals/emergencies.

Do the banks still give out personal loans for circumstances like this or would he be better off "rate surfing" and transferring the balance to 0% cards..?

Please bear in mind he's older and doesn't use the internet so needs a simple, straightforward solution.

most of these would still work, the 0% card switching does anyway, they were on about it on today fm a few months back.

Also cutting up the credit card/lowering the limit will always work.

MABS is still about too although i'm sure they are a bit busier these days

Run_to_da_hills

delly wrote: »

How about moving credit card company and getting an introduction period of 0% interest?

Not as easy as that these days, banks have got a lot tighter and may not offer such a high limit. .

Gummy Panda

5k is not a savage debt.

I've meet people with a lot more spread across 2+ cards

Run_to_da_hills

Gummy Panda wrote: »

5k is not a savage debt.

I've meet people with a lot more spread across 2+ cards

Worse still there are people paying exorbitant PPI insurance on top of this and in many cases they may not even be eligible for a claim.