Loan Issue.

debtissue

Moved to a new section due to no reply.

Basically I'm in my early twenties, and like everyone else in the celtic tiger I went a bit mad spending.

I owe €8,500 to the credit union €70 per week.
I have €1,500 in shares with them.
I owe AIB €2,500 & an overdraft of €1,000 in max.

Basically if I got a new loan of €10,000 with one provider to clear all of these it would bring down my payments, lenders don't like giving loans to pay other banks.

How do I go about this Thank you.

Huggles

Hey

What are your personal circumstances like, do you have a job etc? Have ypu sat down and done a budget for yourself showing income and outgoings?

I'd say your chances of getting a loan from somewhere else would be slim to none, the fact that you have a overdraft maxed out as well as the loans will really go against you.

The first thing you need to do is get out of that overdraft as soon as possible then start filtering any spare cash into the loans to clear them quicker.

Hope that helps.

debtissue wrote: »

Moved to a new section due to no reply.

Basically I'm in my early twenties, and like everyone else in the celtic tiger I went a bit mad spending.

I owe €8,500 to the credit union €70 per week.
I have €1,500 in shares with them.
I owe AIB €2,500 & an overdraft of €1,000 in max.

Basically if I got a new loan of €10,000 with one provider to clear all of these it would bring down my payments, lenders don't like giving loans to pay other banks.

How do I go about this Thank you.

unclebill98

Banks advertise they do loans to clare other banks debt, reality is they will more or less decline it.

Best bet is to take to loan application to the lender you owe the most money to. That way the vast majority if internal debt be restructured.