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Loan Consolidation

  • 07-10-2017 6:32pm
    #1
    Director Of Finance
    Registered Users, Registered Users 2 Posts: 16 ✭


    I have no understanding how loan consolidation works. Say someone is 7k in debt with about 8 different agencies. The person is unemployed, has an income of 191 euro a week and has a bad credit history. How on earth would anyone offer them loan consolidation?


Comments

  • #2
    Tenigate
    Closed Accounts Posts: 849 ✭✭✭Tenigate


    I can't see why lender would offer a loan to consolidate debt to someone who can't pay off a loan.

    However there are other options : http://www.citizensinformation.ie/en/money_and_tax/personal_finance/debt/personal_insolvency/


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    No lender would consolidate the sort of debt you give as an example.


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    If all the debt was with the one institution, they might offer to consolidate it for you ie if you had 5k credit card debt, 2k loan and 1k overdraft, they might allow you to roll it all into 1 loan for 8k over 5+ years so that the repayments would be more affordable. However, no institution is going to take on the debt from another, especially if there's a question mark over the customer's ability to service the debt.


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