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Multiple loan repayments

  • 29-10-2017 9:10pm
    #1
    Mikeyshragh
    Registered Users, Registered Users 2 Posts: 92 ✭✭


    Hi I was wondering if anyone could help me please.

    I have multiple loans and finance in a car and credit card overdue. I was wondering is there anything I can do to borrow all I owe and just make one payment a month rather then 3 loans including my wife’s a week. And car finance at the end of the month. I’m renting so I don’t have a Morgage. I’m trying to free up some money to save for a mortgage. I don’t think a bank would borrow enough money to pay all my loans and have just one payment either weekly or monthly. Any help I would be great full


Comments

  • #2
    Mikeyshragh
    Registered Users, Registered Users 2 Posts: 92 ✭✭Mikeyshragh


    This is probably not the right area for this post but I could find one


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


    I'm afraid it's highly unlikely any lender will lump together all your debt into one loan, I am presuming they are not all with one lender. If they were there might be some chance but no other bank is likely to take on unsecured debt from another source. Best you can do is aim to pay it down as soon as you can if you are hoping to get a mortgage, easier said than done I know but with outstanding loans you are less likely to be able to borrow as much on a mortgage anyway.

    If you don't have a credit union account, open one and try and save something, they are the best bet for a loan to clear the credit card debt but then again some of your debt could already be with a credit union, if it is it's worth asking them about consolidating the debts but don't get your hopes up there either.


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