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Debt Consolidation

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  • 07-08-2003 6:36pm
    #1
    giftgrub
    Registered Users Posts: 1,309 ✭✭✭


    anyone know of any irish companies that do debt consolidation?


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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    Best off sticking with one of the main banks or your local credit union. Many of the outfits specialise in giving you more money than you need / can handle and they hit you with extra charges and interest.

    With the "add your car loan to your house mortgage"-type scheme, you end up paying for your car over the rest of the term of your mortgage (maybe 20-30 years), when in fact you would be buying a new car inside 5 years. In the long run it costs you an absolute fortune.


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    #3
    halkar
    Registered Users Posts: 1,256 ✭✭✭halkar


    You can take out a variable loan for about 20 years along with your mortgage and you can always pay that off anytime when you have the money. They are not bad idea as they use the same rates as the mortgage rates, talk to your bank not the loan sharks and plan carefully. :)


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    #4
    uzami
    Closed Accounts Posts: 507 ✭✭✭uzami


    you can arrange a re-mortgage whereby the car loan (for example) gets paid off over a 5 year term at mortgage rates.


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    #5
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    Also watch out for arrangement fees.


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    #6
    uzami
    Closed Accounts Posts: 507 ✭✭✭uzami


    Also watch out for arrangement fees.

    not if you consolidate with your existing mortgage provider. eg a top up loan paid off over 5 years

    Also arangement fees for remortgages are always put on by the brokers, the majority of who will waive it, and if they don't..... go to another broker.

    there should be no arrangement fees from the start of next month as IFSRA have issued a draft code of conduct for intermeadiares whereby they have to disclose commissions paid on mortgage products, thus creating the transparency to the client about who actually imposes the arrangement fee.


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