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Debt Company

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  • 07-07-2009 12:05am
    #1
    Gillington
    Registered Users Posts: 3,555 ✭✭✭


    Just wondering has anyone used any company to consolidte their loans etc into one payment and what I should expect to be paying interest wise.Banks are a no-go.


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    From the Charter..
    What is not allowed on here:...
    *Requests for info/contact details on Moneylenders (either Licenced or Unlicenced).
    No exceptions. See post below for more information. If a poster finds themselves in financial difficulty they should contact MABS

    I know you're looking for info on 'debt consolidation companies', but they're one and the same really.

    OP, if you're really feeling the pinch financially you should contact MABS. These debt consolidation companies charge very high interest rates, and sometimes require that you give collateral on the loan (your house or similar). In the long run, you can end up paying back double (or more) what you owe. I saw an ad on TV for one of these companies the other day and they were charging something like 25% APR!! Is all your debt with the one institution? If so, you should approach them first of all and see are they willing to restructure your loans etc. If you have any savings with a credit union, you could also try them.

    Good luck.


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