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worried about loans... should i consolidate?

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  • 22-08-2009 1:20pm
    #1
    regas
    Closed Accounts Posts: 1 ✭


    Hi,
    First post. Hope this question is allowed. Just looking for some advice from you guys to put me in right direction. Got 3 loans and want to consolidate them into one. I recently have been made unemployed (last week) and awaiting the dole.

    Heres what I owe.
    Car Loan with Bank of Scotland - €16000 - €441.60 per month DD
    Bank loan with AIB - €4756 - €156.07 per month DD
    Credit union loan - €16901.57 - €440.21 per month plus interest.
    Credit card - €1602.84 (not too worried about this)

    I dont know the interest rates im paying on these. My OH is working but only earns €1500 per month. Im going back to college in September as mature student and worrying about how im going to pay these loans. I will be trying to get a part time job.

    Im wondering should I apply to AIB and get out a loan of maybe €30000? and clear all these loans? Then just have the one to pay back? I had a small loan last year and paid that back early so AIB said it shouldn't be a problem to get another. 30K probably a bit much.

    Any advice appreciated. Thanks


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  • Options
    #2
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    With no hesitation, your only option is MABS. That is horrific and there is no way on this earth you can handle that without help. They are experienced at this kind of problem and know how to best handle it.

    MABS will sit you down, go through everything with you and help you get a grip of it. The lenders respect them and will work with them to get you out of this fix. They may be able to freeze or reduce your interest payments as that little lot comes in just over 38 grand.

    Do not take on any more loans or even consider consolidation until you speak to them.

    Good Luck !


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