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credit card debt

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  • 25-02-2013 10:52am
    #1
    holdfast
    Registered Users Posts: 1,151 ✭✭✭


    I am going into the bank to sort out a a long standing debt of 10,000. I have paid the monthly payments over the last few years, while I paid down over 14,000 during this time.

    what is the likely stance of the bank to me sorting it over a long term loan ?
    what should I expect from them ?


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    #2
    van_beano
    Registered Users Posts: 1,345 ✭✭✭van_beano


    They're a bank so I'd expect they'd be looking to get as much money as possible from you.

    Have you access to a Credit Union loan perhaps to clear the Credit Card? Interest Rates should be better and in most cases the Credit Union are easier to deal with.

    Don't know if that helps.


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    #3
    lennyloulou
    Registered Users Posts: 344 ✭✭lennyloulou


    my friend ran up huge debt a few years ago with ulster bank- spent loads on clothes - silly mare. anyhow they restructured it over a personal loan for her, cant remember the terms/years. its paid off now. good luck


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    #4
    holdfast
    Registered Users Posts: 1,151 ✭✭✭holdfast


    Yea, I expect that they will look for there pound of flesh too, but I was hoping a good deal for them is a good deal for me i.e I get a reaosnble rate and repayment length and they get there money.

    I am just hoping they don't say we want it all back now. I ran it up on education, failed business and a large medical operation. But all that done now and I felt I have made huge headway getting my debts under control. But I am burnt out and I will not be able to throw money at it in the future as easy.


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    #5
    van_beano
    Registered Users Posts: 1,345 ✭✭✭van_beano


    I doubt they'll ask for it all back in one go. By having you burdened with a large debt on a very high interest rate they'll get a lot more money from you if you're only paying the minimum.

    Check the Banks website and check what the interest rate is for loans. I'd be guessing it will be at leat 10%+

    11.64% Ulster Bank - http://www.ulsterbank.ie/roi/personal/borrowing/loans/loan-options/personal-loan/rates.ashx

    11.4% AIB
    http://www.aib.ie/personal/loans/Personal-Lending-Interest-Rates

    a Credit Union loan would be about, depending on the size of the Credit Union, be between 8% and 10% (possibly)


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    #6
    lennyloulou
    Registered Users Posts: 344 ✭✭lennyloulou


    go in and explain your story. stay well away from credit unions - i find them impossible to deal with- on paper they are community based and supposed to be of help- god no. i myself am struggling to repay a debt to them and i find zero lee way with them. And i have been in touch with MABS. read some of peoples accounts they have had with credit unions on this forum- CU are more likely to take you to court than banks if you are struggling to repay loans- read up on it- fact!!! it WILL shock you. also interest rates with their loans ARE HIGH!


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    #7
    van_beano
    Registered Users Posts: 1,345 ✭✭✭van_beano


    lennyloulou wrote: »
    go in and explain your story. stay well away from credit unions - i find them impossible to deal with- on paper they are community based and supposed to be of help- god no. i myself am struggling to repay a debt to them and i find zero lee way with them. And i have been in touch with MABS. read some of peoples accounts they have had with credit unions on this forum- CU are more likely to take you to court than banks if you are struggling to repay loans- read up on it- fact!!! it WILL shock you. also interest rates with their loans ARE HIGH!

    Maybe it's different for everyone but I got a loan from the Credit Union to clear a Credit Card debt at 8.4%, they were very easy to deal with and dealt directly with the bank to sort of the Credit Card


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    #8
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    lennyloulou wrote: »
    go in and explain your story. stay well away from credit unions - i find them impossible to deal with- on paper they are community based and supposed to be of help- god no. i myself am struggling to repay a debt to them and i find zero lee way with them. And i have been in touch with MABS. read some of peoples accounts they have had with credit unions on this forum- CU are more likely to take you to court than banks if you are struggling to repay loans- read up on it- fact!!! it WILL shock you. also interest rates with their loans ARE HIGH!

    Personal anecdote does not equal evidence. Unless you've dealt with a wide range of Credit Unions, in a wide range of circumstances, then be careful of presenting unsubstantiated internet "fact" on this forum.


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    #9
    van_beano
    Registered Users Posts: 1,345 ✭✭✭van_beano


    Without harping on about Credit Unions too much longer it might be worth reading this:

    http://www.creditunion.ie/whatweoffer/loans/?gclid=CMy50qud0bUCFY072wodzBAA1g#d.en.97

    It's a general synopsis of the advantages of Credit Union loans and the insurance / protection such loans offers.

    Again it's only my personal opinion that a Credit Union loan would be the best option for you but that's without me knowing anything of your personal situation.

    Do let us know if you get any joy :)


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