Home

Welcome to Debt Free Advice forum, please register if you want to post

Adverts for other sites and/or companies will be deleted



Posted by chains : October 5th, 2007

consolidation costs

i keep hearing bad things about the long term costs of consolidation loans. have any other forum users had experiences with consolidation loans they could tell me about?
‹ View previous topic View next topic ›

The basic importance of

The basic importance of consolidation is that it will discontinue any collection mediators harassing calls and provide you a strain free future to construct your credit for upcoming borrowing. Thus for easy repayment of the debts one should go for secured debt consolidation loans. Moreover by consolidating your debt you are paying one monthly payment, which is lower than all the payments you are paying to creditors. The debt consolidation agency uses this payment to pay off the actual debt and the interest on the debt. What more you expect from consolidation company. One such site in my knowledge is www.debtreduction123.net. you must try
Posted by: Capriok

No matter what solution

No matter what solutions you look into you will always hear 'bad things' about them, people always talk about the bad side of things, what you may not hear is that for a lot of people a consolidation loan may be a fantastic solution and why not. You have a repayment term that you are aware of, in many cases a much lower payment and on most cases a lower interest rate. Yes it is true that you may be paying more back when interest is added but if your only meeting minimum payments on credit cards how much interest are you going to pay overall? Before making your mind up give DAT a call and assess all your options first, once you have all the information it may help you decide the right route for you.
Posted by: debt answers

I took a consolidation loan

when i owed £13k on my credit cards, so this meant £260 per month which was great. However what i didnt do was cut up my credit cards and with in a year i owed £8k plus the loan, so this meant payments of about £500 a month plus using the card again and again, then after about 6 months i had used my other card which had a limit of £4k and before u know it i am up and over the limit on that card! i then consolidated all that into a loan for £25k from the bank at a cost of £350 a month and this time i cut up the cards, but i started gettin ithcy feet and applied for the card back which they gave me cos i am a 'very good' customer who always pays on time!!! I then used the card again and now owe a grand total of £33k and have finally made the decision to do an IVA which is very much on its way, i am also having counselling to find out why i feel the need to spend so much money. I even asked the person at the bank to not allow me to spend on my card and he said 'i am not the one in control of your spending, you are!' Today i am alot happier and dont feel the need to keep up with everyone. I actually went into a store today to spend £35 on pointless items and because i only had cash on me i put them back and walked out and i was so proud of myself, 2 months ago i would have just put it on my card and waited for the bill to arrive. I dont reccommend consolidation, it just makes you an easy target for creditors who know the people that spend and keep on giving credit to these people. I know we should be responsible borrowers, but they should also be responsible lenders! IF YOU CONSOLIDATE CUT UP YOUR CARDS AND NEVER APPLY FOR THOSE CARDS AGAIN. ARE YOU STRONG ENOUGH TO SAY NO? Thats the question you need to ask yourself when consolidating. Lisag1812
Posted by: lisag1978