consolidating advice

iVillage Member
Registered: 06-23-2003
consolidating advice
Mon, 06-23-2003 - 10:19pm
My husband and I are in debt big time. I am worse off with a bad credit history and a judgment against my name. I have come across this company which can find a bank or lender to help us consolidate all our loans even with my bad credit. I just want some advice if this would be the best thing to do as it would make our repayments alot cheaper and we could afford to live again and not have to worry about living pay check to pay check and if we have enough money to get us through the week.

I have a morgage which I owe $94,000 a personal loan joint with my husband $20,000, a person loan in my name $4,000 and my husband has a credit card $2,000. we are always behind on the repayments and they aint the only things knocking on our door! I have a myers card which i havent payed for ages thats the judgment thats against me. I have also been caught out with unpayed speeding and parking fines. My husband has a unpayed mobile phone bill not to mention the land rates which havent been payed for a whole year!

we just want to get out of this hole we dug ourselves into. So is it a good idea to consolidate? any advice on what we can do will be great.

thanks for listening to my troubles. I hope I havent bored you too much!! lol!!


Edited 6/24/2003 2:33:20 AM ET by jessemon

iVillage Member
Registered: 03-31-2003
Tue, 06-24-2003 - 8:50am
Hi Narelle,

I 'hear' the pain, fear, and regret in your post. I wish I could give you the advice you asked for. All I can do is offer positive thoughts that you and your DH make the best decision for you.

If it were me, I'd start by committing to paying off the past debts, while stashing a little aside every week, even just $5, to start an emergency fund. With money in the bank, you won't have to charge things, and get yourself in a mess, like I'm in.

Setting up a spending plan that has more money coming in than going out is a good place to start. Tracking your spending to see where you can cut back is very helpful too. Reading books from the library about finances is what got me on the road out of debt. Jerrold Mundis' book "How to get out of debt, stay out of debt, and live prosperously" really turned my life around.

Good luck!

Lee Ann

Lee Ann

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 06-24-2003 - 9:15am
Narelle - if it sounds too good to be true - it likely is. I would not trust any "company" that could "find" me a bank. If I can't walk into a bank myself and do exactly what this company is offering to do, then I would avoid them like the plague. It sounds too sketchy.



All my best,

iVillage Member
Registered: 04-22-2003
Thu, 06-26-2003 - 7:24pm
I don't care for middlemen myself and that is what he is.

talk to your banker who handles it, 1st place to go they can deduct it right out of your account.

talk to local bankers if your banker won't.

check I think they have a place for consolidation

shop around on your own so you don't pay a middle man for the information.

lot of people advertise also on the internet about consolidation loans.

Another thing if your banker doesn't want to do consolidation loan ask about a second mortgage, you write off some of the interest on your taxes, pay to the bank and is secured by your house.