Just a question about offer...

iVillage Member
Registered: 03-27-2003
Just a question about offer...
3
Fri, 11-25-2005 - 3:15pm

First of all, I hope each of you had a wonderful Thanksgiving holiday!

Received an "offer" in the mail on Wednesday. From MBNA, it's an offer for a loan up to $25k to get me out of debt. I haven't had a chance to sit down and crunch numbers to see if this is lower than my current monthly payments, but taking this offer would get creditor-from-Hell, Direct Merchants Bank off my back. I'm not past due, but they just seem to call four or five times a day for whatever reason. I can't stand that company and would love to get them paid off, as well as a few others that keep me up at night. Really don't want to do DM, like CCCS or others. So my options are to take the loan (if I get it) or continue to do what I am doing, which doesn't feel like much, and I lose sleep at night over this. I can pick amount, and how long to pay back (3-6 years). I am thinking of taking $15k, which would get us paid off with cc's, and paying over 3-4 years. One payment a month. Only thing is I want to know what the interest rate is, and that is based on "credit worthiness", which could be from 7% to 21%...

Any thoughts on this? Has anyone done this before?

Thanks for your input!

Kathy

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iVillage Member
Registered: 02-19-2004
Fri, 11-25-2005 - 5:28pm

Do you know your credit scores?

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iVillage Member
Registered: 02-14-2004
Sat, 11-26-2005 - 11:29am
As far as I know, the "loan" MBNA offers is actually a credit card offer. I remember reading the terms before, and they are just like a credit card. If they fix the interest rate on your offer, that's good. You should be able to call them and get a quote on an interest rate for you. If you don't like it, you can always cancel.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Sun, 11-27-2005 - 7:42am
Just be aware that many of the offers out there are for "up to X dollars" - they often send folks the offers for dollar amounts that make people think they can roll other cc's over to the new one, but only after you apply to you then learn that your official offer is only for 3K or 5K, or whatever.

All my best,
Danni