Just a question about offer...
Find a Conversation
| 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


Do you know your credit scores?
All my best,
Danni