i just called fox symes , they wouldnt cover secured loans only unsecured... we may be better off paying it with dh's redundancy, as our unsecured loan isnt a huge amount to pay off weekly
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17-05-2010 12:17 #11
17-05-2010 12:26 #12
17-05-2010 12:35 #13Senior Member
- Join Date
- Apr 2010
17-05-2010 12:40 #14
Try going to a broker who specialises in consolidation loans. They have access to a lot of loans from different lenders and find one that suits your financial needs/limitations...
If anyone wants contact details to a good one, PM me...
17-05-2010 12:42 #15
17-05-2010 12:45 #16
We have just done this for a loan with Fox symes bout thirty thousand all together our fees for the whole term are like 1200 bucks already paid, and our repayments are 120, if you think in 7 years u aren't going to have paid back what u owe now then just go for it. You can pay it back quicker and we have actually had another loan afterwards (long story all paid back no tho) and even tho we had the agreement and it was all fine for our credit rating.
17-05-2010 15:43 #17Senior Member
- Join Date
- May 2009
It was with a bank no Fox Symes or any of them like other have said problems arise when it is a debt agreement, I think you are just creating another problem rather than resolving one.
We have been struggling lately had planned on working whilst preg but did not work out that way what we have done is restructured loans with providers and are now paying 1/2 the monthly amounts for the next 12 months at which time I shall be working again.
17-05-2010 18:41 #18
They are taking a lo-o-o-ng time to come through on their end with the discharge.
One thing you do need to take into consideration when you consolidate you debts is that instead of paying off a loan over, say 5 years, you'll be paying it off for the duration of the loan you have consolidated to, and if it's your home loan you could be paying off your five year debt over 20 years instead. So while the interest rate might be cheaper, you may end up paying the same amount over the life of the loan anyway.
Your best bet might be to see a financial advisor.
17-05-2010 18:44 #19
It might not be what you're after, but google 'debt snowball'. It's a method for tackling multiple debts.
17-05-2010 18:54 #20
as people have noted ........ BEWARE :
Debt Consolidation and Debt Agreemements are VERY VERY different.
Debt consolidation is simply adding all of your debt into 1 loan and making the repayments as usual.
If you have a credit card, a personal loan and a mortgage, you are far better off basically adding the credit card and personal loan onto your home loan as the interest rate is much lower. In order to make it cheaper you need to be still repaying the same amount - but all of it off the consolidated loan.
If you reduce the repayments, then over the long term you may not be any better of $ wise as you are paying a lower interest but over a much longer time. However - it depends on your circumstances and reasons for consolidating.
If you are consolidating to pay less interest - make the same repayments and you will save a bundle.
If you are doing it because you cant afford all the repayments now, then consolidating will help by reducing the minimum repayment. You will end up paying more .... but it will resolve your current cash flow problems.
A Debt Agreement (with Fox Symes or the like) where you pay no interest etc is a kind of bankruptcy without actually going bankrupt. It WILL affect your credit rating and make it MUCH more difficult to get a home loan or other types of credit in future.
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