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  1. #1
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    Default Can someone good with finances help me?

    I have a loan with the commonwealth for 20 000 which consists of two consolidated loans , a car loan and a credit card loan. It's 16 percent interest .in a year I have got it down from 20 to 12 grand but I am, really over it and sick of paying so much interest.


    Can I roll this loan over to someone else? One that has lower interest ? How does this work, I will obviously have to pay a loan establishment fee. Who do you recommend ? Tia.

  2. #2
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    Probably not unfortunately. You will always get charged more interest on a unsecured loan. Just try and get it paid off as soon as you can but watch for early exit fees. Was suggested to me that I get my loan down to $50 and leave it as the exit fees were high

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    Thanks

  4. #4
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    I wonder if you could get some of the balance put onto a credit card with a low interest introductory period and then pay it off before th\low interest period runs out

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    You could roll over elsewhere but you would probably have to take out a bit more than you have left already for them to accept it.

    Can I ask which bank you are with? That interest rate seems really ridiculous!! Check with them if you have early exit fees and if not, go nuts. Either like PP said, get a low interest cc and pay heaps off before the low interest wears off, or visit a few bank branches and talk to someone there.

    We tried consolidating our CBA Debts with CBA when DD was born as we were financially screwed due to my boss making me redundant, they didn't want a bar of it. Saying we didn't need to, we were better off (with 2 credit cards and 2 personal loans).

    So we moved to Westpac. So CBA lost us and our interest. Funny thing too, neither DP or I had loans that got charged for paying early. So we got to pay it off and that was it. Hahaha.




    WooHoo! Another iphone!

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    Oh also, some places waive the establishment fee. If you ask them about it and "exaggerate" a little you can get them to knock it off. Otherwise, it just goes on top of the loan amount.


    WooHoo! Another iphone!

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    My Ex didn't have to pay exit fees after 2&half years left to go


 

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