No Credit Check Personal Loans
I am looking to get rid of my credit cards, I have seen many adverts for
debt consolidation services, but surely these places make a profit on you,
and It must do real harm to your credit rating?
I was wondering if anyone could advise me whether it would be wiser to get a
low interest loan (7.1% is the best I found) or go through a debt
consolidator?
The amount on all cards combined is about £10,000.
Do you have a mortgage? Do you have enough equity?
Your lender may be willing to give you what is called an
additional advance, i.e. increase the size of your existing
mortgage debt by £10k. That would mean that instead
of paying 7.1% (or whatever the consolidators can offer)
you would be paying at the mortgage rate, which should
be a lot less.
If your existing mortgage lender is not willing, others may
be, so it might be worth considering going for a remortgage,
i.e. switching lenders, and increasing the loan at the same
time. Of course, often this involves going through a mortgage
broker who will want a fee too, but you can't expect owt for
nowt.