I am writing about a loan. I have an outstanding loan for 4000 dollars and payday loans, I want to pay off everything and have one installment, I run my own business, so I have to pay back to have a clean account, but I can’t pay everything back. How can I solve this? bailiff seizure is already causing problems.
I really want to pay it all back, I’m 28 and I want to start living normally, without problems. How to combine several loans into one?
Best loans debt consolidation: quick app, instant decision, no hidden fees
If you want to convert several loans into one installment, then you definitely want a consolidation loan or consolidation loan. This type of financing is especially useful in situations like yours, where you need to repay all your liabilities right away and you don’t have enough money for it.
The consolidation works in such a way that all the debt is added up, and then all the liabilities are repaid, where after the operation the debtor only has one installment to pay.
You must remember that debt consolidation is not a free process, the longer you spread the amount of consolidation loan, the higher the financing costs you will incur, so you will pay more interest.
That is why it is so important not to break the amount of the consolidation loan for too long while reducing the monthly installment.
You need to choose the consolidation loan period so that the amount of the monthly installment perfectly matches your financial possibilities.
Underestimating your financial capabilities will result in too low an installment (too long a consolidation loan period), which will expose you to unnecessary financial losses (interest), and an excessive installment of a consolidation loan may expose you to loss of financial liquidity and falling into even larger debts!
Therefore, choosing the amount of consolidation installment is a key stage in the best loans debt consolidation!
Is it worth converting several installments into one installment?
By converting several installments into one installment, you will certainly minimize the risk of falling into the debt loop, and you will also protect your wallet from incurring additional fees that you expose yourself by not paying off your loans, loans and payday loans on time, what are the costs?
- Debt collection costs.
- Enforcement costs.
Consolidation and the bailiff
You write that you have debt collection. The bad news is that you do not have anything to count on a consolidation loan in the bank, but you can count on a non-bank consolidation loan, ie a loan granted by loan companies or financial institutions specializing in debt consolidation, ie debt relief companies.
Non-bank loan companies are constantly expanding their offer for individual clients, which is why nowadays consolidation of loans and debt collectors with bailiffs is nothing new and unheard of.
Of course, you must keep in mind that consolidation of debts in a loan company will certainly be more expensive than consolidation with a consolidation loan. Well, since you have a bailiff, nothing else comes into play at the moment.
Most loan companies offer the opportunity to consolidate loans and credits into one tailor-made loan with an installment tailored to the client’s financial capabilities.
A consolidation loan with a bonus
A loan company or bank in its generous “goodness” will probably offer you that it will combine your debts into one, and in addition, give you some extra cash for small life expenses.
I warn you against accepting such an offer, because the chosen amount will divide into so-called duperele, and you will be left with more than you expected debt to pay. You want to get out of debt instead of increasing it by choosing an additional amount for your consolidation loan.
Choose the right consolidation loan!
You certainly know this, but before consolidating your debt, carefully study the offers of at least a few banks or loan companies. The decision to consolidate must not be taken lightly, because you are associated with a loan or consolidation loan for several years! that’s why you have to think carefully step by step.
To choose the best and cheapest consolidation loan, use:
- or comparison websites.
Because only thanks to these tools will you be able to compare the financial offers of different companies. So what to look for when choosing a consolidation loan?
- installment amount of consolidation loan,
- loan repayment period,
- APRC (cost of consolidation loan).
Remember: it is not difficult to change several loans into one, it is difficult to find the right offer that will allow you to get rid of debts in the least cost-effective way and convert them into one loan – a consolidation loan.