Debt

[Flossy1978]

If you've been silly and gotten yourself into debt with credit cards and other small loans, what are the chances of being able to put all the debt together and getting a loan to cover these, so you have just one smaller payment a month to pay it off? Is that frowned upon in Finland?

We are paying now 1600€ a month minimum to this debt. We've been so stupid and there isn't even anything to show for all the debt. We have 7 different debts (yeah laugh, I cried with laughter when I sat down and got real with myself LOL) totalling about 30,000€ and we want to know if it's possible to get just one loan to cover it all and pay it all off.

Where I come from you can go to the bank and they help you work out a plan and will let your combine all debts into one loan to pay it off. Is it possible here? I have an average salary and my husband makes very good money, so they would take this into account, right? We also have a mortgage, so maybe they won't lend us the money.

Or is there some other institution that helps with this kind of thing. We aren't in trouble, but we are getting pretty close to it soon if we don't get help to clear it all up.

Any ideas?

[Tiwaz]

If you've been silly and gotten yourself into debt with credit cards and other small loans, what are the chances of being able to put all the debt together and getting a loan to cover these, so you have just one smaller payment a month to pay it off? Is that frowned upon in Finland?

We are paying now 1600€ a month minimum to this debt. We've been so stupid and there isn't even anything to show for all the debt. We have 7 different debts (yeah laugh, I cried with laughter when I sat down and got real with myself LOL) totalling about 30,000€ and we want to know if it's possible to get just one loan to cover it all and pay it all off.

Where I come from you can go to the bank and they help you work out a plan and will let your combine all debts into one loan to pay it off. Is it possible here? I have an average salary and my husband makes very good money, so they would take this into account, right? We also have a mortgage, so maybe they won't lend us the money.

Or is there some other institution that helps with this kind of thing. We aren't in trouble, but we are getting pretty close to it soon if we don't get help to clear it all up.

Any ideas?

I presume it is possible, at least I recall seeing some advertisement which suggested such action.
After quick google, it appears it is very possible. I recommend going to your bank to talk about that. Though there might be some complications if you have used those quick loan firms with horrible rates. You really should go speak about it in your bank.

[Flossy1978]

Thanks

Yeah I've also seen on the telly that you can get those loans that put all your debt together, but they have insane fees and something like a 30% interest rate. Insane.

I'll get the hubby to make a call to Nordea and get some help from there.

[Tiwaz]

Well, you can always ask for offers from other banks. It gives good incentive for bank to consider possible expenses and rates.

[Pursuivant]

If you can put something as a collateral that helps.

[Flossy1978]

Thanks everyone. We don't really have anything to put as collateral. Only our house which we are still paying the mortgage on and I don't know if banks take that as collateral.

I am going to ask Sampo too. We have accounts with them.

[Pursuivant]

Well if you have the mortgage in Nordea they already have the collateral so with two names and a steay job you should be able to get something like 25-30 off them easy. GE money gives up to 25K without collateral, getting something out of a bank is cheaper.

[rinso]

Thanks everyone. We don't really have anything to put as collateral. Only our house which we are still paying the mortgage on and I don't know if banks take that as collateral.

You could consider a redraft of the mortgage and get the extra money that way.
But there will be some costs.

[mrjimsfc]

If you get a consolidation loan from the same bank that your mortgage is with, you should be able to get a better (lower) intrest rate than by going somewhere else.

[Flossy1978]

Ok thank you I'll ask when we go to Nordea.

Thank you everyone for your help

[lollypop]

Hi,

were you able to get any help from Nordea? You can PM me if you like so that I can share my own experiences with you. I was in the same situation a few years ago but with good planning and a very good and valued personal banker (you get one depending on your level of commitments with the bank...)at Nordea things are looking much better today.

All the best.

[Flossy1978]

Oh believe me I know we've spent foolishly. It didn't even go on lots of new furniture LOL. We probably have the 'daggiest' (yeah I am an Aussie) home in Finland LOL. We don't even have one of those fancy thin televisions or a fancy computer like everyone has these days

I never eat out. Maybe once every few months, but my Husband eats out several times, if not everyday with his coworkers. That must cost an awfully huge amount each month. I am a true blue Aussie, I take a sanger to work with me everyday LOL(sometimes even a vegemite sandwich ) and I make your typical meat with three vegies dinners in the evening LOL. We live out in the sticks about 6km from the closest town, and there's no Macca's or anything like this in town, only the local grilli place LOL, so I am never tempted.

We got a joint bank account now. Before we had everything seperately. That didn't help.

It went very bad when we bought our house. We moved from Helsinki out to the sticks and even though you think life is cheaper living out in the sticks, it really isn't. I went from paying a mere 40€ for a transport ticket a month to paying car insurance, car taxes, petrol, insane house insurance costs bla bla bla bla. I think we just didn't account for all of these costs and instead of sitting down like I begged my husband to do and go through our finances, he stuck his head in the sand because he's such a typical Finnish man LOL.

But you are right, we have to start writing down everything. And that is what I am going to do aswell as go to the bank

Thanks!!!