Loan for repayment of other loansUncategorized
I can get a loan to pay off several other loans, which would make my situation much easier, but I need a person who would sign a declaration that I will be able to repay this installment.
It is not even eating or taking credit. This person will get a statement that he does not respond in any way if something went wrong. Can you get such help from you? Or maybe some other way out of my situation?
So you decide on a consolidation loan?
I do not know what the bank’s purpose is to demand from the future borrower such a statement. The more so that the signer of this declaration does not respond in any way with his property. I understand what it is to raise credit and in this situation it would not be surprising. But just a “dry” statement?
Unfortunately, we cannot sign such statements and not because we do not want to. The reason is simple, if we would once certify such a document, in the near future, we would probably be overwhelmed with such requests. In addition, someone who knows you should certify for you. The bank can always ask what “you” have in common!
Family and loved ones
I think you should ask a loved one for such a favor, after all your family know you best, right? if you really are able to repay the installment loan and no one has any doubts about it, then you should not have a problem getting such a statement.
Installment calculation and profitability of the consolidation loan
I think that before you start looking for someone who will confirm that you will be able to repay the consolidation loan installments, you should once again examine whether taking another loan is the best solution now?
Then calculate how much your total debt is and the total sum of monthly installments. Be sure to also check whether the loans and credits that you will consolidate do not have a provision in the agreement on additional fees in the event of early repayment!
The next step will be to compare the data you have already collected to the overall cost of the consolidation loan. This type of simple and uncomplicated analysis allows you to catch an unfavorable deal.
See how much the installment has fallen and how much the debt has increased! If the results of the comparison are alarming, do not decide to take this loan, because only you will worsen your financial situation even more!
You must be aware that there are several other options for dealing with debt that you cannot cope with. Here’s what else you can do:
- If you have loans and payday loans, please go to the bank in person and submit an application / application to spread the debt over more installments. If you have a bank loan, try to negotiate a credit vacation.
- Start saving on home expenses! (example): Do you really need a large package of digital TV channels ?! or a high phone subscription?
- A loan from a family? I am against such solutions, but if you have no choice – go for it!
- Change your job to a better-paid job or look for an extra job!
- Negotiate a raise with your employer, you definitely deserve it!
- Sell everything you need and unnecessary to function!
War your debts, annoy the debts that weigh you so much, direct all anger at actions to increase income, minimize expenses and negotiate new debt repayment terms! We keep our fingers crossed for you! You can do it!