Borrowers who opt for a federal consolidation loan
can choose from various repayment options to pay their new consolidation loan
, including income-based repayment, extended repayment, and graduated repayment.
Pettus allegedly provided a forged W2 income tax form that inflated his annual income nearly $100,000, while attempting to obtain a debt consolidation loan
, the DA's office said.
An iHELP Consolidation loan
offers the option to release a cosigner after 24 months of consecutive on time payments.
Raju, however, points out that with credit card debts racking up 40 to 50 per cent per annum in interest liability, it may be worth pursuing a consolidation loan
. "If you take a personal loan, the annual interest rate is likely going to be between six to nine per cent," he says.
"We have come up with a product at a much lesser rate of interest but it is a consolidation loan
where we consolidate the debt and pay off the other debtors.
Trading Standards officers advise people to look closely at the duration of the consolidation loan
and the total amount payable.
They visited the bank for a second time to discuss the position and the bank's lending officer arranged a second consolidation loan
With that said, Justin Pritchard, author of The Everything Improve Your Credit Book (Adams Media; $14.95), suggests, "When looking for a consolidation loan
, tap into your existing bank and credit union relationships.
One in four people who take out a debt consolidation loan
go on to run up more debts, a survey claimed today.
He adds: "When I'd asked Barclays where I bank if they could give me a consolidation loan
, they offered me a rate of 22.5pc, so I was glad I shopped around."
At the same time, around 3m people have taken out a debt consolidation loan
in a bid to get on top of their borrowings.