Hi All!
I currently have one bill left ($3,500) until i'm debt free! Yay! But my problem is that it is charging 19% pa.
I was wondering if it would be possible to get a loan for this amount if i had a bad credit rating??? The bad credit came from a $700 hire purchase item which i had paid off over 1 year ago????Any information would be appreciated.
Hi Istreet,
Think yourself lucky you are only being charged 19% pa. The costs involved in establishing a new loan would outweigh any benefit of a cheaper interest rate on such a small amount.
im pretty sure u can take out acertain loan with a honeymoon period where you pay no interest. therefore you use this to pay off the $3500 and then save and budget to make sure you pay off the honeymoon loan within the time period given (from memory 6mths) to avoid costly interest rates.
check it out, think it was mentioned in the last issue of API magazine
with bad credit it will be extremely difficult to obtain a credit card or personal loan. What about getting a loan in a partner or friend's name. You could get one credit card, do a cash withdrawal and pay your loan out, then get another with 6 months interest free and balance transfer it over to them.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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