If you’re struggling to pay day-to-day bills, or to keep up with loan repayments and other financial commitments, there are a number of options open to you to help clear your debts.
We outline some of the most common options you might have heard of below.
In Ireland personal credit reports are managed and maintained by the Irish Credit Bureau.
There are lots of debt solutions available – which one will be suitable for you depends on your personal circumstances.
This article offers an overview of some schemes you might have heard about, but only make your decision after talking to a free debt advice service.
APR is the Annual Percentage Rate (APR) and is used to describe the overall cost of money borrowed.
It takes into account the interest rate, when it is charged (daily, weekly, monthly or annually), any fees charged when setting up the loan and any other costs applicable to the loan.
WITH MANY FIRST time buyers clamouring to get up on the property ladder these days, many people have turned their thoughts to wondering about their credit rating.
People are thinking back on those few credit card payments they were late in paying, or that loan repayment that bounced back when they didn’t have the money in their account that one time. Anybody who has ever borrowed money will have a credit rating.
Stephen Curtis from the Irish Mortgage Holders Organisation spoke to about credit ratings, which he said is one of the most common questions the IMHO is asked about. The credit rating contains details of all loans you have currently, or had within the last 5 years.
It contains a number of details about a person’s history including: Who calculates my credit rating?
There are a number of things to think about before you take out a personal loan; such as, how much can you afford to borrow and how long you should borrow for.
With a personal loan you borrow a set amount of money, usually between €2,500 and €25,000, over a set number of years, typically between three and five years although you can get longer term loans. From paying cash, to getting a personal loan or buying a car on finance, there are many possibilities.
The rate you are offered will be a personalised rate based on your current individual circumstances including credit information held about you by the credit reference agencies, the loan amount you borrow and length of time you borrow for.