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How much assitance can i get from banks?

Submitted by Sham Kamboj on Tue, 07/18/2006 - 00:56 ::

I want to pay my debt for loans and emi etc. I expect to require some 2,30,000 and would be able to arrange for 1,40,000

Can bank help me pay off debt and in return i'll pay them monthly ?
Not good to take a loan to pay for previous one but i have no other choice.

There are banks now that

There are banks now that will consolidate your debts for you so you can slowly get out to debt. But you have to be able to prove to them that you will be able to pay those debts off. Consolidating will decrease your monthly payment and you might be able to get a cheaper interest rate at the same time.

My advice ...

When ever you feel you just have to have buy something, take a deep breath, step back, and think it over for 24 hours. You may find that you really didn't need it after all. This is how I'm starting to pay off debt that I shouldn't have incurred in the first place.

They can loan you but you

They can loan you but you will need to give them a reason to why you need the loan. Also you'll need to payback with a high interest rate.

Avail the Balance Transfer facility

Hey, get a balance transfer (BT) done. Any bank would be more than willing to take over your exisiting loan. call up the bank and the executives will make a beeline at your residence to offer you the balance transfer facility. The icing on the cake is that you will get some interest free period also.

But remember, eventually it will turn out to be the proverbial 'out of the frying pan into the fire' if you do not manage your finances well.

Get rid of the loans as soon as possible, lead a EMI free life is my advice to you

Sorry, dear, don't want to

Sorry, dear, don't want to hurt you, but the fact that you want to use it to pay already existing debt, wouldn't go good with banks.

They are not for charity and they hunt for people who may be able to repay their dues. Now thing is that you don't have much to justify your strength. They can always claim poor standing sicne you need assitance to pay a debt.

Few may be able to give you assitance but be careful with finer print and interest they charge.

I wouldn't advise you to go for assistance from bank to pay for assistance obtained from another party.

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