Consolidating??

jeffjones

jeffjones

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So I found I have way to many different payments each month and want to consolidate it so I only have to worry about 1 payment.

For anyone that has done this or in this type of business who usually has the best rates?
I tried TD and Royal Bank but they were both fairly high intrest rates.

Cheers
 
anyone???
PM me if you want?
 
jeffjones said:
anyone???
PM me if you want?
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Don't u have to check each particular bill before u pay them?
Like if Rogers is over billing u or not?
 
Are we talking loan payments here or something else?

If its loan payments just get a big line of credit and use it to pay off everything else. Should be able to get something in the 5-6% range if you're not a total delinquent.
 
Consolidating is like borrowing a big wad of cash from Snow White to pay off a bunch of small debts to the seven dwarfs. The problem Snow White has is that any colaterals might be hard to transfer so she doesn't do you any favours in the rate department.

A lot depends on why you need to consolidate. If it's just a pain keeping track of the bills you should be able to get a decent rate loan. If you're stretched it's not so easy.
 
Well I have my student loans, Visa, Truck payment and a loan, I honestly just hate having all the different due dates and periods that they will only accept a payment.
I just want to have a lump sum come out every pay.
TD and Royal were horrible rates (between 10-13%) I don't have bad credit as I pay everything on time, so just thought maybe someone had a place they did it in which they got good rates.
 
I just went to TD last week to see about the same thing. I have 2 line of credits I thought I could possibly throw on a low interest loan to pay them off quicker and the interest rate they gave me was 3% higher than my one line of credit and 9% higher than the other. Im actually thinking about leaving TD all together. I have dealt with them for 12 years and the best they can give me on my line of credit is 11%. I walked into Scotia never having dealt with them before and they gave me 5.5%. Looks like Scotia might be a better option.
 
I have that line from Scotia. I mine si 5 %.

I advise against paying off student loans in priority to anything else though ( if you thave them)

as a matter of fact I would contribute to a TFSA/RRSP > paying off student loans.
 
Why not just set everything on automatic withdrawal and forget about them (aside from keeping enough in the account to cover them, which doesn't change a bit from what you have to do anyways)?
 
Thank you, I will check and see what Scotia says.
 
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Brian P said:
Why not just set everything on automatic withdrawal and forget about them (aside from keeping enough in the account to cover them, which doesn't change a bit from what you have to do anyways)?
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In my case it was to try to lower the interest rate below 11% on my one line of credit. Consolidating is def not the best option for my scenario. I believe upping my Scotia Line of Credit to a larger amount and transferring over my TD account might be a better choice.
 
I had a secured line of credit or home equity line of credit. I was at 2% plus prime with CIBC.
 
imnothng said:
I had a secured line of credit or home equity line of credit. I was at 2% plus prime with CIBC.
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Owning real estate opens colateral doors. Shows stability, even if the house burns down the land has value, property stays put, bankruptcy is less of an option etc therefore better rates.
 
nobbie48 said:
Owning real estate opens colateral doors. Shows stability, even if the house burns down the land has value, property stays put, bankruptcy is less of an option etc therefore better rates.
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Was looking into buying a home and conslidating through the mortgage but at the moment it is not an option.
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