I have the loan documents

They came in the mail on Tuesday night, unfortunately I had things to do that night and was on the red eye for a work trip the next morning. I’ve just got back and I’m far too tired to go over them tonight so it will have to wait for the weekend.

I had a quick glance through them, I have to undertake to close the nominated accounts, they will pay the money to the credit cards via bpay so I can’t go and spend it on a luxury overseas holiday even though the thought is quite pleasant.

Before I can close the credit cards I need to do a couple of things. The main one is to transfer my regular payments from those cards to my other credit card. The other one is to find something to spend the miniscule amount of “rewards points” I have. If I’m lucky I might get a half case of wine. Hmmm, not so tired now. Might get that chore out of the way right now.

Consolidation Loan Approved

I got an email tonight when I arrived home that my application for a consolidation loan had been approved. There is a package in tonights mail for me that will have the loan agreement and some other stuff in it. I’m not sure how long it will take until I get the money but this is a step in the right direction.

Once that loan is paid off and I’ve closed those credit card accounts I’ll start shopping around for some low interest credit cards to pay off the balance.

No news is what news ?

I lodged my consolidation loan application on the 25th of July. Since then I’ve had a few phone calls seeking to verify some of the information I’d provided. I sent the last piece of info off last Thursday and haven’t heard anything since.

At this stage I’d say my odds of getting the loan are around 50/50. I definately have the capacity to make the repayments, If you combine the monthly repayments on the two cards I’m intending to pay off and add in the payrise I got last month then I’m pretty much in a cashflow neutral situation when I start making loan repayments.

However I don’t think financial institutions see things the same way, they punch a bunch of numbers into a computer, come up with a risk rating and that makes their decision for them.