Loans...

[Fettman 0]

My girlfriend has some loans that she took out to pay for her school. They are through Citibank Russia. Of course her monthly payments are quite high and so I am looking into refinancing it when we get married. Does anyone have any tips or advice?

[Fettman 0]

My girlfriend has some loans that she took out to pay for her school. They are through Citibank Russia. Of course her monthly payments are quite high and so I am looking into refinancing it when we get married. Does anyone have any tips or advice?

I think I answered my own question. I think I can just get a consolidation loan from a bank here, pay off her loan, and then have a better interest rate and better monthly payments.

[Kotenochek 0]

Hehe sounds like it:)

[Fettman 0]

Hehe sounds like it:)

Yeah, I tend to ask questions and then answer them. I just do not think about it enough sometimes

[Kotenochek 0]

Well still nice to get advice if someone has done it already.Unfortunately I cant help about it much:(

[Satellite 1]

From what I here, if you have loans from other countries and you move permenantly to the US with no intention to go back you can default on it and get away with it!

The countries use completely different credit reporting criteria and systems. And a default loan is not a crime.

I heard some folks from the UK board talk of this. Pretty cool to rack up 40k in credit card debt and then split.

[Fettman 0]

From what I here, if you have loans from other countries and you move permenantly to the US with no intention to go back you can default on it and get away with it!

The countries use completely different credit reporting criteria and systems. And a default loan is not a crime.

I heard some folks from the UK board talk of this. Pretty cool to rack up 40k in credit card debt and then split.

Hmmm, well I think some of her family signed off on the loan, so I do not think I want to leave them in the dust. She would kill me anyway

[Satellite 1]

Hmmm, well I think some of her family signed off on the loan, so I do not think I want to leave them in the dust. She would kill me anyway

You didn't mention that there were co-signers in the original post.

[Fettman 0]

Hmmm, well I think some of her family signed off on the loan, so I do not think I want to leave them in the dust. She would kill me anyway

You didn't mention that there were co-signers in the original post.

Well, I was not sure and I did not think it relevant to paying off a loan. If they are not, well then it might be a good idea as long as their were no legal rammifications

[rouguewave 7]

My girlfriend has some loans that she took out to pay for her school. They are through Citibank Russia. Of course her monthly payments are quite high and so I am looking into refinancing it when we get married. Does anyone have any tips or advice?

How about if you refinance it when you get married, like through a debt consolidation loan and just pay them off?

Seriously though, consider various options such as using a home mortgage line of credit, versus other unsecured types of loans. Oftentimes LOCs can be converted to a fixed rate 2nd mortgage (at least my credit union does). They allow this for up to 2 loans during the life of the LOC.

Another option (if you have them) is to secure the consolidation loan with securities (stocks, mutual funds) that you are holding for long term investment. Loans secured this way generally have lower interest rates also. In fact, I was able to use a portion of my retirement account to secure a loan that I used to purchase a 1st home purcase. I know this wasn't common at the time, but things may have changed (its been 8 years) and exceptions for education are almost as common as exceptions for 1st homes these days.

PS: Don't forget to track all loan interest and fee payments closely. I believe you'll find its all tax deductable as education loan expenses (maybe only if you itemize deductions)

[Ta Ta 1]

It was tough finding a good rate for an equity loan and there were several denials until Bank of America came through

with no cost and a decent interest rate considering my not so good credit score and the shaky housing market.

I thank God for that loan

[Satellite 1]

Seriously though, consider various options such as using a home mortgage line of credit, versus other unsecured types of loans.

Think long and hard before you use your property as collateral for a loan. The marriage better last, because if something goes wrong, she just transferred the debt to you and is in the clear as well as her parents if the money you borrow pays off her high interest loans.

[russ 1]

Think long and hard before you use your property as collateral for a loan. The marriage better last, because if something goes wrong, she just transferred the debt to you and is in the clear as well as her parents if the money you borrow pays off her high interest loans.

Trading an unsecured loan for a secured one is always a bad idea.

[Fettman 0]

Think long and hard before you use your property as collateral for a loan. The marriage better last, because if something goes wrong, she just transferred the debt to you and is in the clear as well as her parents if the money you borrow pays off her high interest loans.

Trading an unsecured loan for a secured one is always a bad idea.

Well, the good thing is that I do not have a house or really anything I can use as collateral, so I cannot trade anything for anything. However, I think I can still get a good rate from my credit union, but we will see. All of this hinges on many things right now, so it is kind of a moot point anything , just wanted to hear some thoughts on it.

[Fettman 0]

All this reminds me of an episode of "The Simpsons" where Homer is buying a car and the guy is talking to him about financing and outlining all his payments. At the end he says, "Oh, then after your final monthly payment, there's the CBP or Crippling Blow Payment." and Homer replies "But that's not for a while right?" and the salesman says "Right!" and then Homer proceeds to sign the contract. Now that is the way to think about getting loans, not worrying about tomorrow as long as I get what I want now