Rothschild Credit buys Elgin Capital MarketWatch
By Marietta Cauchi
LONDON (MarketWatch) -- Rothschild Credit Management Ltd., part of investment bank NM Rothschild, has acquired debt-management business Elgin Capital, in the latest example of a financial firm positioning itself to benefit from a deluge of maturing leveraged loans.
London-based Elgin Capital on Friday said that it would remain as collateral manager of the portfolio, which comprises four Dalradian collateralized loan obligations, or pools of loans.
Financial details of the transaction, including the value of the assets being acquired, weren't disclosed.
Rothschild has been active in European debt management since 2004 and currently manages EUR700 million across its credit-management business through its Contego CLO vehicle, its Quintus mezzanine fund and its balance sheet.
A representative for Rothschild declined to comment on the deal, but Bloomberg reported that the acquisition will triple the investment bank's European leveraged loans under management to between EUR2 billion and EUR3 billion.
What is a Debt Consolidation Loan?
There are several ways an individual can use the money borrowed against real property. Most often, a security deed (or mortgage) is given against a piece of property for the purchase price, as few buyers can pay cash for a new home. It is common practice to buy a home on credit and the majority of people have no problem making their payments each month, knowing that they will soon own their own home.
However, sometimes people borrow more than the purchase price, or attempt to refinance an existing mortgage so that cash is available to pay bills or to finance other ventures. The process of taking out a loan against the equity in a real property to pay off existing bills is called a “debt consolidation” loan.
Using Home Equity to Consolidate Debt
While not all debt consolidation loans are secured by real property, many are, due to the fact that equity in a home may be sitting “idle” while the borrower is paying a tremendous interest rate on his or her bills. Rather than borrow more money at a high rate of interest, borrowers tend to use the equity in the home, which can often be borrowed against for a very reasonable rate of interest. If a borrower is paying 12% or even 18% on credit cards, it makes sense to borrow enough to pay them off at 3% on a debt consolidation loan against his or her home. In this particular case, if the borrower does not re-charge on the credit cards, he or she will be saving a great deal of money in the long run by using debt consolidation wisely.
How hard is to refinance my credit card debt?
Most debt consolidation loans have very strict requirements for qualification. People with very poor credit cannot usually qualify for these types of loans, although there are program for those with marginal credit or “average” credit to help consolidation bills. Those who have managed to keep up their payments will be the most successful in securing debt-consolidation financing, since the ability to pay monthly bills indicates that the borrower will have no trouble making the new, smaller monthly payments associated with the debt consolidation loan.
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Mortgage Refinance & Debt Consolidation Video | Bills.com
www.bills.com Is refinancing your mortgage the best way to pay off your credit card debt? This mortgage refinance video from Bills.com reviews the ...
What is better, debt consolidation loan, home refinance or home equity loan?
My husband and I want to pay off some credit card debt; which is the better option?
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This website has a useful article about just this topic. I hope it will help you.
Good luck!
can I refinance a debt consolidation loan?
well, I am cool with it. Go ahead dude!
I want to refinance my home for a debt consolidation new loan. Which are my best options ?
I have about 40 % positive home equity , no late payments , but I only have been owning the house for a couple months. My house is in California and I have a fair to good credit with too many inquiries in the last 6 months.
Is it possible to refinance a home 2 months after bought it for a debt consolidation new loan?
Unless there is a condition in your mortgage stating otherwise, yes you can refinance at any time you choose. Be careful that there could be early exit fees applicable if you do. Just check out what is available, and what fees and charges will apply should you refinance. If it will save you money then do it. You may find that you are better staying with what you already have for a year or two.
Many years ago when variable interest rates had gone up to 18% pa and looked like they could reach 24%, I converted to a fixed loan at 18% for five years. Within twelve months variable interest rates had dropped to 12% pa. The mortgage break fee cost me $20,000 penalty interest to refinance at the variable rate again. However, it saved me that amount in the first twelve months, and continued to save that and more for the subsequent three years as variable interest rates had dropped to 8.5% by the end of the fifth year.
If you made enough of a down payment and have equity in the home, you might be able to get a HELOC (home equity line of credit) without refinancing your existing loan. That would have minimal closing costs and flexible payments. But typically you would still owe it if foreclosure auction did not cover it, or could not get out of it in bankruptcy without losing your home. So you would be betting your home that you can make the payments.
Here is the source of a mortgage refinancing company http://www.iloanshop.com/apply_mortgage.php for your reference and information. You can check out if you want.
Can I refinance a car with horrible credit or can I add the amount into a debt consolidation loan?
There are some ways to refi a car with bad credit but they generally require equity in the car. Banks will want an investment from you that reduces their risk on your current loan or does not create too much risk with a new lender. Companies like American General do these harder kinds of loans. Also, you may be surprised to find a credit union willing to help you. My CU just refi'd my $2000 past due loan with no other creditors being paid as agreed because I was paying them $200 a week for 3 months to get caught up. They just decided I was more likely to pay if I could pay $409!!! New loan and no longer past due!
My ex-husband and I thought it would be a great idea to take out a 2nd mortgage to help pay off our credit card debt faster. The company we took out the mortgage with sold our loan to another company, which was extremely dishonest. They charged unbelievable late fees ($1000 fine for a late payment) and would say that they didn't get the payments on time, even when they did, so that they could charge the late fee.
There are an awful lot of companies like that out there, now, and it's an absolute nightmare trying to deal with them!
It's best to try to go with a local credit union or bank, if you can. Stay away from the big national lenders. Unfortunately, the ones who will give loans to people with poor credit are often the worst ones.
Finally, you will need to OWN the car (with no debt attached to it) to be able to use it effectively to help you get out of debt.
Any other scenario is simply rearranging the deck chairs on the Titanic.
Don't be afraid to moonlight your way into wealth. There is nothing sinful about a TEMPORARY second job to get your affairs in order.
Car salespeople and car finance managers are regularly telling buyers they can refinance later once their credit is better.
The problem is that most cars are financed for more than their sales price. As soon as you drive it away, you owe far more than the car is worth. That is called being "upside down" on a debt.
With little or no down payment, people are "upside down" for 3 years or so on domestic autos and 2 years on Japanese autos if they were purchased new.
You would have to find a lender that would be willing to refinance the debt compared to what the vehicle is worth.
I think you should work to raise your credit scores, and the first thing to do is make sure ALL of your payments are on time.
Debt Consolidation, home refinance question...?
I currently have two auto loans, some credit card debt, and will be purchasing a house very soon. I know they have debt consolidation loans, but all ive seen are fixed rates for them. Do they offer Arm rates for debt consolidation for auto, credit, and mortgage loans? Any info is greatly appreciated. Also ive noticed that quicken loans has the cheapest rates, and best quotes do you know of others that have better?
I AM SURE THEY HAVE CONSOLIDATIONS LOANS FOR ALL AND TO QUALIFY TO BUY ARM LOANS ARE GOOD BUT SHOULD FIX THE RATE AS SOON AS POSSIBLE AND PAY HIGHEST MAX PAYMENT AS POSIBLE
Where can I get a Debt Consolidation Loan to pay off Credit Cards w/o refinancing Mortgage?
Debt consolidation is rarely the right thing to do. The reason why is that they lump together all you debts, your low interest and high interest and then extend the time frame of you payments in order to reduce the payments. It also dings up your credit score. You need to get intense and take care of this yourself!
There are two different approaches to becoming debt free. The first is to list all debts from the highest interest rate to the lowest, attack the highest interest rate and pay minimums on all the rest. The other way is to list all your debts from smallest to largest and attack the smallest first and make minimum payments only on all the others. The first may mathematically seem better but from my experience, the second approach actually works better from a behavioral standpoint. You get constant reinforcement as you knock out debts early and often. Either way, you need to cut your lifestyle and get angry. Have a garage sale and get a second job. Get intense and soon you will be free!
You could start with your bank: I did this and I was amazed that they agreed to a loan! But let me give a word of warning. If you consolidate your debt and pay back all your credit cards, then you must cut up all your cards except for one, which is there solely for emergencies. Buy everything you need out of income and do not borrow any money for any purpose. That way you get to repay your debt and you don't get into further debt.
Check out this website which has some useful links and information. I hope this helps.
Good luck!
You can also improve your credit score, fix bad credit, get credit cards, repairing credit, building credit etc.
You may get what you want in the website. WEBSITE IS IN MY PROFILE. You can go to my profile by just clicking out my name in the right.
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Where is the best place to get a Debt Consolidation loan? I need about $30,000 for less than 10%?
I am a homeowner but I don't want to refinance and pull out my equity. I'm just looking to get a lower rate than my current cards and pay these things off for good within about 5 years.
Home equities are really the best option since you have the option to term them out for X amount of years and have the same payment each month. However, you're local bank/credit union may have some additional options for you. At my bank, we offer a signature line of credit. It's basically like a credit card, but the rate is much lower. The rates vary depending on credit and the amount borrowed.
Whats better in this economy, getting a home equity loan, or just refinancing. For debt consolidation only.?
The problem with consolidating debt, is that after the consolidation, it is just to easy to get back into credit card debt again. As far as home equity vs refinancing, it is entirely dependent on the terms of each of the two loans. If you are current on your payments, you have a lot more leeway, if you are not, you will have trouble getting good terms for either type of loan. It may make more sense for you to get a, temporary, part time job to make some extra income and just use that to knock out the debt quicker, especially if the mortgage that you have now has a low interest rate. Try this:
This plan works with any number of debts. Make a list of all of your debts with the interest rates, listing them in order from highest interest to lowest interest.
Pay the minimum due on all of them and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on card #1 (the minimum payment and the extra payment) towards card #2. That will pay card #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Card #1 (highest interest): minimum payment+ extra payment
Card #2 (middle interest): minimum payment
Card #3(lowest interest): minimum payment
Card #1: paid off
Card #2: minimum payment from Card #1+ Minimum payment from Card #2 +extra payment
Card #3: minimum payment
Card #1: paid off
Card #2: paid off
Card #3:Mimimum payment from card #1+ minimum payment from Card #2+ minimum payment from Card #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. This works no matter how many different debts you may have.
Mortgage, Refinance, Debt Consolidation, Construction, Home Improvement...?
I'm a loan officer for Access Mortgage and Financial, we do 500+ credit scores. Contact me toll free at 877-LOAN-103 and ask for Josh. We do first time buyers, home improvement, debt consolidation, re-finance and more. We handle all credit scores, good or bad. Don't ever pay for a loan application, they are free and can be done over the phone. You can contact me by phone, email, IM. Please only serious inquiries. We are currently licensed in 14 states
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