debt consolidation?
Hello all, we have a subject per debt consolidation. we have about 15k value of debt as well as have attempted requesting to dual companies for a debt consolidation loan as well as was denied both times. we suspicion about perplexing what a single of a alternative posters referred to , essay to a particular companies threating a intentional failure order. we have about 10k in a bank, though we do not wish to steal from which lender since we wouldn’t be means to make use of a income in my account. My credit is usually good. What alternative options do we have? Thanks
I am in the same boat…15k in debts. I didn’t bother trying to get a consolidation loan because I already knew I wouldn’t get approved. What I did do though is go to Money Management International since I didn’t want to file bankruptcy. I signed up for a debt management plan. This plan is similar to a bankruptcy in that you can’t have credit cards (all accounts are closed) and you can’t finance anything.
The differences…
1) No “bankruptcy” on your credit report for 7 or more years.
2) Completely optional. You don’t have to include every creditor and your creditors don’t have to accept any proposal. Because of this the 1st month or two can be a bit hard on the nerves.
3) You can end the plan anytime. …but your creditors will come demanding payment in full immediately on everything owed and don’t count on them being willing to make a deal.
4) If you miss a payment on the debt management plan your creditors can (and probably will) cancel their participation if they wish.
If you have 10k in the bank, why not use half of it on your debt. That would make things much more manageable.
Then get yourself on a written budget and attack the other 7500.
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
I would try a different lender – one that is willing to work with you
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
forget debt consolidation and any of quick fix they both will look as bad as bankruptcy on your record == take the 5k out of the bank and paid toward the debt and keep the other 5k back for rainy day fund == then downsize — computer internet service and the cell phone and its service and cable tv goes — then live this type of life till you credit score gos north and you have the 5k back in the bank!!! made seem like a jail sentence but until you get your debts paid off you have stolen the money from the people your owe money to.!!!
Debt consolidation is an option, and you should look into it. Just be careful about WHAT you’re getting into. Some plans, because of their higher APR rates get you into more trouble than you were.
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don’t let a single company pressure you into something you just can’t do. Make sure that you’re comfortable with the plan offered before you commit to it.
In any case, it doesn’t hurt to investigate debt consolidation as an option. It doesn’t cost you anything to find out more information about it.
If you want a place to start your investigating, there’s information and listings for debt consolidation providers on the page listed below. You’ll probably find something of use there: