Debt consolidation loan?
I need to possibly get the debt converging loan or record for bankruptcy. But the single complaint with the loan is i know my credit measure is really bad so wouldnt which stop me from removing the loan? Is there any establishment which has the loan for my sort of situation?
I used Wells Fargo and was very happy with them… my credit score was decent so I am not sure what kind of options they have for bad scores… but yours may be higher than you think.
Be advised…Debt consolidation and bankruptcy are both bad for your credit.
Very few. One thing you must understand is that the lending institution will base decisions on credit score, income level, credit history, work history, age, assets, and amount of debt you currently have. If you are poor in each of those categories then you would only be able to get debt consolidation with a co signer. Good luck.
Even if you qualify to get a debt consolidation loan, you should probably avoid getting one. The reason? When people have their credit cards paid off with the consolidation loan and have all that available credit to use again, it’s simply too tempting to start using all the new available credit…and you quickly find yourself in twice as much debt as before.
Another option: Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They DO NOT negotiate settlements.
They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to “enrolled in debt management.” This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don’t use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you’re enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.
Please note that CCCS cannot perform miracles in situations where there is an overwhelming level of debt relative to your income/assets. Sometimes Chapter 7 bankruptcy is the only solution to overwhelming debt.
Don’t let anyone smear or guilt-trip you for making this decision if you have to…especially all the people who like to quote Dave Ramsey who think that BK should always be avoided….this is ridiculous advise that only benefits credit card companies…Of course BK should be avoided if at all possible…but sometimes it is needed. Do what’s best for you and your family. Corporate America uses BK all the time and no one slams them.
Just remember that you can only file for Chapter 7 once every eight years….so if you file, you won’t be able to discharge your debts again for eight years, even if you find yourself in a worse financial situation..
I would suggest you to go with debt consolidation..a bankruptcy on you credit follows you for the rest of your life then its better to try with debt consolidation. No matter even you have bad credit. Here i would like to link a source which would help you out in every possible situation… i have heard a lot of good things about it..
Try it on.. good luck..
If your credit rating is already low you might actually try a debt consolidation program. MOST are legit but you should always proceed with caution. One of these programs saved my butt a few years back and it’s a lot better for your credit than either of the other options because, once the program is finished it is no longer an issue on your credit report.
Here’s some advice on how to get started in one of these programs:
Good luck!
P.S. These programs are a hell of a lot easier and faster to get than either a loan or bankruptcy.