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kelly82

do you have to be a homeowner in order to consolidate your debt? and does this go on your credit report and lower your score

Posted: Tue Mar 21, 2006 9:28 am Subject:

You do not have to be a homeowner to consolidate your debt. When you do debt consolidation, it is not a loan where you get cash money to pay for the debt. You are given monthly payments to send out. Hope this helps.

Posted: Tue Mar 21, 2006 9:28 am Subject:

Kelly, you do not have to be a homeowner to consolidate your debt. You do have to be a homeowner to consolidate with a home equity loan. However, there are other forms of consolidation. Consolidation can take the form of a loan, in which case you will need a decent credit score to qualify for a loan with reasonable terms. Another form of consolidation is a debt management plan or dmp. A DMP has no direct impact on your credit SCORE, but a note can be placed on your credit REPORT stating that you are in credit counseling. A lender can see this note and interpret however he or she wishes. Some will see it as a positive, some as a negative. An accredited counselor can help you understand what option is the best for you. For more information, read through this site, or check out the debt consolidation Guide in my signature below. Hope this helps.

Posted: Tue Mar 21, 2006 9:45 am Subject:

Kelly,

Welcome to forums Very Happy

Among all the debt reduction programs, debt consolidation seems to be most helpful and reasonable. It gives you all kind of comforts possible. To qualify for debt consolidation loan often a good score is required and people with huge debt often find it difficult. Some of the lenders ask for collateral if your score is not so good. Then you risk the chance of losing the property.

Debt consolidation does not ask for collateral, neither need you to have a high score to get into the program. The counselor working in the program will guide you till the end of the service. The counselor will first analyze your income and expenditures and prepare a payment plan for you. Then he will negotiate with your creditors to get the plan approved.

Once your accounts are paid in full, the counselor will help you get the accounts reported in your favor. So it will help you rebuild your credit in the long run. You can see the benefits of debt consolidation here-

http://www.debtconsolidationcare.com/benefits.html

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