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 Posted: Thu Oct 12, 2006 3:28 pm Subject: Want to consolidate these extra loans to see light |
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I got divorced in feb, have a mortgage w/ a neg m of $2000 per month an interest only of $3800 a month, the house has been for sale now since feb. I make about $4000 per month. other depts in clude a motorcycle payment of $400; credit card total $18,000 w/ a min of $400, and other card total $10,000 min of $350; 25,000 loan w/ a min of $500; wich leaves me w/ about $350 a month for food, gas, water, electric, and all the other esincials in life, hince I've been living off my credit cards since the divorce. is there any way to consolidate these extra loans so the light at the end of the tonnel can be turned on.
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mchefler
Joined: 12 Oct 2006
Posts: 1
Debtcc Points: 45
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| Posted: Thu Oct 12, 2006 3:53 pm Subject: |
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Hi mchefler, welcome 
You have a good inflow of income. You can save some more money, provided the debts are included in a debt management program. The bills will go under one payment plan and your consolidation company will make the payments to your creditors. After enrolling the debts under the consolidation plan, you will get easy repayment options and extra time in your repayments. The interests will stop from rising further.
There is another option if the above mentioned plan is not the best fit in your situation. A debt settlement plan is widely chosen by those people who are unable to afford the payments set in the consolidation. This program will offer reduction by 40 to 60 percent depending upon individual cases. Talk to a consultant before you decide with your options.
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Gretchin
Debt Samaritan
Joined: 18 Feb 2006
Posts: 494
Debtcc Points: 8504
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