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 Posted: Fri Nov 03, 2006 10:29 am Subject: Searching for Debt Program |
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I am in the search of starting some type of debt program to help with the many PDL's I have in collections as well as credit card and vehicle repo debt.
I have been able to a new car at the beg of the yr and I am stuck with a another auto loan from Drive Time (nightmare) for the 2 yrs now... I have kept both auto loans current and trying to increse my score, however all these old pdl, cc and repo till haunt my report... Any suggestions would be very helpful. I want to clean up my credit and purchase a home hopefully in the next 2 yrs... I am still living paycheck to paycheck and have 1 brand new pdl outstanding and I dont want to do this anymore....
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onmyway
Joined: 03 Nov 2006
Posts: 2
Location: California Debtcc Points: 73
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| Posted: Fri Nov 03, 2006 10:33 am Subject: |
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Welcome to the Community,Leanna  Have a look at the benfits of debt consolidation at http://www.debtconsolidationcare.com/benefits.html You can put all your unsecured debts into one monthly payment, with much lower interest. A credit coundelor will contact you soon to discuss this and other options with you. Good Luck...Karen
_________________
As long as you are alive, there's always hope
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Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5540
Debtcc Points: 65211
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| Posted: Fri Nov 03, 2006 10:41 am Subject: |
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Go through this page. You will find some options that can be considered in cleaning your credit.
Consolidation will be a very good choice. You can combine all your debts under one payment plan and pay at lower interest rates. One consultant will be calling you for the free quote. Take his advice before getting started with the plan.
While you wait for the program to get started, call your lenders and request an itemized statement of your loan account. You need to know if the charges in your account are added as per your state laws. Most lenders show the total so high, it becomes impossible to catch up with the payments and most of the money goes towards interests alone.
Your credit will look good after all the debts are reported as paid in your file. To achieve this goal, consolidation will be a very good resource in doing the repayments. If this one doesn't work, you can look into debt settlement.
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IncredibleHelp
Joined: 30 Jun 2006
Posts: 499
Debtcc Points: 7670
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| Posted: Fri Nov 03, 2006 10:47 am Subject: |
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dont you need to own a home to enter into a debt consolidation loan. i was googling debtr consol loans last week and most I websites I saw ask for property location
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onmyway
Joined: 03 Nov 2006
Posts: 2
Location: California Debtcc Points: 73
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| Posted: Fri Nov 03, 2006 1:41 pm Subject: |
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debt consolidation program is different from a debt consolidation loan.
People interested for a debt consolidation loan should have a property so that it can be pledged against the loan. The collateral is kept as a security just in case the payments are missed. There is a risk to the property in case you miss the payments.
Debt consolidation program does not require any kind of collateral. You make the monthly payments to the consolidation company and they send the payments to your creditors. You have to be regular in your payments otherwise creditors will withdraw the benefits offered in the program.
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weeswie
Joined: 07 Aug 2006
Posts: 382
Debtcc Points: 5743
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