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 Posted: Mon Nov 12, 2007 12:47 pm Subject: Can you consolidate carn loans too? |
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Can you consolidate carn loans too?
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chjermonique
Joined: 12 Nov 2007
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| Posted: Mon Nov 12, 2007 12:48 pm Subject: |
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I think u can only consolidate unsecured debt thru credit counseling.
Hope this helps u,
Ang
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You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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Ang
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| Posted: Tue Nov 13, 2007 10:50 pm Subject: |
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Hi
Car loans are regarded as unsecured loans. It implies that the consumer is borrowing money without putting anything up for security or collateral against the loan.Unsecured loans like car loans, credit card payments, student loans can be consolidated into one lower monthly payment.
I hope im not wrong.....Please let me know
Nelly
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goodnelly
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| Posted: Wed Nov 14, 2007 6:14 am Subject: |
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But a car loan IS a secured loan! They take ur title to ur car until the loan is paid off. The title is their collateral.
Ang
_________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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Ang
Debt Samaritan
Joined: 27 Jun 2006
Posts: 2390
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| Posted: Wed Nov 14, 2007 6:21 am Subject: |
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Sorry Nelly, I have to side with Ang. The car is collateral in a car loan, making it secured.
Your consolidation company can send proposals to anyone you want them to. It is ultimately up to the creditor to decide whether they will accept the proposal or not.
However, secured creditors have more leverage against you and probably will not agree to the consolidation. Most likely they will tell you to make your regular payments or else they will repo the car.
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DebtCruncher
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