| Message |
Author |
 Posted: Mon May 12, 2008 11:50 am |
|
|
How does one get a loan for combing all the debt together? I'm recently divorced and in order to keep my house and prorety I had to take a lot of debt and its killing me paying it all, the problem is I can't find a loan to put it all together.
|
|
possumkicker
Joined: 12 May 2008
Posts: 2
Debtcc Points: 28
|
|
|
| Posted: Mon May 12, 2008 12:26 pm |
|
|
Being that you are a registered member , you can take advantage of the feee no obligtion consultation. Just call the 800 number at the right of the screen.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
|
|
|
| Posted: Mon May 12, 2008 2:05 pm |
|
|
If you have a high debt to income ratio you are unlikely to qualify for a loan. I would suggest you look into what either a Credit Counseling program or debt settlement program depending on you situation. If you can afford a payment with a credit counseling program you should consider it. They can put you with what is called a Debt Management Plan or DMP for short. With a debt management plan you will repay all of your accepted creditors over a newly negotiated contract and terms. The counseling company will negotiate with all creditors to accept a lower interest rate, waive late fees and over limit fees and spread your payments out over 5 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt. If you are overextended and can`t afford a DMP with a credit counseling agency than you should consider a settlement program. Debt settlement is an hardship program and best for consumers that don't qualify for debt management, can't continue paying minimum payments, can't borrow to pay off debts and don't want to file bankruptcy. The settlement company can usually settle your debts for around 40-60 % of what you owe. Both are great options depending on your situation. Which ever path you choose please look any company you are considering up with the BBB.
|
|
mobile0311
Joined: 05 May 2008
Posts: 698
Debtcc Points: 3878
|
|
|
| Posted: Mon May 12, 2008 3:24 pm |
|
|
You can go for a debt consolidation..Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
_________________
Free Debt Consolidation Guide
http://consolidate-debtloans.blogspot.com/
|
|
justinhi5
Joined: 22 Apr 2008
Posts: 86
Debtcc Points: 638
|
|
|
| Posted: Mon May 12, 2008 3:31 pm |
|
|
Getting a consolidation loan usually means putting up your home as collateral If she is struggling I don`t see how turning unsecured debt in to secured debt would help. All thats doing is robbing peter to pay paul. Most financial advisers would agree that if you are struggling to NOT get a consolidation loan. That only make the problem worse.
|
|
mobile0311
Joined: 05 May 2008
Posts: 698
Debtcc Points: 3878
|
|
|
