Need help. 40k in unsec. debt. Negotiation or consolidation
Date: Mon, 02/19/2007 - 21:51
I accumulated close to 40k of unsecured debt in 4 years of being a college student. I managed not to get behind the payment with the help of part time job and student loans and grants ( I got 15k of student loans too)
I've a got job I start in September, which will pay 52k a year. Currently my monthly minimum payments are close to around $800, and it looks like in a month I will default on most my credit cards. I'm sure I will not make it till September even with the part time job.
What is the best solution for me? Will I be able to consolidate my debt? (i don't have a home)
Or should I consider dent negotiation company (would be nice to erase some of it unbearable debt)
Could you recommend some good debt settlement companies also..
Thanks for reading this long post :)
Any thoughts?
House is not the factor to enroll in a consolidation program. Th
House is not the factor to enroll in a consolidation program. These programs don't require any kind of security to start up. I will give more preference to a debt consolidation rather than settlement. Since you have a nice job paying well, you need to think about your credit. Settlement plan is often opted by those who cannot manage the payments in the consolidation. If your situation allows, go the consolidation way
Thanks Steg. I got a real problem now!
Thanks for the reply!
It looks like will miss All of my minimum payments next month, and I start the job only in 6 month!!!
:( very depressing. It will be the first time I miss the payment ever... (souldn't party so hard I guess :)
Do the debt consolidation companies check my income level, or just the credit score ?(mine is 640 now)
My current minimum payments sum up to $900...
For how many years the loan is given?
What payments should I be expecting with my score, let's say for the longest loan duration?
Thanks, any info is appreciated!
Andrei
