What assets or equity do i need for a getting a loan ?

Hi Brian

Welcome to forums.

In order to enroll in a debt consolidation program you do not need any equity or assets. simply you have to apply for the loan and get yourself approved. Before selecting the lender please check whether they are registered with BBB (Better Business Bureau) and Consumer Agencies. Please do not stress yourself out.

Hope to hear from you soon.

Regards
Peter

Hi Brian

Welcome to the forums. If you are looking for a consolidation loan to cover your debts, then you might be required to pledge some kind of collateral such as a home or some asset.

The attraction for these types of loans is that they offer a low interest. But you should be cautious while taking such types of loans. If you default in any of the payments, then you might be at the risk of loosing your property.

Also, you have to pay interest twice on these types of loans. First, you are paying the interest of taking the loan and second, the ongoing rate of interest at your debt.

Instead, you should try to consolidate your debts in a consolidation program on unsecured debts. You won't have to pledge any property in such program and the rate of interest will also be lower.

debt consolidation program will further negotiate with your creditors to reduce the financial charges and/or the late fees and will have to pay the reduced amount only.

http://www.debtconsolidationcare.com/benefits.html

Debt consolidation program will erase most of the negative markings in your credit report which are in defaults by making the accounts current and you will be able to acquire new credit in the future after finishing this program successfully and clearing all your debts.

Regards
Roxette