$20k loan with good cosigner

Have you tried your bank? Usually you can get the best offers with your bank especially if you have a co-signer with good credit. A friend of mine went through her bank and received a personal loan with her father as a co signer for the loan. I would definitely try the bank first.

Hi Nathan

In my honest opinion, I will not take a loan to pay off my debt. This is because of the fact that I am making expenditure over an existing expenditure. Not to forget that I will have to pay the interest twice. Also, in these types of loans, I will have to put something as collateral. So, if there is a failure in making any payment, there is a risk of losing the property.

On such grounds, I will suggest you to enter into a debt consolidation program. These types of programs do not require any collateral. debt consolidation programs offer easy monthly repayments at lower rate of interest.

Once all the payments are complete with the creditors, the accounts are updated with the credit bureaus with positive remarks.

Nathan,

I just bought a house and was told that debt consolidation was look at as bankruptcy to some lenders. If you have the ability to get a loan and pay as expected that will be a positive reflection on yours and your fathers credit. I disagree with the Debt Consolidation process. I've been burned a couple times by bogus companies too. That's just my opinion.

Hi hahardy2005

Please allow me to rectify you at this portion of your statement when you say that debt consolidation is compared to bankruptcy just before applying for a loan.

Approval of a loan truly depends upon the style of the payments that you made in your past. If your payments were not regular, it puts a bad impression in front of the lenders.

Similarly, not paying anything towards your debt is the worst that you can do to your credit file. At this point, if you consider making payments to your unattended debts, it will show your responsibility that you are willing to clear your credit file. debt consolidation program is a small help that makes your payment process easier with the creditors.

When you are applying for a loan, a lot of things are researched by the lenders. They significantly evaluate your credit scores and depending on that, the loans are sanctioned.

I will suggest you and all to read an article to improve the credit scores so that anyone is able to maintain his financial identity in front of the lenders. If you have good financial ratings, lenders can't deny you. Debt consolidation is a help, but bankruptcy is a negative mark, because it shows that the debts were discharged.

http://forums.debtcc.com/forums/comparison.html

Please feel free to discuss anything on this subject.

Regards
Roxette

The problem I had with the Debt Consolidators agency I worked with is that they dropped the ball several times in paying my creditors on time. I know we need to stay on top of the program so we know the Debt Consolidators are working with us not against us. But it became a huge mess of "he said, she said" meaning it was their word against ours. Did they receive the money on time? They tried to contact a company we owed but the company hadn't gotten back to them. 3 months after the fact. Meanwhile the debt got bigger and the company that wasn't getting it's share of the payments got more and more behind. You are right...bankruptcy is far worst then debt consolidation I just will check the Debt Consolidating Agency thoroughly before I do that again.

Aaahhh, some communication gap between the agencies and ultimately the consumers have to bear.

Anyways, did you see the telephone numbers of Superior Asset Management?

Stay well

Regards
Roxette