Consolidation Loan

Timesave,
You have every right to be cautious, however, a loan might not be the best thing for you right now. If your credit score is low, you'll be paying a ridiculous interest rate.
Since you said you're job pays well, how about consolidating your debts?
Continuous monthly payments will help your credit score immensely, and your debt to income ratio won't be affected as adversely as it would if you obtain a loan right now.

erzeke1 - Hi, thank you for replying. I'm not really sure what to do. Every board I've been on has told me to stay away from consolidation companies because they ruin your credit. I think a loan would be best to just allow me to get on top of all these accounts. My debt is considerable but half of it is student loans (which is under control) and a new car payment. In revolving credit I have about 15,000.00 in debt which I would like to consolidate into one payment, the majority of these are charge offs. I do have a few solid pieces in my credit report (but not many) my score is 512. I have made very bad choices in my financial life and need to start making solid ones (I have an 11 yo dd who wants to go to college). I'm willing to eat the high interest in order to consolidate but do not know where to turn.

thank you again

Whoever says consolidation will ruin credit is giving you wrong information. It may have a slight affect in the credit scores for as long as you are enrolled in the program. Once the debts are paid off, no one will know about your using the program. And, consolidation will help you in paying off the debts in easy monthly installments. Your accounts won't remain in defaults anymore. It's not a loan, you will make the payments to the consolidation company and they will pay off your creditors at lower interest rates and easy payment plans. You have a good income; use it by putting your debts in the plan. You will get other benefits like

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

If you get in a consolidation program, monthly payments will be disbursed to your creditors, and the interest rates will in most cases either be eliminated or lowered significantly. A lot of times, the late and over-limit fees are waived as well. Your credit report will reflect that you are making monthly payments, so this is not a bad thing. It's much better than getting behind as you are now and having the creditor report that you were more than 30 days late with a payment.

Have you been contacted for your free consultation from one of the debt counselors? They can discuss your situation and explain the options available to you to get back on track.

No, I've not been contacted. I am afriad of consoldiation companies so I did not fill in that info. Most of my debt are charge offs and closed accounts.

Feel free to enter your contact info at http://www.debtconsolidationcare.com/ Take the free quote only, it doesn't mean that you will have to sign up with the consolidation company. At least, it will be easier for you in getting some directions.

Don't give a second thought whether you should register here or not. Trust me, it's safe. Otherwise, we would not have been here.

Hi, your link won't let me sign up it tells me

Since you are logged in you can not use the signup form again. If you want to use the signup form for some one else who you know. Please logout and then use the signup form.


:(

If you are dead set on getting a loan rather than enrolling in debt consolidation, there is one thing to consider with your closed accounts and charge-offs. If you pay them off now, it would be advisable to get the creditor or collection agency that last dealt with the accounts to agree in writing that they will report the accounts as "paid as agreed", "paid in full" or to remove all traces of the accounts/inquiries from your credit reports before you give them any money. Otherwise, you run the risk of them re-aging the accounts and or marking one or more of the accounts as "Paid after Charge-off," which does not look good, and you've restarted the seven years it takes for these accounts to be eligible for removal from your reports.

Wow Tiffany, I would never have thought of that. Thanks.

G

You're welcome.