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Hi, I am currently paying on 4 separate loans totaling around $60,000- I would very much like to consolidate this debt- I AM NOT a homeowner and I am currently collecting unemployment (NJ) but I am still managing to pay more than the minimum amount on each of these loans- I have good credit- in the mid to upper 700's

My goal is to maybe get a 10- 15+ year loan and pay around $500- $600 a month

Is this even possible??? AS I said I am collecting unemployment, just started a few months ago

I am NOT looking to reduce this debt through settlement- I plan on paying this all back - just want to consolidate it

Thank you


Welcome to the forums!
Since you don't have a job right now and can't pledge any security (assuming you don't own any other property), it will be very difficult to secure a consolidation loan. Even if the lenders agree to lend you, they will charge high interests on them. But the fact that you are able to make more than minimum payments on your loan and have good credit may help you. I think you should try to get a job as early as possible. Contact your local lenders. They can tell you whether or not you will be eligible for a 10-15 year loan.

Sub: #1 posted on Thu, 01/13/2011 - 22:33

Good Nelly Good Nelly
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(Posts: 2825 | Credits: )

Hi, thank you for your response.

Actually I do own some land (wooded property) One of the loans is for one of the tracts but I own adjacent tracts of land outright


Sub: #2 posted on Fri, 01/14/2011 - 05:42

Kathryn C Kathryn C

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