Need advice on Major debt problem, new to forum please help

Glen,

Most of us here would recommend you not go further into debt with a loan, and instead look into debt consolidation for your needs. You can do this on your own using tools provided here at this site, or sign up with a company to help you out.

Thank you Jessi, I took your advice and signed up with a company online, looking forward to what they have to say.

Thanks again!

Let us know how it goes, too!

One thing you'll learn about all of us here, is we do care! :)

Anything we can do to help.

After my free counseling, I decided to sign up for debt consolidation. My agent negotiated with each of my creditors to drop fees and lower interest rates. I had approximately 15K in credit card and medical debts. I am eight months into a three year program and then I will be debt free! Your individual accounts (or at least in my case) aren't combined. The consolidation company debits my checking account each month and then distributes my payments to the creditors. I am now to where some of the smaller bills are about to be paid off and I expect to see a steady decrease in the credit card accounts!

I would also highly recommend debt consolidation. I know when I signed up for it, it was like a BIG weight lifted off of my shoulders. Good Luck!

Dept consolidation made me feel great, and gave me some extra money to spend!

And Glen--You're not continuing the debt cycle. A loan would help for NOW, but you're going to end up paying more in the long run.

Keep us posted! :)

AAAAh! how did you end up like this my friend? It's a good thing you found us when you did, now you can gain control. Consolidate these credit card bills. If collectors are riding you about putting up your house, simply explain to them that you can't get another mortgage. If no collectors are riding you, good. Don't let it get to that, by all means. Consolidate everything right away.

Anyone who tells you do downsize your car, defer payments, mortgage the house, sell all your valuables is wrong in this instance. Another mortgage is not the answer, and if you have payments on your car, don't defer payments. Trading in your car for something cheaper is not the answer either if you have a car loan because it will just roll over. You will also never get the true value of your valuables if you try to sell those.
Maintain what you have, but as you consolidate look for ways to save money. Clip coupons and cut back on frivolities for the time being. I'm not saying you're a spendthrift, all I'm saying is that if you have hitches like ice cream, Blockbuster rentals, pizzas, cigarettes, beers, you could cut those out for a while and the savings could be of great help!

Take care,
Ari

sorry about the double posting guys! :oops: My computer seemed to be behaving strangely!

Mine did that too, Ari--About 10 mins ago. Grr

Yes, Glen--Try to keep up on things current as much as possible--Anything you put off will bite you later. I'm about to go on a Payment Spree at the end of this month, and I will have to live on $100 for half a month-If not longer. But it's what I have to do to get this crap paid.

And when you get down, we'll be here to cheer you up. :)

That's right Jessi! Glen, I've found this forum a good source of humour and moral support. I am a former collector by the way, and even when I was collecting, I still loved to josh around with people like I do here as I was building rapport and helping them find their way! There are a number of other topics where we've just made jokes left and right and had a great time! Welcome!

Trust these people with their advise! I am a mortgage loan officer and to tell you the truth, it is impossible to get more that 100% loan on property. There are a few lenders out there but they only go to 120% and most times you will pay a fortune for the additional percentage ( up to 11% interest on the additional).

Hi Glen, welcome to the forum! Any questions that come up along the way, feel free to ask. Good to hear that you signed up with a consolidation company, keep us posted!

~Mary