Debt consolidation and Elimanation

I made a huge mistake in using payday loans to help pay bills during a rough time. Now I can't get from under them and it's hard to pay on my regular bills. My credit is 495 therefore it has been hard to get a loan.

Yuck…payday loans stink. There's a reason they're popping up all over in lower income areas—they're very profitable.

I've bookmarked this site…

http://loan.dealsthisway.com/

All the best to you.

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I make about 73000/yr. My FICO is probably 680 or better. I owe about 20000 in unsecured credit card debt, but 7000 of it is at 0%. I need a bill consolidation loan of 15000-20000. I got turned down by a major bank, but the loan officer said she forgot to tell them it's for consolidation and that if I agree to let them pay the credit cards directly I'd probably be approved? I thought that's weird since they also won't make me close the accounts.

Any B rated banks that would give me a loan? I have had no housing payment (provable) for the past 5 years because I live with my parents. I have two payments per month aside from the credit cards. Car for 400/mo and Education loan of 500/mo. Again, I gross about 6000/mo.

why borrow from peter to pay paul == you make enough with a little down sizing of your life style you could be out of debt in a years time!!!

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I have a credit score above 700..which is really good……make around $34,000 a year…and dont pay rent..I have a credit card that I owe $7000…10% interest…unsecured loan that I owe $5,500..14% interest rate…car loan I owe $13,900 8% interest rate…and I'm NEVER behind on my payments….how can I get a loan to consolidate these bills into one monthly payment with a decent interest rate if I have no collateral??? I applied to bank of america for a unsecure bill consolidation loan for $30,000 and got denied. Do I have any other ways to solve this problem????? Please help me
If you try for debt consolidation, go to the Better Business Bureau and the attorney general in your state. They can warn you off the rip offs. I've heard that sometimes you end up owing more because of the debt consolidation fees. Be careful and good luck.

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I am graduating in May of this year and I have a pretty good amount of money taken out in loans. I was wondering where I should start? I also have some credit card debt and I was wondering if I can include that with the loans and then just pay one bill a month? HELP. I hate money

When you consolidate your student loans you can only include student loan debt. The interest rate wll be calcualted using a weighted average. This means that your interest will be based on the amount and interest rate of all the loans you consolidate. You do not have to include every loan you have, so you may want to get some estimated from the lender if you have some loans that have a very different rate. Also shop around as lenders offer incentives for borrowers, for instance a rate discount for auto payment, or for making so many on time payments.

If you consolidate your rate will be fixed and the payoff time will be 20 years instead of the standard repayment with is 10 years with a variable rate capped at 8.25%. Loans disbursed after this past July1st have a fixed rate of 6.8%, just an FYI.

Check out www.finaid.org for good accurate info about all things financial aid.

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I just exited my grace period and received my first student loan bills. I have a lot of student loan debt (all federal loans), and my goal is to pay them back as quickly as possible - hopefully within 10 years or so. Is student loan consolidation right for me? I'd like a lower interest rate, but I don't necessarily want to lower my monthly payments if that means I'll be paying my loans back 2 or 3 times over due to interest over 25 years. Thanks!

Maybe you can try below website to get the information you need. It's about student loan consolidation articles for your second opinion.

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whats the best place to get a consolidation loan for debts with fair credit … i dont want to mess up my credit anymore please advise…how soon an i purchase a home after getting this type of loan? i would like a starter home soon im tired of paying rent i want to consolidate all my bills into 1 payment and purchase a home please advise on situation and suggest areas to move too… thanks

Aggie is right. Debt consolidation loans in and of themselves aren't the problem. Not paying the minimum payments is. You can purchase a home immediately, too, if the credit is sufficient and the income can support both house and debt. Just don't jump into buying a house if you don't have some savings. It's easy to get in than it is to stay in sometimes.

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Someone told me to do that to pay off my student loans and credit card bills.

It is not silly. It is only silly if you plan to use the consolidation loan to free up income so that you can take on more debt. Moving debt around does not actually do anything. It does not pay the loans off just changes the name on who you owe the money to.

Especially do not do it if you are moving debt that you received with just your signature (credit card) to debt with collateral( home equity loan or second mortgage). You dont want those idiots that collect to be able to dangle your house in front of you if your late on your payment.

Make a list of your loans listed smallest to largest balance. The interest rate does not matter. If you can get it reduced that would be awesome! Work on that. No use paying those guys more than you have too.
Pay the smallest first then snowball your payments till your debts are paid off. ATTENTION: This only works if you draw a line in the sand to live debt free. There is nothing better than having an emergency fund and no payments. Then you really are free. email with any questions

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Hello,
I am seriously considering applying for a bill consolidation. I have a credit card with an extremely high interest rate 31% and need to shift the balance to an account with a lower interest rate. My credit rating is so-so…and I have only been approved for other accounts with half (if that) of what I owe. I don't want to hurt my credit score any further by applying for more and more accounts. I would like to know if you may have any idea about what type of collateral a bank would accept on a loan totaling $4,000. I am leasing my car & have no property in my name.

Try this first:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.

www.equifax.com
www.experian.com
www.transunion.com

Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.

Then make sure you pay all your revolving accounts to below 50% of your credit limits.

Make sure that you make all your payments no more than 20 days from the date it is due.

Good Luck!

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Do you go thru a bank? A specialist type company? What type of fees? Do they knock down some of your balances? Do they send you a check & you thereby payoff the balances (then just have the one single bill to this new creditor)? Or do they payoff the individual accounts - then merely send you a statement to begin paying? Do they require an asset of yours to apply the loan against (collateral) like IRA's?

Thanks for your help! Much appreciated!
=)

081707 9:30
** I do not have a home to pull equity from; ex hubby got that (which by the way, he has NOT refinanced the house, so my name is STILL on the title. My ex is a lawyer & claims he does NOT have to refinance to clear my name, but the mortgage company says otherwise).
Marius-your link is just an advertisement for a student loan - un usable. thx.

The only place that you should consider for this sort of loan, is your bank! These so called "Specialist" loan companies are just legalised loan sharks. They will hit you with a fee, which they will want some up front and the rest added to the loan. They will charge extortionately high interest rates rates as well. The idea of the loan is to clear all your debts except one, the "Consolidation Loan". This way, you can pay 60% or less of the current monthly payments. If you get the loan through a bank, the bank may also consider lending a bit more than your debt so you have some pin money for a cheap holiday or to buy a new fridge etc. The bank may also consider referring your payments for three months. This is good because it gives you three months of stress free time before you have to start paying your instalments. As you may be flat broke for some years, this three months grace is valuable. Loan sharks (sorry Independent Loan Companies etc.) will not give you a referral on payments but will consider seizing all your goods and assets upon the first late payment. Try a bank for a Consolidation Loan and if you can't get it, write to all those companies that you owe money to. Explain to them that you are seriously considering obtaining a "Voluntary Bankruptcy Order" but this can be avoided if they will accept 60% of the debt, in monthly installments. All companies will accept this offer as they know full well that should you be declared bankrupt, they will be lucky to see 30% of what you owe. They may even receive nothing. Sixty percent is a really good offer to them as they are likely to break even (get all their money back with no profit). Many companies would accept 50% but 60% is a much fairer amount and if you are willing to offer as much as you can, the company is likely to be more keen to help you. As for any outstanding loans or Credit Cards, you must ask the lender to freeze the interest payments (0% interest from that day on).

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