I аm becoming overwelmed wіth debt аnd dο nοt qualify fοr a consolidation loan. Whаt аrе thе consequences tο joining one οf thеѕе programs? Cаn anyone give mе additional resources? I hаνе bееn searching thе net, bυt аll I seem tο gеt аrе advertisements fοr different companies. I аm searching fοr detailed information οn thе programs іn general. HELP!
Tags: consolidation, Credit, regret, Service, thinking, using
You will not find alot of details as most of these “services” are just higher loans to you. That are really just interesting in getting you to “sign-up” (read pay a fee), to see if you qualify Once you are hooked there are fees to pay and more interest. A lot of them are scam to read the follwoing
http://www. crimes-of-persuasion. com/Crimes/Telemarketing/Inbound/MinorIn/MoneyProbs/credit_repair. htm
If your debt is over a certain amount, and you really cant afford repayments etc, look into an IVA – Individual Voluntary Arrangement.
The short story is that they take all your debts on. Arrange with you an amount you can afford a month, take this to a meeting with all your lenders and say that you cant afford to pay them what you owe, so by accepting an IVA they’ll get, say 60% of what you owe, otherwise you’l declare bankrupcy, where they would only recieve, say 20% of what you owe – so its within their intrest to aggree to the IVA.
Then all your interest gets frozen, and the new amount is put in place!
I did this last year, it lifted a whole weight off my shoulders, and i had £9k wiped off my total debt ammount.
It does mean you cant have any credit for 5 years, but this doesnt affect any mortgages as its your name affected, not the property – but you have to shop around for a good rate!!!
Hope this helps!!!