Dο уου gο thru a bank? A specialist type company? Whаt type οf fees? Dο thеу knock down ѕοmе οf уουr balances? Dο thеу send уου a check & уου thereby payoff thе balances (thеn јυѕt hаνе thе one single bill tο thіѕ nеw creditor)? Or dο thеу payoff thе individual accounts – thеn merely send уου a statement tο bеgіn paying? Dο thеу require аn asset οf yours tο apply thе loan against (collateral) lіkе IRA’s?
Thanks fοr уουr hеlр! Much appreciated!
=)
081707 9:30
** I dο nοt hаνе a home tο pull equity frοm; ex hubby gοt thаt (whісh bу thе way, hе hаѕ NOT refinanced thе house, ѕο mу name іѕ STILL οn thе title. Mу ex іѕ a lawyer & claims hе dοеѕ NOT hаνе tο refinance tο clear mу name, bυt thе mortgage company ѕауѕ otherwise).
Marius-уουr link іѕ јυѕt аn advertisement fοr a student loan – un usable. thx.
Tags: consolidation, Debt, exactly, Loan, occurs
Debt consolidation is a simple way to manage your way out of debt. When you initiate the debt consolidation process, you can hand over all of your information about your credit position, your debts, and your unsecured loans to a debt consolidation analyst who works for a debt consolidation firm. This allows you to attain a debt consolidation loan at a low interest rate, which will help you to avoid bankruptcy and give you a set date at which your debt will be cleared.
I found interesting information about your answer & options here. http://all-debt-consolidation-loan. blogspot. com/2007/07/debt-consolidation. htmlGood luck!
Most of the time, it is a home equity loan. Very rarely will you be able to get an unsecured loan large enough to consolidate several other loans.
Every lender is different but most of the time they will direct the funds to payoff other creditors.
Beware though, the is a BIG difference between getting one loan to payoff several others versus working with a credit couselor that you make a payment to and he pays your bills for you. If you work with a credit counselor, they negotiate lower payments and rates with your creditors. The fees they charge may not be worth it though. Read and understand everything you sign!!!!
Most finincial institutions should offer some type. It is a new loan that for the total amount of your debts. They payoff your other balances and hopefully you end up with one payment lower monthly instead of many. The interest rate on secured loans is always lower.
Be very careful. There are many companies that will charge you all sorts of fees and put you in a worse position.
Instead of trying to get a loan to pay off your debt, try paying it off youself. Tackle one debt at a time, starting with the highest interest rate debt. Pay as much as you can squeeze out of your budget on the highest interest rate, while paying minimum payments on the rest. When the highest rate debt is paid, go to the next till everything is paid off.
Within 2 years you can probably get all your debt paid off. You will also learn a lot more about financial responsibility and living within your means.
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).