Aug
09
Trying to get help with debt by a debt consolidation loan but I can’t get approved?
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Trying to get help with debt by a debt consolidation loan but I can’t approved. I’m behind on payments so I just keep sliding deeper into debt with late fees and I’m trying to pay it but can’t get the help I need. help!
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6 Comments
August 10th, 2009 at 5:28 am
If you have a home, use the equity to refi and consolidate the debt.
August 10th, 2009 at 10:38 am
I would contact a debt or credit counselor in your area they will help you.
August 13th, 2009 at 11:59 am
A debt counsellor should be abel to help you have interest suspended whilst you find your feet and to negotiate lower payments over a longer period.
That is the better option than a straight consolidation loan as it sounds like you aren’t good with money or figures so you may end up worse off with one of those – they aren’t really your friend you know. You are their victim however it gets dressed up.
August 13th, 2009 at 10:27 pm
Beware very aware of Consolidation Companies,
they are NOT supposed to charge you up front
August 16th, 2009 at 7:30 am
If you have a home, you could check into a Home Equit y loan that may be suitable for your needs. I would also trying the debt collection companies and see if they can help, just make sure you do your research no matter what your decision may be. There’s a lot of scams praying on people that need a quick fix.
August 16th, 2009 at 4:51 pm
Home equity is a bad idea. If you put all that money on your house and something happens and you cant make the housepayment then they will come and take your home.
There is no easy way out. A written budget would be the first thing you do. Cut back on the things you dont need until you get the debt payed. take a second job for a while.
you could try daveramsey.com and listen to his radio show. he has lots of good advice on money and debt.
i wouldnt go with any company to handle it. They dont do anything that you cant do yourself. What they do is not pay your creditors for months and then try and settle for less. Something you can do yourself if that the route you need to go.
Just remember that if you go with some company to pay your debt and they dont pay then You, and you only are responsible for the debt. Your creditors will sue you and not the company you hire.