Debt Consolidation Loan -Warning

www.realcase.com A debt consolidation loan is a helpful tool, to many people. Using it correctly is a must though. Because it is a loan, you&#39 ...

Can I get a debt consolidation loan with bad credit?

Aug 04, 2007 by mrbearpro | Posted in Credit

I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc

I have student loans, but I would like to consolidate them separatley and not through another loan.

Also, I have an auto loan, would the loan be able to cover that as well?

Please, real answers, and no opinions/judgements.

Thank You.

You probably could however the interest rate may be high. I would start with your own bank as they know you the best. I work as a customer service agent with GMAC where I deal with people asking about refinancing all the time and I refer them to their own bank or credit union. They might be able to work out a deal because you have a "professional/personal" relationship with them.

Where can I find a personal debt consolidation loan for people with bad credit?

Jun 27, 2007 by sonija | Posted in Personal Finance

I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.

Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.

Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.

Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.

In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.

If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:

http://axalda.info/debt-consolidation.html

What Do I need to Qualify for Debt Consolidation Loan?

Nov 01, 2008 by Ivan S | Posted in Personal Finance

Not credit counseling, but debt consolidation loan. Can't find any good info on the web, so your educated opinion would be helpful. What are credit requirements, home equity requirement, debt service ratio and other factors?

If you know a good resource that would be very helpful as well!!

Thanks.

I get this question all the time as a senior loan officer for a large mortgage brokerage firm. Credit requirements are a little tighter now, but there are still lender who will offer to consolidate your debt if you have the following:

1. Credit score of 680 or higher.
2. Debt to income ratio of 45% or lower (if CR score is higher, then ratio can be higher)
3. Home loan to value can be as high as 95%

for more information go to my website: www.windsorcap.com/rlicon

Anyone know any good way to get a decent debt consolidation loan?

Jun 11, 2008 by Brad M | Posted in Credit

I want to get a debt consolidation loan, WITHOUT using my home equity, but they are telling me my credit score is great, but by ratio is too high. Well, I want to consolidate all the CC debt I have, but it's running me in circles. What's the point of trying to get a consolidation loan if they won't lend it to you because you have too much debt? Does anyone know of ANY bank or anywhere I can turn to that understands and can try and help me? Thank you for your help!

Brad;

You say that you don't want to use your home equity as collateral for a loan so I am going to assume that you own a home and have equity in it. If this is the case then perhaps you should consider a home equity loan in order to consolidate your CC debts at a lower interest rate. You will likely be able to further reduce your monthly debt payments by stretching out the term of the loan. In addition, if you live in the U.S. the interest that you pay on that home equity loan might be tax deductible. Find more information on this here... http://www.debt-elimination-guide.com/debt-consolidation-home-loan.html

If you don't have any home equity then your options become limited. Your best bet may be to contact your credit card company(s) and ask for a reduction in the amount of interest you are paying as well as a reduction in the amount that you are paying each month. Most CC companies will work with you on this and you can sometimes achieve results similar to what you were hoping to achieve with a new loan. The credit card companies would rather have less interest and a slower payback period than a total loan write-off. There are also companies that can help you with this if you don't feel comfortable doing it yourself. In fact, some will give you a free debt analysis before you commit to anything.

There are some other options available as well, but it doesn't sound like they would be suitable for you at this time. If you would like a recommendation on a few good companies and information on other options you can find that here... http://www.debt-elimination-guide.com/debt-elimination-options.html

Regards

Bruce

Can I get a debt consolidation loan as a home loan but with no equity?

Nov 12, 2006 by Cassidy S | Posted in Personal Finance

I am trying to consolidate my credit card debt because the payments are too high each month. If I could get a home loan this would be perfect. I am having difficulty making all the payments and I don't want to completely ruin my credit. Any reliable consolidation advice would be apprecitated!

No

What are you doing to reduce your spending habits and increase your income?

Most people who consolidate their debt go right back to their spending habits and end up running their credit cards up again.

If you are financially irresponsible the best thing you can do for yourself is to cut up your credit cards and get a second or third job and pay the cards off.

You got yourself in this mess, you are going to have to work hard to get yourself out. Most people want an easy solution but there aren't any.

How can I get a debt consolidation loan? Everybody's turning my husband and I down for too much credit!?

Dec 29, 2007 by Jenn | Posted in Personal Finance

My husband and I are trying to straighten out our finances because we have a lot of debt (credit cards mostly) and we want to buy a house. Everyone tells us that getting a a debt consolidation loan will help because we can combine all of our debts into one monthly payment, but we kept getting turned down or offered a low amount because we have too much credit being used. What's the point of a debt consolidation loan if your too much in debt?

Hi friend getting loan is one of the fighting challenge in our life.Go to different banks if you are denied at one bank.Don't ever rely on the online loan providers sometimes they wil surely scam you.Just take a look at this link to get the free quotes from the experts around the globe..

Trying to get help with debt by a debt consolidation loan but I can't get approved?

Oct 03, 2007 by carol | Posted in Personal Finance

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!

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.

Will closing ym credit cards help me get approved for a debt consolidation loan?

Mar 18, 2008 by Zeke | Posted in Credit

I have tried to get approved for a debt consolidation loan so I could have my credit cards and school loan under one monthly payment rather than juggling several payments but I get denied because I have too much credit in my name right now. If I close all the credit cards will this help me get a loan approved? It would make life so much easier if I just had 1 steady monthly payment.

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan<!--allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.

http://best-loans.awardspace.com/Loan-Consolidation.htm

Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

I need help with debt, who will approve a Debt Consolidation Loan?

Dec 13, 2007 by Trophy Wife | Posted in Credit

I'm am not very far in debt but need help getting back on my feet. Everytime I apply for a Debt Consolidation Loan I am denied. Who would approve me? Does anyone know.

I have been told that banks look at Debt Consolidation Loans as a bankruptcy. They feel that you can not handle your debt alone so you are a big risk. Pick one debt to concentrate on to pay it off. The two different methods are to either pick the highest interest debt or the lowest debt amount. Once you paid off that debt then concentrate on the next debt until it is paid off.

which bank we should contact for debt consolidation loan?

Mar 18, 2008 by vikasintl | Posted in Credit

we have 3 credit cards with 15K debt and paying average 15% APR ...and we think we should try for debt consolidation personal loan which doesn't require any collateral or home equity...so based on experience can you please suggest which bank we should contact for such loan?

you can contact Citifinancial, ge money,hdfc,icici...all these do debt consolidation..your probs will be solved,, but be choosy in your interest rates, coz they will be diff for diff banks...