Secured loans for debt consolidation Think Money
If you're a homeowner, a secured loan could be one way to consolidate all your unsecured debts into one monthly payment.
A secured loan for debt consolidation could allow you to repay unsecured debts such as credit cards , overdrafts , personal loans, store cards , catalogue accounts and hire-purchase agreements.
So a secured debt consolidation loan can replace multiple monthly payments with one monthly payment (alongside your mortgage). Having one monthly payment for all your debt can make it easier to manage your money every month and budget for your bills.
Today, with house prices going up and down, lenders are quite careful about offering secured loans to homeowners in case their house value falls below their level of borrowing (also known as being in 'negative equity'). Homeowners in negative equity could not repay their full debt by selling their home.
Even so, a secured debt consolidation loan could be a good way for many homeowners to improve their control of their finances.
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I am currently involved in a Debt Consoladation plan. I was wondering what happens to my credit afterwards?
It will trash your credit.
What they do is not pay your creditors for months and then try and settle for less. No special skills they just don't pay.
Save the fees they charge and do it yourself.
Your creditors are under no obligation to talk to these people. It's your debt.
Also, If they don't pay your creditors. You, and you alone are still responsible for the debt. Your creditors will come after you and not the company you hired.
Remember, they want to lend out money because that's how they stay in business, and they want you as long as you show you can repay.
And, above all, pay yourself first.
There is a way to good credit standing, and it's not easy but can be accomplished if you play by the rules and don't give up.
Good luck.
Keep planning. You will eventually win the game.
Is it better to us a Consoladation company or to use a home equity loan to pay off debt?
I am in a little over $45,000 credit card debt. I am trying to figure out if it would be better for me to use a consolidation company or to get a home equity loan.
A home equity loan is the way to go. Get low interest, make sure it is FIXED interests then borrow against your home and pray you can pay the $45,000 wackeroo off .
Home equity rates are much lower than some consolidation loans and it can be used for tax deductions most of the time. Get one & pay off your credit card debt then you will only have one payment at a much more affordable rate.
You have the option to lock in the rate to a fixed rate.
I would advise talking to the CCC.
In either case, read everything carefully before you sign it.
Grandpa
1. Equity in your Home
2. Rate on Equity
3. If the Loan is Tax Deductible -
4. If you can afford the payment
If you have More than 10% Equity in your Home, Good Credit and you used the 45K on Home Improvement and you can afford the payment consolidate with a Home Equity Loan.
The IRS requires you to use debt for home improvement for it to be tax deductible.
Is it worth it? Any opinions on debt consoladation....????
Does it work?I dont want to file bankruptcy...but I cant afford to make payments every month on each debt I have.(I am a single mother working 2 jobs with no help from the father at all).I can only afford about $100.00 a month to pay towards my debt.I have 16 negative items on my credit report...totaling about $7,000.I feel overwhelmed and it just seems so hopeless...any suggestions would be greatly appreciated:)
Does it work?I dont want to file bankruptcy...but I cant afford to make payments every month on each debt I have.(I am a single mother working 2 jobs with no help from the father at all).I can only afford about $100.00 a month to pay towards my debt.I have 16 negative items on my credit report...totaling about $7,000.I feel overwhelmed and it just seems so hopeless...any suggestions would be greatly appreciated:)
please read the fine print on whomever you are looking at. Most of those debt consolidation agencies buy out your credit with the credit companies which goes on your credit report just as long as bankruptcy does and hurts it just as bad. I would try contacting the people you owe money to and see if you could work something out before trying one of those fad things you see on TV.
I'm sure that you can find a consolidation program that would accept the $100 a month that you have to put toward the debt. There are many options out there, but be careful of the one's you choose.
If it's credit card debt, go through your credit card company to find out who they suggest. If it's not credit card debt, check your local government agencies for credit counselling opportunities that they offer.
Having been there myself, I don't envy the situation at all. Your childs father should be helping you out, contact the state agency that handles child support in your area for information about a wage assignment.
Good luck.
trying to find the debt. consoladation co., inc. 5762 okeechobee blvd #147 west palm beach florida 33417?
cannot contact these people. do not return phone calls. wondering if co. is legit. have paid them $ 600.00 already and so far no response from them.
dont know. but thats why i'd never pay in advance
state of michigan free debt consoladation company?
first name starts with green
I hope this helps...
The state of Michigan right now is one of the poorest states in the Union, I was just there. Everyone and anyone is desperate to do whatever they have to do to make money there. When you have a situation like this the worst in mankind comes out. Debt consolidation businesses are one of the easiest businesses to rip people off, they always have been but under the present circumstances in the Michigan economy, I'd be particularly careful about getting involved with any company especially one that requires you to have to put money down.
Good Luck!
http://www.greenpath.com/
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://simurl.com/veczig
Best way to get out of debt?
I have heard that places like incharge debt solution isnt the best way to get out of debt because it actually hurts your credit saying that you cant handle your own debt and when you go to an outside company to do it for you it makes it worse... Or is that even true? What about debt consoladation? when you get a loan that pays off all your debt and you pay them.. i have about 5000 in debt with interest i cant afford to do it the way i am doing it any hel[ful sugesstions?
Budget. You will have to make a lifestyle change or all the gimmicks and programs won't work. If your lifestyle doesn't decrease to meet you income you will just accumulate debt again. Make a budget and tell every dollar you make where to go. You can cut back here and there (eating out, junk, etc) and find the money to start paying the debt down. there is no easy solution to getting it done right. You can look around and ebay soem things or have a garage sale for a quick cash injection.
Check out www.daveramsey.com The total money makeover works and even though it is tough it is worth it.
You've made the right decision to want out of debt. To stay out you have to decide to never go back and that will require a change in strategy with your money. Best of luck.
Do to a recent forclosure, we have debt. Should we pay on them or use a debt consolidation?
We had a house for sale and was in escrow when my husband got a really good job offer. We took the risk and moved, the house fell out of escrow and we were stuck with a mortgage and a rent payment. We tried paying both for 1 year and during that time had to use credit cards to get by. Now that we forclosed and our credit is bad. We would like to buy again in a year or two but have this debt. Would it be better to pay on the credit and have a higher debt to income ratio or go through debt consoladation and have late payments on those credit cards but they would be paid off faster???? Can our credit get any worse??
If you really need some help, I will suggest you a site. Where you can get your Consultation free of Charge! No credit check required to get started with your free debt consultation.
http://www.wahor.net/debt
:)
Due to a recent foreclosure, we have debt. Should we pay on them or use a debt consolidation?
We had a house for sale and was in escrow when my husband got a really good job offer. We took the risk and moved, the house fell out of escrow and we were stuck with a mortgage and a rent payment. We tried paying both for 1 year and during that time had to use credit cards to get by. Now that we forclosed and our credit is bad. We would like to buy again in a year or two but have this debt. Would it be better to pay on the credit and have a higher debt to income ratio or go through debt consoladation and have late payments on those credit cards but they would be paid off faster???? Can our credit get any worse??
If you really need some help, I will suggest you a site. Where you can get your Consultation free of Charge! No credit check required to get started with your free debt consultation.
http://www.wahor.net/debt
:)
How Can I get a House with this?
Me and my fiance have 1 child twins on the way and a custody battle to adopt 1 more.. Together we clear 4500 a month and after paying everything plus calculating very expensive expenses that come along with owning a home we still have 2500/month to sink into a mortgage. I had great credit last year but because of lack of funds and poor paying jobs it kind of went to hell. I am now on a debt consoladation program that will in time fix my mess. My fiance has really bad credit but not a lot of debt which we are fixing with all of these added expenses we still have 2500/month for a mortgage. Houses out here can run from 30,000 to 529,000 we want a big family home with a yard huge kitchen and a basement under 100,000 which where I live is easy to find in a good location. My question is in Manitoba is there any financilal institution or possible way to get a house now? Any suggesstions would be greatly appreciated. An apartment or house to rent can be anywhere from 900 to 2500/month
My brother in laws child is in foster care and we are excellent with our money...9000 in savings proves that...
I live in Canada any Canadian advice would be appreciated...NO RENT TO OWN it is not reliable.
You may want to rethink your financial situation. My suggestion is to start out small and build a financial cushion in case of an emergency.
It is great that you are trying to fix your credit, but have you thought of what would happen if one or both of the babies need extra care and you have to stay at home to give care? That would leave you as a one income family. Could you survive on that if you were to sink all your disposable income into housing now?
Also, there are other things that could happen - like unexpected expenses related to the new house that could take a chunk of money to fix. My suggestion is to do your best to own your own home because you will be building equity but don't sink all of your disposable income into it.
Hope you have a safe pregnancy and healthy babies.
I need a personal loan for 8,000 with horrible credit and no one else will help me?
Okay so here is my story...I am 28, I got married and divorced with in a year, we were together before that for 9 years. He was the main provider and when it can down to having to pay for the divorce and moving cost I took out some payday loans. Well one turn into 2 and so on and so on and now I can not repay them back at all. I am now getting very threating phone calls and don't know where else to turn. I have tried prosper but my credit is to low and now I am looking for some person out there who does personal loans for honest people. I need to get everything paid off (about 8,000) so I have one monthly payment which I can pay 340 a month with any interest rate. I have been at my current job for 9 years so employment is not a problem. I have looked into debt consoladation but they do not take care of payday loans. Is there any help for me???
Don't make any more payments on the personal loan. Talk to a bankruptcy lawyer. You would be better off to start over than to pay any more money to this type of bottom feeder.
I'd suggest you go with Chapter 7 so you don't have to pay the bottom feeder one red cent.
Bankruptcy is not pleasant but you have a good reason for taking it. At least talk to the lawyer (no charge for a preliminary consultation so nothing to lose).
And once you have filed the bottom feeder cannot contact you anymore. Plus your reason for the bankruptcy can be filed with the three main credit reporting agencies so other creditors will be advised of the cause of your bankruptcy.
