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Consolidate Debt

Consolidate Debt questions and answers

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Q: Consolidate debt?
Can you consolidate debt if some credit cards are already in collections and if one is wanting to sue you? Does anyone know of a good company that can help me? Also a bad credit score should not matter right? Thank you!

A: Jessica ... You had better be very, VERY careful. There are many companies out there who pawn themselves off as credit counselors that can fix bad credit, erase debt, and things like that. They almost make it seem as though they'll be able to fix ALL your problems, but for a small fee, that is. Some have been known to go through the motions of doing a debt consolidation and they claim to have contacted your creditors to strike a deal that would be favorable to you. Then they say, just send a consolidated monthly payment to us and we'll take care of the rest. BALONEY! Try the Better Business Bureau web site at www.bbb.org . See the link for "Locate a Bureau" and contact them about finding a REPUTABLE financial assistance/advice organization. There are MANY resources out there; some are free. Good luck.

Q: what is the best way to consolidate debt without using a line of credit?
I have only one negitive on my credit report, 90 day late payment on a student loan from 2003. The loan has been payed in full for over a year now. But, I am unable to get a line of credit to consolidate my debt which is minimal. What options are out there? I am currently on a waiting list for housing and my number should be up in a year and a half. I need to get rid of my credit cards and put together the down payment for my place in this time. Any suddgestions?

A: to start the process of buying a house this is what I did: To boost your credit score: The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report. www.equifax.com www.experian.com www.transunion.com Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully. Then make sure you pay all your revolving accounts to below 50% of your credit limits. Make sure that you make all your payments no more than 20 days from the date it is due. Good Luck!

Q: When living paycheck by paycheck, what is the best way to consolidate debt?
Can you give me insight as to the best way to save money, make money or consolidate current debt so that living paycheck to paycheck and worrying about whether or not one can make rent won't be a constant worry? Please serious responses only, not the "don't buy anything" answer. No new credit cards have or will be used. Thanks.

A: what kind of debt credit cards?? some of the debt consolidaters companys will take advantage so watch out for that. try and at least pay the min. or at least for a little while get a second job..just until you pay off some of your debt and feel you can live comfortably.. even if you only make 100 a week with pt job. you can put all that towards your debt.

Q: What is the best company/solution to consolidate my credit card debt with?
If I do not have a perfect credit score and I am past due in some credit cards what is the best company to consolidate debt with so I can make one payment?

A: hi, these links sometimes do seem to help people in trouble, hope there's something in there that helps you out! http://credit-cards.ebookorama.com http://finance.ebookorama.com http://credit.ebookorama.com http://credit-repair.ebookorama.com good luck.

Q: Consolidate debt? Too many credit cards? How can I eliminate debt with out it hurting my credit score?
Consolidate debt? Too many credit cards? How can I eliminate debt with out it hurting my credit/fico score? Do the consolidators companies hurt your credit?

A: Debt consolidation will hurt your credit. It is placed in your report when you enter a program - which indicates that you needed (or thought you needed) help. If your not behind - just put yourself on a program and use the "debt snowball" to get out. Give yourself a timeline that gets things paid off as quickly as you can. Just make a spread sheet with all of your balances. Make minimum payments on all but one card. Work to get that one paid off ASAP. When its paid off, work on the next one. Start with either the highest interest rate card, or the lowest balance card. If you get offers for 0% on balance transfers, etc., transfer the balance. BUT, make sure you destroy the old card so your not tempted to use it. In fact, its a pretty good idea to just destroy the new card when you get it. You don't want to end up in the same problem. One of the keys to getting out of debt is to not create more debt. Kind of makes sense, but many people overlook this step. Good luck. http://www.no-debt.net

Q: Best way to consolidate debt when you already have so much they won't give you anymore?
I'm trying to better myself and pay off credit card debt. My credit is good, I just bought my first home by myself. But I wish ot get rid of my credit card debt faster... I have done all I can transferring to lower rate cards. But when you try to pull out a loan to consolidate, they say "you already have too much out", and I get declined. But that defeats the purpose! I think it's too soon to do a home equity loan, I don't have much equity in my home yet. And I really don't want to resort to a credit counseling agency that can harm your credit! Any ideas or banks, websites, etc. to check out?

A: Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

Q: Is there any way you can consolidate your debt, including car loan, personal loan and credit cards?
Will a bank consolidate debt up to $40,000.00? does it depend on your credit score? What bank or institution do you recomend?

A: 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 loanold 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.

Q: Is it a good idea to remortgage house to consolidate debt?
My husband and I are looking into refinancing to consolidate our debts, it'll pay our credit cards, car payment etc...the lower monthly payment sounds great but I'm afraid it'll be more trouble than it's worth. Does anyone have any tips, suggestions, questions we should make sure we know before we say yes?

A: It can be very beneficial - if you stop collecting more debt! Be sure to use a reputible loan officer. There are laws out there to protect you. If you have enough equity in your house and your credit is good enough where you can get enough money out of your house to make it all make sense, you should do it. Make sure you're not paying the same amount of money that you're getting back because that would not make sense. Be clear if you want your mortgage company to pay the bills directly for you or if you would like to get the cash and pay them yourself. Also, I suggest that if you do this, you should get some extra cash out for a cushion if something happens.

Q: I am looking for a personnal loan to consolidate debt?
I am looking to to borrow 65k from a personal lender to consolidate personal debt Does anyone have a good lender that will loan money on fair credit on a 10 yr term?

A: To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.DebtFreetips.info/debt-free.htm for your reference .

Q: I want to consolidate debt. Any good trustworthy companies?
We do not have a lot of debt, but want to buy a house in 2-4 years. We want our credit to be squeeky clean. I've heard of companies that will make offers to the collectors and then consolidate all the bills into one monthly bill. Any good advice?

A: Debt consolidation comes in many forms, so it is important that you reflect on what your needs and concerns and financial situation are before signing up for an online debt consolidation program. The four primary concerns for most consumers are: i) monthly payment, ii) time to debt freedom, iii) total cost, and iv) the credit rating impact of the consolidation program. Be sure to evaluate each program, relative to your prioritization of these factors. Debt Consolidation Loan Many people think first of a debt consolidation loan when seeking online debt consolidation. This option typically means a second home loan (or home equity line of credit) or refinancing your primary mortgage. In a debt consolidation loan, you exchange one loan for another. The most frequent form is taking out a mortgage loan, which carries a lower interest rate and is tax deductible, to pay off high interest rate credit card debt. It is important to be aware that shifting unsecured debt to secured debt can create a volatile situation, if there is ever a chance that you cannot afford the new mortgage payment you are now putting yourself at risk of foreclosure! In the case of a debt consolidation loan, most mortgages are 30 year loan, which means that the total cost and the time to debt freedom could be very high… but the monthly payment will be lower than other options and there is no credit rating impact. Credit Counseling Credit counseling, or signing up for a debt management plan, is a very common form of online debt consolidation. There are many companies offering online credit counseling, which is essentially a way to make one payment directly to the credit counseling agency, which then distributes that payment to your creditors. Most times, a credit counseling agency will be able to lower your monthly payments by getting interest rate concessions from your lenders or creditors. It is important to understand that in a credit counseling program, you are still repaying 100% of your debts – but with lower monthly payments. On average, most online credit counseling programs take around five years. While most credit counseling programs do not impact your FICO score, being enrolled in a credit counseling debt management plan DOES show up on your credit report… and, unfortunately, many lenders look at enrollment in credit counseling akin to filing for Chapter 13 Bankruptcy – or using a third party to re-organize your debts. Debt Settlement Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money. Net-net: while there are many forms of online debt consolidation, many people with good to perfect credit who own homes should look into debt consolidation loans, while consumers with high credit card debt and poor credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the online debt consolidation option that fits for you. Look at these companies for more information: Debt Consolidation Loan: http://www.bills.com Credit Counseling: http://www.careonecredit.com Debt Settlement: http://www.freedomdebtrelief.com

Q: Is there a place to just do a personal loan to consolidate debt? My bills are all current. My credit is good.
I live in Texas. I do not want to do a refinance or a home equity. I cannot seem to find a source to consolidate my debt. I have good credit and i never have had a late payment. Everything i find is for people who have already fell behind. I do not wish to do this. I want to keep my credit good. I need to make one payment and interest per month rather than four. I am now self employed. Any suggestions?

A: Just go to your bank....if they can't help you they could certainly put you on the right track of someone who can.

Q: What's the best way to consolidate debt?
We're looking for the best way to consolidate our debt. I'd like to apply for a Home Equity Loan or HELOC but our home is financed through a family member. Therefore, nothing is really on "record" as far as our mortgage. Can we still apply for such a loan? Just looking for suggestions on consolidating our debt... any suggestions would be appreciated.

A: Stack all the bills in a neat pile. With pen in hand write checks. In a neat pile. Put the checks in envelopes with the bill receipt and stick a stamp on the envelop and mail promptly... You can apply but do not come up delinquent on the monthy obligations. It will hurt you...

Q: I have REALLY bad credit and I am also in debt. Know of anyone that will lend money to me to consolidate?
I have made my mistakes and now I am desperatly trying to fix them. I would like to know if anyone may know of a company that will lend money to consolidate debt, so I can get my life back on track. I have REALLY bad credit and a lot of debt. Please help!...

A: Are you on a budget? Instead of consolidating your debt- I suggest you start working on paying off your smallest debt and work your way up the debt list (smallest debt amount to largest debt amount). If you are not on a budget and can account for all your money each month then consolidating your debt won't help your situation. How do I know? Been there, done that about 8 years ago. Also some debt consolidation or counseling programs will appear the same as a bankruptcy on your credit report. I suggest you read the following from Dave Ramsey's website about Debt Consolidation. I have done debt consolidation and I totally agree with what he says- I am living proof. I also suggest you get your hands on his book The Total Money Makeover - read it, follow it and you will dig yourself out of your mess without a new loan (and by paying off your debt your credit score will rise...if after you read Ramsey you still care about your FICO score. From Dave's website: Debt Consolidation Myth: Debt consolidation saves interest and you have one smaller payment. Truth: Debt consolidation is nothing more than a "con" because you think you've done something about the debt problem. Debt consolidation is dangerous because you treat only the symptom. The debt is still there, as are the habits that caused it. You just moved it! Our counselors will not recommend debt consolidation for a client. The reason that we do not use debt consolidation to get out of debt is because it doesn't work. You end up paying about the same amount, which doesn't really help you pay your debts off faster. Most people end up taking on more debt after consolidation and several end up in bankruptcy.

Q: How can I consolidate my debt without paying fees?
My husband and I just got married in September. We both have some debt and both have fair or poor credit. We do not own a home, we rent. What we want to do is consolidate our debt into one loan and just make one payment on it every month. How can we do this but not have to pay fees and with our "not so perfect" credit?

A: It usually isn't a good idea to "borrow" to get out of debt. Try to find a way to manage your spending and see if you can make extra payments to your debts. You can make an appointment with Consumer Credit Counselors, they can be helpful, (but they only told me I should get a part time job because I needed more income to meet my expenses) You can also go to Oprah's web site and look for The Debt Diet. (this was a godsend to me) There are tips & worksheets and sort of like lessons on money, debt, etc. Good luck.

Q: How to make it easier to consolidate my debt?
I am owning an amount on a barclay credit card and also have a barclay loan. I am thinking of getting another loan with a better interest rate and then pay off the card and the loan so I can consolidate the two debts into a monthly payment that is lower than what I am paying now. Is this something that people have done with any success? Whats the best way to go about it? I do not want to get caught in any debt consolidation scams that I have heard about. Any advise/suggestions/web links would be grateful. Thanks

A: I have lots of debts all over the place and have asked for similar advice many times before and unfortunatley each time I am told that consolidation is bad! Try speaking with National Debtline, they will discuss your personal situation and give you good advice that you can understand.