Need help with Debt Consolidation?
Question:
Answer:
see this http://debt-consolidation.50webs.org...
hello there been there too, and yeah its not that easy to trust just any company.. I had an experience with the ECR team , had gotten debt consolidation advice from their resource, I am not sure though if they still offer credit assistance services but you might as well check out at http://www.ezcreditrepairsolutions.com/a...
or this one http://www.ezcreditrepairsolutions.com/...
have a great day to you
i would have a look at www.moneysavingexpert.com and have a look at martin lewis' words of wisdom.
the forums are good too, this is great site, if you post your question in the forum they will give you good advice.
debt consolodation will probably cost you more in the long run.
Apply for a loan with a local bank or credit union. Interest rate on an unsecured loan will be higher than one which is secured by a car, boat, motorcycle, etc. Establishing yourself with a local lender might seem to cost a bit more but could benefit you in the long run. (For example, a local lender would be more inclined to help if you start missing payments.)
If your application is turned down, make an appointment with your loan officer at the bank and ask her how you can make yourself more creditworthy. Take her advice.
Banks are wary of giving loans for "debt consolidation" because many people who need them don't manage their money very well.
I think you need to expand the scope of your question to include alternatives that you didn't mention.
Some debts are good to consolidate, others are not. While it is often helpful and easy to make just one payment - it doesn't actually fix the underlying situation.
If your debt situation is one which continues to improve your lives and is sustainable - then your overall situation is positive. However if your situation is not sustainable, or causes undue stress for the both of you - then your overall situation is negative, and needs to be fixed. (Not just disguised by a consolidation loan.)
Why not add some details to your posted question that include the type and amounts of your debts, and your income?
It is a good idea to save money on fees and interest, but that is 180 degrees from debt consolidation.
yes,i got a loan from a private lender.He will send you his identity.I was required to present a fee but i felt i was to be scamed unitil i got the loan.I paid the fee which was NON COLLATERAL FEE this was bcos i got no house to present as a collateral.His interest rate is 3%.If you want to contact him is email address is chualoans@yahoo.com or you can see me at jane4uban@yahoo.com.
Whatever you do, DON'T go through a debt management company (the institutions that make payments on your behalf). I used to work in a collections company for a large British bank and have seen - on numerous occasions - customers contacting us saying their bills were supposed to be paid by the debt management company, who were either paying late and encurring the customer charges, or simply not paying at all. You would have to make payments to the debt management company, who would then use that money to repay your creditors - BUT there are a few debt management companies who will not bother to make your repayments, thus making your situation worse.
You may be able to get a collateral by pledging your furniture or motor cycle or car (owned free and clear). Your interest rate will be based on the company you use, the value of your collateral and your individual credit scores. The greater the risk they take, the higher your interest rates.
If you decide to use a debt management company you should check their complaint record with the BBB and their legal status with your Secretary of State.
Can't give your advice from personal experience although I have heard many complaints from debt management companies. Choose carefully.
You can also get more information on reducing your debt at the site below.
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