Personal debt consolidation loan

Questions and Answers

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

Q) I currently have a debt of about £15,000 total. This is split with £11,000 on a personal loan and £4000 on a credit card. The personal loan I am paying off each month no problem and will be clear in 4 years, but the credit card I can only afford to pay the interest each month, so the loan amount never goes down. To try to sort this out I applied to have a consolidation load to cover both, but I was refused. It seems to me the banks refusal to give me this loan forces me to pay them back more money, and keeps me in debt with them for longher - I thought there were laws in place to stop this kind of thing? Is there anything I can do or anyone I can complain to? In case it matters this was all with HSBC Thanks in advance for any help.

A) Isn't Markey helpful. There are ways of checking your credit rating. I'm no help here, but the CAB should be able to point you in the right direction. Have you considered another bank? Problem here is that a loan application or refusal is also added to your rating. Get you rating, if it includes inaccuracies, dispute them. Best of luck.

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

Q) 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.

A) 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

Can you use a student debt consolidation loan for personal use?

Q) I have researched online and am still not clear on how this works. I really need a personal loan to help out with some other bills and am no longer able to take my classes. I am now in deferrment on my federal loan and they don't do credit checks or anything for a consolidation loan. Just curious.

A) Depending wich type of student loan consolidation. Private (finance companies) consolidations may accept to include personal debts in the loan. Good luck !

how do i get a debt consolidation loan for personal loan and credit cards?

A) Tink, you might have to put your Roo's, Wallaby's and B-Rangs up as collateral too, so be prepared with all the paperwork before you venture to your villiage's banking hut. ;-) Ha, got ya again ! Seriously, you might start on-line searching, but I would seriously only do that for general information. The first step that you should take would be to get a copy of your most recent credit reports ... I'm not sure about what organizations to contact on the "Big Isle", but your local bank can help you there. Here in the 1st world (got ya again), we have three major credit bureau's and we can get one free credit report per year. The point is, that if you have something bad or old on there that shouldn't be, you'll want to get that cleaned up first, or at least initiate the request to get it cleaned up (have the paperwork with you). The credit score will be hugely important in what interest you pay for a debt-consolodation loan. There are a number of non-profit debt organizations here in the states ... there are also a number of "Paid intermediaries" ... there is a big difference. If they have a website and it's www.SOMETHING.org, it's a non-profit. Stick with them. They will be able to not only help you locate a reputable lender with a decent rate, but can also help you work out other arrangements with credit card companies, etc. Credit companies are actually very willing to reduce the interest rate on your balance if you go through such a place. By doing so, you are demonstrating that you are interested in paying things off and very often, you'll set up an automatic payment plan directly from your bank account ... the amount of the payments will be collaborated with you, the organization helping you and them. Put it this way ... the interest rates you pay are based on the costs of funds (i.e. the market interest rate) plus a risk premium. In such a case as this, you've significantly reduced their risk of default by setting up automatic payments and have demonstrated a willingness to repay so that's where the rate reduction comes from. It's sort of common sense to pay off the highest interest cards first (remember that you should pay the minimums on all of them to avoid racking up late fees and damaging your credit), however, that may not really be THE ONLY best solution for some folks. Assume that you 5 bills with balances of $5,000 / $600 / $200 / $150 / $125 ... rather than paying the mininum on all of them and then taking the "left over" available cash and dumping it all onto the highest rate one, consider an alternative: Pay the minimums and then take what you can afford to thow elsewhere and put it on the one with the smallest balance. This way, in a month or two, you'll only have four bills. Then three bills, then two bills, etc. In reality, for most people, it's easier to manage that way for several reasons. 1) You have very tangible proof that you're making progress that you can sink your crooked teeth (got you again) into ... there's a sort of satisfaction there, "Finally, got rid of that one!" ... You attention get's more and more focused on just the one or two left ... 2) You'll have time to establish regular payments on the big ones as well so your credit report will reflect this as well as the number of open accounts decreasing. After you've paid one off, CLOSE IT !!!! The number of open accounts affects your score even if there is no balance on them. This will positively affect your credit score much more than uniformly decreasing the balance on all of them (people don't know this) So: Step 1: Find out how you can get a copy of your credit report(s) and get them. Do this first as it will take some time for them to arrive to you. 2: Do some research to find a non-profit debt consolodation organization in your area and talk to a few of them. 3: Get all of your stuff together ... get organized. A folder for each bill with payment histories, etc. Include a sheet of paper in each one that you update each time you pay a bill with Statment Date or Due Date, Balance, Min Payment, Payment you made, date you made it, Amount and Check Number. P.S. In the details of your questions such as this, you might be good to let people know that you're from the third world (got ya again) ... Australia. Things are different there or other places and the preponderance of answers you'll get here are from the US, so people might assume that you're here ... Example: I have know idea if TransUnion, Equifax and Experian (our big credit bureaus) even do Australia ! Hell, why would they ? Nothing there but rocks and dirt anyway . LOL (again!)

Which is a better route? A "debt- consolidation loan" or a "personal" loan to pay off credit card bills?

Q) How does either loan affect credit scores etc...?Which one tends to get the better interest rate? Any reccomendations on what financial institution to go through? How much money do you need to make to take out approx. 10k? Any other info you can provide would help out a lot!

A)

Which is a better route? A "debt- consolidation loan" or a "personal" to pay off credit card bills?

Q) How does either loan affect credit scores etc...?Which one tends to get the better interest rate? Any reccomendations on what financial institution to go through? How much money do you need to make to take out approx. 10k? Any other info you can provide would help out a lot!

A) Your not solving your problem. Your just relocating it so it looks like it is in check.Just pay off your credit cards and then cut them in half and throw them away.Your still going to have an interest rate no matter how you do it.Your best bet is to try and make as big of a payment as your budget will allow each month. and pay them off and I strongly suggest getting rid of them afterwards. Oh yeah one more thing don't use them while your paying them off cause you'll just be adding insult to injury.

Unsecured Personal Loan For Debt [current] Consolidation with previous bad credit....?

Q) Interested in consolidating about $6K of unsecured [non credit cards] debt into one loan plus approx $2K additional to obtain motor vehicle...excellent secured income [social security, pension and work income]. All direct deposit and would set for direct debit monthly payments on the loan. Know of sites like lending tree, prosper, unique, but interested in other lenders that would look into the loan specifics and the person and not just a credit score and abc's

A) personal loan from worldwide banks bad or good credit doesn't matter visit http://www.freewebs.com/getyourloan

What are some reputable companies that offer personal loans and debt consolidation loans?

A) Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is a straight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!

Debt Consolidation Loan Needed Bad Credit?

Q) I am looking to consolidate $18,000 in debt. $6,000 car loan, $5,000 personal loan and $7,000 IRS. The purpose of the loan is to pay off the debt and increase the mortgage qualifying amount I currently got from a lender to the $280k range. I plan to buy a house, live in the basement and rent out the rooms upstairs. I am looking for lenders, not advice or affiliate links. Thanks.

A) Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there? You can contact them with their email,richards_loan_agency@yahoo.com

Debt Consolidation Loan Needed?

Q) I just recently graduated from college and I have been living off credit cards for the last 4 years. I now have a very good job (about $40,000/year) and am trying to get back on track with my credit. I am not a homeowner, but am looking to consolidate my debt with a loan but am having trouble getting approved for one. Can anyone recommend a solution for me that does not require I have tried the website prosper.com, but they dont offer personal loans in North Carolina. Is there any hope for me yet? **does not require paying any money

A) its very hard to get one actually!! i just recently got a loan, but i had to have a co signer with great credit!!! beacuse i needed like $15,000 to pay off my credit cards. and they normally only loan out a max of about half that!! all you can do is keep trying.

Debt Consolidation Loans For Bad Credit?

Q) Are there any debt consolidation loans or personal loans for non-home owners with bad credit? I'm currently on a debt management payment plan but I'd really like to take out one loan to pay off all my debt at once. I havent been able to find any loans for this purpose. Thanks!

A) Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!