Question by jeremy k: Bad Credit Loans for Debt Consolidation? Long Story Short, Back in 2008, I ended up paying off all of my credit debt and then ended up moving to another state to be with my girlfriend (moving to another state without another job lined up is a bad idea). After Maxing out all of my credit cards, being legally homeless for months on end and living out of a motel I finally made my way back home where my credit was destroyed. I am now trying to pick of the pieces but it has been difficult. Tons of people always talk about how people with horrible credit can still get personal or debt consolidation loans. When when you look online all you see is spam or garbage. I'd like to get a personal loan so I can consolidate my bills and move out of my parent's house. Does anyone know of any legit, useful places that provide a bad credit loan (not payday advances)? All of my credit cards ended up going to collections. I am currently now making payments to those collectors. They all refused to let me make payments on my own; telling me that my word on paying wasn't good enough and that I had to either allow automatic deductions or they'd simply garnish my wages. While I was able to get several down to 60% of the original debt, the only way they'd work with me was by setting up automatic payments. I am annoyed that I am trying to at least fix my credit and pay my debt and these people are being so frustrating. Best answer for Bad Credit Loans for Debt Consolidation?:
Answer by Malty21
All of them are bad... really. They will do the same things you can do on your own and not have to pay for it. You do not get a loan to pay a loan. I would call the creditors and try to work out a payment plan. They will work with you if you are diligent. Make sure that every agreement comes on paper from them before you make a payment. Do not allow automatic withdrawals from any account-period, meaning do not give anyone your bank account info or any type of info that will allow for a debit. More then likely if you do not have assets and the banks will not give you a loan it's not worth doing. The interest rates on a loan from a shark will be out of this world and your debt will cost you lts more in the long run. Take your extra cash and start paying down the old debt. start with the smallest debts first and work your way through them this way.
The most important gift that you get from debt consolidation loans for bad credit is your dignity. You would feel like a human being again.
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One of the most popular consumer products provided by financial firms is credit. Credit will come in great shape, a few of which are popular with a wide variety of consumers. You can find credit card debts, loans from banks, shops and retail store credits and many other styles. People are happy in receiving credit facilities since it provides opportunities of acquiring assets, goods, services along with other possessions without having the necessary financial resources to fund these acquisitions.
Sometimes people are struggling to repay their loans as is required of which through the terms of the credit facilities. Ultimately, the invoices owed for the lenders become referred to as poor credit. Bad credit is described as credit that is vulnerable to default, is in default, is within arrears, just the minimum amount pays monthly, where interest and principle amount keep rising or where creditors keep calling the consumer and make demands for repayment.
Such loans become problematic for the lender as well as the creditor.
One of the most serious forms of debt that consumers can take is credit card debt. While bank cards are helpful in enabling transaction with no any cash, they have very high interest levels and charge hefty penalties and costs on late payments, defaults and other violations. Charge cards should be combined with great care and consumers should ensure that a lot more than the minimum is repaid every month.
People that have credit debt that gets to be a huge burden must look into possibilities for them. There are many debt management programs and solutions that may provide answers to charge card debts; especially money owed where debts are paid in difficulty. Among the most important answers to credit card debt settlement may be the acquisition of a debt consolidation reduction loan. A debt consolidation loan can be a loan facility obtained by an individual debtor for the purpose of paying down their consolidated debt.
A consolidated debt can be defined as a compilation of numerous debts owed by someone debtor to varied lending institutions. These could include bank card debts, car and truck loans, home mortgages and also store credit. If your debtor or consumer seeks financial help for that debt problem, then a debt relief company may advice a consolidation of debts. Consolidation of debts is usually the initial step in identifying suitable solutions. Debt consolidation reduction also includes credit card debt settlement and may be regarded as as a possible appropriate solution.
Before a debt consolidation loan loan can be considered since the appropriate solutions, an assessment of an individual creditor by financial advisers at a debt relief solutions firm will need to measure the personal and financial status of an individual borrower. The assessment will examine their expenditure habits, income, monthly expenses, alternative sources of income, assets and all sorts of other areas of the creditor̢۪s finances. After an assessment, a decision to discover the most appropriate solution will probably be reached. When it is determined a debt consolidation reduction loan is the most appropriate solution, then further advice regarding the use of this loan is going to be provided.
Using a debt consolidation reduction loan with regards to paying off a debt consolidation reduction loan is undertaken with a lender like a bank or other lenders. When the borrower is approved from the loan, the funds will probably be paid your debt managers in the debt relief solutions firm and accustomed to payoff all creditors around the consolidated debts list. As soon as all creditors are paid off, the buyer is left with one easy loan that's affordable and payable on the extended period of time.
Proper advice, counseling and extensive consultation with personal finance professionals is one of the best ways to solving debt problems. Recommend Bad Credit Debt Consolidation Loans Articles
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