How can I consolidate all my debt with bad credit?
I made some major mistakes when I was younger. now I am paying the price for it. worse, my Wife and Children are as well. is there any way for someone with really bad credit to get a consolidation loan with small payments so I can avoid Bankruptcy? even if I file for bankruptcy it would only take care of about half my debt. most of my debt is student loans that I was unable to pay back. most are still deferred but there was one that got away from me so now that one is a few months past due. any advice or help would be Very Greatly Appreciated
Just to add a little. the other half of my debt is actually in a car loan that we had to have repossessed. the Engine blew on it and we still owed 3 years of payments. I actually don’t have any real Credit card debt. my credit cards are paid and I barley use them.
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With really bad credit you won’t be able to qualify for a real consolidation loan….sorry. If you are near or at the point of default on the cards, you may be able to try to settle in the 25 – 50% (assuming you have any money saved up to settle).
Being that half you debt is student loans, you may want to consider filing for Chapter 13….the version where the debt is not discharged, but rather paid back under a court supervised repayment plan. If you have a huge amount of credit card debt…you may want to consider filing for Chapter 7.
Rob, I’m afraid debt consolidation loan is not going to help you. Actually it rarely helps anyone. All you are doing is replacing one loan with another. Yes the interest might be lower, but interest is not what’s killing you. It’s the fact that you have a ton of debt. Bankruptcy is last resort. From the sound of things, you are not bankrupt. You are current on all but one loan. This is not a good situation. What you probably have is an income issue. What can you do on that front? Second job? Sell things? Try anything at all to avoid backruptcy. It is not as great s it sounds.
With bad credit, you are not going to get a loan
Also, getting a loan to get out of debt is not how one gets out of debt, you are just getting a new loan that you will have to pay to cover loans you couldn’t pay to begin with!
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com