how to qualify for a consolidation loan w/out contacting credtrs?

Hi KateF007

I see you standing at the middle of this program. At one end you never fail in making the monthly payments and at the other end, you have such a huge principal amount to be paid. Now, if there is any misbalance, then it will hurt you to a great extent. So, better put yourself in a debt consolidation program so that you can minimize your risk factors.

But I also hope that you have a regular flow of income in the near future so that you don't fail in making the payments. Missing the payments during the debt consolidation program will affect the structure.

Give a thought and make yourself informed going through this site http://www.debtconsolidationcare.com so that you can keep yourself updated.

Regards
Roxette

I have a regular flow of income. That's not the problem. Being able to make the monthly payments is the last thing on my mind.

I've simply been told from people who have looked into this avenue that in order to qualify for debt consolidation, I have to be behind on my payments; and, my creditors are contacted to close my accounts.

Since my payment history isn't an issue, I don't want to call attention to the fact that I'm clearing out my debt in a way that would result in the creditors having to reduce the finance charges; or, my having to close accounts. That only creates an issue with them that doesn't exist now. Does that make sense?

Plus, I don't know how to get into a debt consolidation program. So I'm asking for input on how to even go about looking into it.

Thanks!

Hi Katef,

Quote:

[quote=roxette]Hi KateF007

I see you standing at the middle of this program. At one end you never fail in making the monthly payments and at the other end, you have such a huge principal amount to be paid. Now, if there is any misbalance, then it will hurt you to a great extent. So, better put yourself in a debt consolidation program so that you can minimize your risk factors.

But I also hope that you have a regular flow of income in the near future so that you don't fail in making the payments. Missing the payments during the debt consolidation program will affect the structure.

Give a thought and make yourself informed going through this site http://www.debtconsolidationcare.com so that you can keep yourself updated.

Regards
Roxette[/quote] :roll: :twisted: :idea: :wink: :x :? :( :oops: :roll: :wink: :arrow:

[quote=KateF007]Many of you will consider yourselves lucky when you read that I am $55,413 in debt with 3 credit cards, and two personal loans. This has happened due to a lawsuit I was involved in after the ending of an 18-year relationship.

Before that, I had high credit limits on cards, but absolutely no debt. However, I had to use my credit cards to help finance the legal costs associated with a civil suit between myself and my now "insignificant other". :x

The interest rate on one of my credit cards has been increased to 28%, because they see me as a credit risk. :(

Consequently, I'm paying $2,500 each month in monthly payments. Half of this amount is to pay off my remaining legal balance. The majority of the other half is simply finance charges. I am not paying off any of the balance on these cards - just maintaining the monthly payments. :roll:

I am NOT behind on any of my payments. Therefore, it would be pointless to ask my creditors to decrease the interest rates. Why would they? I'm paying on time every month. Furthermore, I don't need credit counseling because this isn't a spending issue. It was purely circumstantial. Involving my creditors would only be detrimental in my case.

Can I not simply get a consolidation loan, which would be at least half of what I'm paying now? If I can afford $2,500 each month in payments, I can surely pay less than half of that to have all of these debts consolidated.[/quote]

You may be in a hole financially, but there is still hope for escaping this debt. Your assumption is correct that consolidation would be your best option. Consolidation programs would be great for reducing the monthly payments and high interest that you are currently enduring. This is important because at this point, your monthly payments are probably only taking care of the interest on your various debts. Especially on your credit cards with the sky high interest rates.

It would be better to take the consolidation route because you would be able to even out all of the varying interest rates and make your monthly payments with only one company. This would allow you to start the process of attacking the balance instead of just getting by with paying the interest.

As previously mentioned, it is rather easy to join a debt consolidation program. Just contact your prospective consolidation program and consult with a customer service rep. But just remember that it is very important to do research on the company that you decide to do business with. The better business bureau
provide very helpful data regarding a company's prior complaints and overall rating with the bureau. You would be wise to investigate this first so you can be sure that you are doing business with a reputable company.