car loan and debt consolidation

Hi mysvtfocus

Welcome to the forums. As you said that you are having a tough time in getting loan, it is because of your negative remark in your credit report. At the same time, you have some credit card payment dues. Overall, you have to make your credit report look clean to acquire credit. Opting for debt consolidation will put things under control as you can get these debts cleared within a reasonable period of time.

Thus, through debt consolidation you will be able to make easy monthly payments at lower interest rate and improve your credit file.

As you have made the right move to improve your credit rating, I am sure things will take good shape.

Regards
Roxette

i was using that as an example. i never applied for a loan. my point was if i'm paying 425 a month for my car why won't someone loan me say 250 a month on the refinanced balance. the banks dont want to help they just say " well, you owe 13500 and we will loan you 9000 so if you want a loan come up with the diffrence." and i can't sell the car either.

you know what i'm saying?

jason

Hi Jason,
Welcome to the forums.

You seem to be in crucial situation at this time, and you must get out of it fast to lead a debt free life. I have gone through your queries and what I feel is that you have to handle the situation very tactfully.

You mentioned your wish to file for a chapter 11 bankruptcy. However, that should be your last option. In addition, you have requested the bankers for a debt consolidation program. Nevertheless, they were not convinced of your ability to pay-off your debts, as you owe an amount of $13500. The bank would be ready to give you loan up to $9000, provided you can mete out $4500 from your own.

Hence, I think it will be best for you to work it out with the bank. Ask the bank you have approached for a loan to modify the loan condition on the basis of these following steps:

i. You should tack the payments you are behind onto the end of the loan.

ii. You should add on the missed payments along with the current payments you are making.

iii. You should allow yourself to pay only interest, plus any escrows for taxes and insurance for a period of time

iv. Reduce your interest and penalties.
You should realize that the lender would view every detail of your financial situation. You should try to convince the banker that you are going through financial hardships and you should also convince them, that you will not miss any further payment.

I hope this will help you to get out of this financial crisis soon.
Do come back with your response.

Regards,
Peter

Hi mysvtfocus

A proper negotiation with the banks will ease your work for a reasonable payment arrangement.

You can also take one more alternative by contacting your nearest CCCS office and speak with a financial counselor about your financial position. CCCS have a very good relationship with all the major creditors and they might offer solutions to you regarding this matter. Creditors rely on these counselors to evaluate your financial position and offer the best alternative to solve your financial problem.

I hope it works. Please let us know your feedback.

Regards
Roxette