Government Debt Consolidation Loans – Update

doodlebugmomx1 asked:


I have bad credit and alot of student loans. I have thought of bankruptcy but that dosn’t cover my student loans does anyone know of any banks or credit unions that would give a loan big enough to pay off all of my debt so that I could make just one payment a month. I have tried a credit consolidation place a long time ago and they stole the 700 dollors that I sent to them so I will not do that again and like I said before I won’t file for bankruptcy. I don’t eat out I don’t smoke and I don’t drink starbucks. So please don’t tell me to live cheap.

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luvlandon2006 asked:


My husband and I are struggling to pay our mortgage, two car loans, consolidation loans, two credit cards, student loans as well as medical bills for new baby. Should I see someone in a CCCS organization, or just try to stick it out for as long as I can? Our debt to income ratio is now 74%, by the way.

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AIC fan asked:


I have 12k in credit card debt and 30k student loan. I hear that these places just make all your accounts go into default so they can settle for less. Seems like that would mess up your credit right?

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justwonderin’ asked:


I’m in Ontario, and our bills are pretty high (newly married) and my $8,000 student loan is in collection along with a bunch of other stuff…if we could only consolidate it all we’d be able to make one payment on all of it and get it paid down. We have no co-signer and DO NOT want to claim bankruptcy…how can we do this, our credit is bad so I can’t see how we could apply for a loan without a house? Any ideas? I want to pay my creditors, just need the payments put together somehow to be managable…we will never be able to get our credit rating back at the rate we are going….

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JJ1231 asked:


I am currently a junior in college and I desperately used credit cards to pay off college since financial aid didn’t cover it all so now I owe around 4,000 in debt. What is the best thing for me to do, since all of the accounts are closed, is there a college student credit card debt consolidation loan or?

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ylh asked:


I will need to consolidate $13k in private loans when I graduate. That’s just a small part of my loans, but the rest are federal. I’m pretty sure I can consolidate my federal without an issue & by myself.

I will need a co-signer for my consolidation of private student loans. My mom is the co-signer on them. If she was able to co-sign the loans, will it be likely she can co-sign the consolidation?

I have 4 years of credit history built up. I’ve never had any late payments on my 3 credit cards. My student loans are in deferrment. I pay my entire blances every month. I don’t have any other credit. My credit report shows all 13 accounts in good standing. When I consolidate, I’ll hopefully be working & will be making at least $30k.

My co-signer, my mom, will have a credit score of 720+ with a $250k mortgage, 10k parent plus loan & income of $75-80k a year. She also pays off her entire balance on her credit cards every month. She doesn’t have car loans, because she paid cash. She also has a lot in liquid assests as well.

On top of this information. What else can I do as a college student to raise my credit score? I’ll keep paying my credit card bills in full, but I’m not sure what else I can do.

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lauren london asked:


I make about $55,000/year and I currently owe approx. $34,000 in credit debt alone. That’s not including my car and student loans plus I still have rent to pay etc. I do not want to file bankruptcy if I don’t have to. I also would like to stay away from consolidation. My credit is average considering I have a high debt to income ratio, but I pay my bills on time.
Today, I was told by a company that they have something called debt management. I’ve never heard of that, but they said unlike debt consolidation where they lower both your interest rate AND balance, all debt management does is get the creditor to lower the interest rate. I would pay a monthly payment to the company and a monthly fee and they would make my payment for me.
At this point, I can only make minimum payments and my balance is going nowhere…Should I give debt management a try?
What are your thoughts and please state why or why not. They said this will not negatively affect my credit score.

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BOB asked:


15k in credit card debt, 17K in personal student loan debt, 15K in government student loan debt, 15k in car loan debt.

All im trying to do is consolidate my CC debt. The rest i will deal with with later.

Anyone know of a legit company? No marks from credit solutions please!

i know you guys are on the ripoff report and i have called the better business buereau about you and know you are bad business and fradulent.
STOP…READ…. NO MORE CREDIT SOLUTIONS MARKS!!! YOU GUYS ARE FRAUDS. CANT YOU READ WHAT I POSTED ABOVE AND YOU GUYS ARE STILL POSTING ANSWERS. GEEZ!!!

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tonyspizza232 asked:


Does anyone have any advice on student loans and what to do with them after college?Besides paying them back. Any information on consolidation or programs and plans would be greatly appreciated.

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Abhishek Agarwal asked:


What is a debt consolidation loan? A simple answer would be a loan that allows you to re-route all your existing debts through a single source, with a lower interest rate. The loans may be secured or unsecured loans.

There are many benefits of obtaining a debt consolidation loan. The most important one being that it is easier and less cumbersome to repay a single consolidated debt. The rate of interest for a debt consolidation loan is more reasonable as compared to the interest rates applied for each of the debts, separately. A debt consolidation loan can be repaid within a short period as its tenure is fixed. Repayment of each installment reduces the principal amount of the loan.

A debt consolidation loan does not permanently mar the individual’s credit rating like other methods of credit repair. This loan will afford you the breathing space required for financial planning and the stability that goes with it. The creditors are assured of the repayment of loan, even though it may be at a lowered rate of interest.

Individuals with a bad credit rating can also obtain debt consolidation loans. A debt consolidation agency will help an individual with a bad credit score to improve the credit rating by devising a financial plan to suit his needs. Thus, debt consolidation loans help the individual to be on the right track towards financial health.

However, there are a few disadvantages of opting for debt consolidation loans. Although a debt consolidation loan decreases the rate of interest, there may be an increase in tenure. Ultimately, the borrower will end up paying more in terms of interest on that loan. It is prudent to select a reasonable tenure of repayment for the loan taking into account the expense involved.

Debt consolidation loans are very often secured on the assets of the individual. A default in repayment of the loan may result in the forfeiture of these assets or property.

The first step is to ascertain the amount of loan that is required to consolidate all the debt. The best way to get a good deal in terms of a debt consolidation loan is to research a few companies and find out their terms and conditions. Select a company that is reputed and well known and is offering good rates of interest. This will help in reducing your financial worries to some extent.



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