20 May 2010 @ 3:51 PM
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I have made bad financial decisions in the past, but want to repair my credit and consolidate bills. I have a good work history (over 11 years) at a good paying job. $15,000 would get me totally out of debt and not hurt my budget to repay, but I can’t find a loan company that will help. I would even agree to direct debit from my payroll to ensure repayment to the lending agent, but get turned down when I apply. I would appreciate any suggestions.
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Chapter 7 bankruptcy…best bet
start paying everything off and then provide proof when applying for a loan that its paid off
You don’t need another loan that is what caused your problems anyway. If you truly want to get out of debt, make a list of all your creditors. Place them in order of highest interest to lowest interest. Next cut all your credit cards in half. Then make the minimum monthly payment on all but your highest interest account, on that one take the total you have budgeted for all your accounts and make a large payment. After you pay off the first one just repeat the process until you are debt free. I usually takes people about 2 years.
Go to a loan sharks. In fact go to several and have the same of each of them. Then change your name and leave town.
Most people who get debt consolidation loans wind up with more debt within the year. The last thing you need is a loan!
You have a decent income, so pay off all those debts as fast as possible. If you go to bankruptcy court, they will take 1/4 of your income to pay off the bills, so you can do the same and save yourself the court costs, legal fees, fees for the bankruptcy trustee, etc. To say nothing of 10 years of bad credit vs. being able to clean it up within a couple of years.
BEEN THERE, DONE ALL OF THE ABOVE except bankruptcy.
The suggestion to gather all your credit cards and arrange them by interest rates is the best suggestion of all. Minimum payments suck big time cause it seems so useless. What it does for you is really two fold.
-It helps you repair your name by “repaying as agreed”.
-It buys you valuable time.
-It WILL take a couple of years and you WILL be on a very restricted budget.
No one in his. or her right mind would ever suggest this, but it beats the hell out bankruptcy. If you have a employer sponsered 401k retirement program that you participate in. You can easily access that sourse. Ofcourse your employer will arrange a payroll repayment plan that will guarantee repayment. If your employment ends before you have satisfied the 401 loan, you will have to make a final lump payment to repay it. Oh! did I mention this IS your retirement?
CUT UP THOSE PLASTIC CARDS WHAT EVER YOU DO.
JUST USE YOU ATM CARD INSTEAD.
My friend, borrowing $15000 does NOT get you “totally out of debt”. You will still owe somebody 15 grand. Words like this are evidence that you do not yet understand finances.
Find and attend a Dave Ramsey “Financial Peace University” class. They are very reasonably priced, are usually hosted at churches, and in 10 weeks you will learn the skills you need to get out of debt (really) and stay out of debt.