Question by kkkkkkBb: Doea anyone know of a company that will give debt consolidation or home quity loans to people with bad credit?
My fiance and I have not great credit, but we make a decent amount money and are looking to consolidate debt so that we can get out of it! We have about $ 40k in equity in our house, and we will need about $ 30k to consolidate. We have a combined income of $ 77,000. we don’t care about the rate because anything will be better than paying 20-30% interests on about 8 different accouts. Help!
Best answer:
Answer by ElaineMT I would check out Prosper.com or Zopa.com. They are community lenders – meaning that people pool their money together and grant loans to people (I think there is a maximum of $ 25,000 though) and pay interest based on their credit score and income. You have to pay the loan back though, it does appear on your credit bureau (so if you pay on time and pay the loan off, it appears as a good mark). And if you screw up, they will continue to hound you through collections, as they should. The difference is – and I like the idea personally – is that a real PERSON is loaning money to you (actually a whole bunch of real persons), not a faceless bank corporation. The person loaning the money is earning interest on their investment with each and every payment, so if you screw them, they won’t re-invest, and you could wind up screwing the whole idea of community lending.
Do some research on these companies, and look at finance companies as well, like Beneficial Finance. Do not, however, sign up for one of those loans that they “guarantee” you a loan if you send them up to six months payments first. (Generally an email or telephone offer that you “qualify for a loan!!!”) That’s a scam and you’ll never see your money again. Good luck.
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I ran out of cash meeting uninsured broken arm surgury, then started using credit cards. Did the low rate transfers and all that stuff. Now back to work, but could not make payments last few months. Hounded by their phone calls all the time. Have not answered their calls. But I am now working again and can start making payments. I am ready to contact the credit card companys. Before I do, I would welcome any advise (or benefactors, Ha,Ha). Totally, by rough calculations I owe about $80,000.
As an after thought, I am aware there were changes in the bankruptcy laws but do not know the specifics. Is bankruptcy a good option. Basically I have zero assets, no real property.
In closing, who is a reputable debt consolidation company, is bankruptcy a viable alternative, or is their an an alternative I do not know of? Thank you for your advise.
P.S.
Spend $10 for a non-slip pad for your bathtub. Money well spent !
My husband and I are both 29 years old. We actually own 2 houses (one is a rental) and have never been late on a payment for anything in our lives (well husband has but that was a LONG time ago). We have accrued $40,000 in cc debt. It was completely our fault and I don’t blame anyone but ourselves. We have been struggling with maxed out credit cards for the past 3 years and struggle to make minimum payments. We recently had some medical issues and can no longer pay our credit cards. Before the medical stuff we were paying the minimum just to end up charging gas and groceries.
We don’t plan to move or sell our house anytime soon – we have no major purchases planned, we are current on our student loans and both have jobs (though not high paying jobs).
Is it a bad idea in our situation to use a debt settlement company??
I honestly don’t see any other option. We tried to get a consolidation loan but don’t qualify and have 0 equity in our homes.
Please don’t criticize – we already feel so guilty and terrible. We were young and dumb but I KNOW if we could get out of cc debt we would NEVER get in that situation again.
Will they actually consolidate all of my credit cards and personal loan or will they just try to get a decrease in the APR? Can anyone help me with this? I was given this as an alternative to filing for bankruptcy and would like some more info from anyone who has been there and done that…thank you.
Rise Above Debt Relief …. just been thinking on using them but their website offers good info, not all the info I would like. I’m looking into debt consolidation but I’m still not sure about how long, if at all, will damage my credit score.
What do u guys think? https://www.riseabovedebtrelief.com
Thanx, and NO I don’t work for them, this ain’t spam, just an honest question
They have never lived here. I am the only occupant who has ever lived here for almost 10 years. Is there any way of transferring ownership of the home and the property to me without raising red flags or getting murdered by taxes? I want to be able to get a home equity loan to purchase the property, do some home improvements and debt consolidations but it needs to be in my name. Any suggestions??
Um, the reason is because we haven’t done anything about it….we are trying to figure out the best way to go about it with the least amount of tax consequences. There’s no hidden agenda…
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!!!
A credit card company cannot pursue debt after seven years, but the statute of limitations on this subject can change from state to state. Check local laws on the subject of companies pursuing debt after seven years withhelp from the owner of a debt negotiation company in this free video on debt and money management. Expert: Peter Repak Contact: www.ClearFinancialCompany.com Bio: Peter Repak has been in the debt settlement business for over half a decade. He and his wife founded the Clear Financial Company. Filmmaker: Christopher Rokosz
