2006-08-04 21:46:54 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Instead of borrowing money to solve the problem go to a debt management consultancy to start a debt management plan. This will freeze interest until you are in a position to start to repay the debt again.
Unlikely that you will get a loan, other than at an extortionate rate, as you don't have an income.
2006-08-04 23:04:23 · answer #1 · answered by Valiant 3 · 0⤊ 0⤋
All of the above are giving you good advice. Don't consolidate a dozen small debts into one big one. Consolidation sounds great in the TV ads but all they want is to foreclose and take your home. Many churches and community centres run debt advice programmes too. Otherwise, take the advice given by others above.
2006-08-07 01:05:59 · answer #2 · answered by halifaxed 5 · 0⤊ 0⤋
Be very careful about these types of loans. If your current debts are unsecured - store cards, credit cards and the like - the companies can do very little if you are struggling to make payments. If you take out a consolidation loan this is usually secured on your home and if you struggle to make THAT payment - they WILL take your house!
Either contact the people you owe and explain your current situation and offer to make what payment you CAN afford; or go to the Citizens Advice Bureau and they will do it for you.
Good luck, and I hope you find a job soon.
2006-08-05 23:46:59 · answer #3 · answered by franja 6 · 0⤊ 0⤋
Well it all depends on whether you have a collateral to secure your debt consolidation loan.
I know with unemployment pressure it is not easy to get any good consolidation loan, but with some effort there still might be hope.
I include an article in my resource box that might help you.
Good luck!
2006-08-06 14:55:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I doubt that you will qualify for a debt consolidation loan while unemployed. Do not go to a sub prime lender this will kill your credit score and have an extremely high APR. Talk to a consumer credit counselor they are free and will give you good advise. Do not go to a credit counseling place that charges they are rip offs.
2006-08-05 13:59:34 · answer #5 · answered by RaininNE 1 · 0⤊ 0⤋
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is an online ebook :
you can read it for free at:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-06 19:38:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you own your own home you can refinace and pull cash out to clear you debt. I work for united lenders group and work through 45 different companies. I cold get you a mortgage no matter how bad your credit is or unemployment
916-860-0804
keyon
2006-08-07 11:42:58 · answer #7 · answered by Keyon F 1 · 0⤊ 0⤋
A Debt Management Consultancy will only charge you. And how can You go to your bank as someone else has mentioned!Please go to the citizens advice beaura where they will on your behalf write to the companies in questions and reduce your payments free of charge!!
2006-08-05 07:29:35 · answer #8 · answered by maria 2 · 0⤊ 0⤋
Ask at Citizens Advice - they will give impartial advice for free
Depending on your circumstances there are oftten several options - including consolidation
Do NOT pay anyone a fee for help
2006-08-07 01:04:51 · answer #9 · answered by Anonymous · 0⤊ 0⤋
if your unemployed it would probably be impossible
getta job
2006-08-05 20:43:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋