I have bad credit and student loans...help?

Question

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.

Answer 1

Now that you've learned your lesson on credit counselors I have a solution that you won't need another loan and will be able to pay back your credit cards and student loans on time. It will even boost your credit scores up. It is:

Start paying all your credit cards and student loans bi-weekly. Just take the minimum payment, lets say $50, split that in half. Now it is $25 then in 2 weeks you pay the other $25. You keep on doing this and you will see your debt shrivel up to zilch in no time. Just make sure you get a seperate calendar and mark it with what you are going to pay off every 2 weeks. When one bill is paid off then take the extra money and use it to pay off the other bills.

To save money is easy too. Make a triangle and start on the lower left hand corner and put down $10. Then from there double the amount each time you go up the triangle. So the next amount would be $20, $40,$80, $160. Let's say $160 is at the top and the other side beginning with the top you put $160, $80, $40,$20, $10. You do this repeatedly and in 3 months you should have $1500 or more depending on what you can afford.

Answer 2

First, take a step and breathe deeply.

1) If a debt consolidation company stole $700 from you, as you maintain, then you should file a claim in SMALL CLAIMS COURT for breach of contract (assuming you signed one).

Let's be real -- you are too broke too summarily dismiss $700 that was "stolen".

2) Contact the Attorney General of your respective state for next steps. The Attorney General may EVEN intervene on your behalf assuming the act is as egregious as you maintain.

I have gotten $200 back from an unsavory collection agency (THREE years later) AFTER I reported my experience in excruciating detail to my Attorney General. He wrote a follow-up letter to the collection agency on my behalf and the collection agency forwarded me $200.00 to resolve the matter in TWO days (and they even FED-EXED my check!)

3)

a) In regards to debilitating student debt, your best bet is to stop by the Financial Aid Office of your current school or at least your very last school and ask the DIRECTOR of Financial Aid about consolidating student loans and eligibility criteria. There are plenty of college students and alumni whose credit has been jilly-jacked and still need studen loan consolidation --> this time -- go to your school which is a reputable place ==> they will send you in the right direction!

b) If your credit is already shot -- and bankruptcy won't remove your current student loan debts, then you lose nothing by asking each and every student loan finance company for a "workout" agreement to reduce your monthly debt payment. You may have to sign some new documents outlining your new debt obligations, but it will provide the relief you are looking for.

4) And most importantly, you need to assess WHY exactly you have bad credit and start addressing the very decisions that got you here.

If you have completed college and have "a lot of student loans" -- you need to assess why your current employment is not providing adequate income to avoid "bad credit" situations. If you have a degree and are single, you should be OK. I didn't say rich, but you should be OK.

Did you choose a career that would garner enough income to cover 1) rent 2) utilities 3) student loans 4) food 5) clothing 6) and auto related expenditures?

If not, then you should seriously consider moonlighting (yes, working 2 jobs) to get out of the debt or at the very least to put a heavy dent in the student loans so you can live with some peace of mind?

If you are thinking, "I didn't go to college and go into debt to have to work 2 jobs!", then you might want to realize that pride is NOT a form of legal tender in America. Sometimes you have to do 'ish you don't like in the short term to get the long-term results you really want.

Hope this helps.

Answer 3

Some consolidation services are just a rip-off by design BUT Consumer Credit Counseling (by name with no variations) is a legitimate agency that only wants to help and is totally funded OUTSIDE of your money. Don't be closed minded...You should also NOT pay anything (except student loans or judgments) over 4 years old. They are nonenforceable debts and will lower your credit score by paying them! Contact each creditor with an offer to pay if they will eliminate the interest or reduce the principal so long as you keep the agreement...

Answer 4

make payments... it doesnt matter how small. even $5- a week or even a month as long as they're steady, reliable payments..

try to call the companies you owe and make payment arrangements and payment plans but if they wont work with your budget... just keep making those little payments... it will take a long time but at least you will have better credit

Answer 5

Get a secured credit card. You deposit into an account that is cash backed equal to the credit limit on the card or have a co-signer on the card to guarantee payment.

Answer 6

Read my student loan blog.

Answer 7

There is some useful advice here.

Answer 8

http://www.crown.org/

this is a good website also try get some councelling so your creditors know you are trying

Answer 9

try this! http://www.jdoqocy.com/click-2059927-10393223