To pay back an eductional loan , is it good to get an equity loan or should I ask the collection agency work out a payment plan?. The collection lady suggested me to get an equity loan from a bank to pay for it.
2006-12-23 17:43:30 · 3 answers · asked by jean34 2 in Business & Finance ➔ Credit
Nope.
You have to understand that the collection agency IS NOT your friend or your advocate.
They are acting in their best interests not yours.
Their primary goal is to convince you to bring CASH to their coffers ASAP!
As such, an equity loan will get them PAID and give them the cash they want and thus, the collection agency will get commissions off of your decision.
However, I do NOT recommend that you put your house on the line for a loan that is already in default. Do not put your HOME on the line for this.
You SHOULD do the payment plan with the collection agency and save your house equity line for TRUE EMERGENCIES.
This isn't one of them.
Good luck.
2006-12-23 23:29:19 · answer #1 · answered by DaMan 5 · 0⤊ 0⤋
It all depends the term you are getting and how discipline you are to pay up the loan. In my resource box, I included two articles you might find helpful. Good luck!
2006-12-26 09:54:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
depends on which interest rates are the cheapest . paying ten dollars a month keeps the monsters away.
2006-12-23 18:23:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋