If you did it: who did you call? There is so many of them,and i need to find the best one.
Thanks for your answers!
2007-02-14 03:09:58 · 5 answers · asked by nataliya 2 in Business & Finance ➔ Personal Finance
If you can consolidate your debt through another loan rather than with a consolidation company or organization, that would be preferable. The fees these companies typically charge normally amount to much more than the interest you'd pay on a personal loan, and the consolidation will be a huge black eye on your credit report. The drawback is that since you are looking into such a service, you probably have a credit history that will make it difficult to obtain the loan. In that event, a cosigner or collateral may help.
If you do choose to consolidate with a service, make sure it is a TRULY non-profit one. Most of the organizations call themselves non-profit, but in many cases that just means that all of the profits go directly to salaries and administrative costs. Your best bet would be to use an organization that is directly tied to a Christian ministry. You will find local ones in your yellow pages.
2007-02-14 03:58:16 · answer #1 · answered by Rob D 5 · 1⤊ 1⤋
I doubt you can trust any of them. Are you completely sure that is the best option for you? You will end up in debt for a lot longer and that debt will be secured on your home, no doubt at the moment the debts you want to consolidate are unsecured. So if you don't pay you could lose your house. Also a lot of them charge a fee, sometimes quite a high one, for doing it. Which they will kindly offer to add to your debt so you will then have say another £600 to pay off at an interest rate which is probably lower than you are currently paying but you'll pay it over 25 years rather than 5. Before you make the decision consider exactly how much money you will end up paying back with each option. It's all very well having an extra £200 a month in your pocket but if you end up paying back an extra £10,000 was it really worth it?
2007-02-14 12:17:44 · answer #2 · answered by gerrifriend 6 · 1⤊ 1⤋
The trouble with debt consolidation is that it doesn't fix the problem, spending more money than you make. If you are truly committed to getting yourself out of debt, i'd like to recommend that you ready The Total Money Makeover by Dave Ramsey.
He has a debt snowball method that works wonderfully. The basic concept is that you list all of your debts from smallest to highest. Pay the minimum payments on all but the lowest. Then you take every scrap of money you can find and put it toward the smallest debt until it's paid off. Then you do that again for the next smallest and so on until you've paid everything off.
2007-02-14 21:50:24 · answer #3 · answered by Jen G 5 · 0⤊ 0⤋
Free book "Incorporate, Road To Riches" by Laughlin Associates Inc.
2007-02-15 11:53:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I did it with my bank, it worked great.
I suggest to go with a bank or a specialised company : http://index-go.com/debt-consolidation-refinance-loans-mortgage.asp
2007-02-14 12:02:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋