HELP....heavily in debt...need $100,000 to get out of debt. Anyone know where i can get a loan withbadcredit?

Question

Getting older....health bad...wife ran off with nephew...want to be able to leave something for my daughter. Any help would be appreciated.. Not asking for a handout...just some good advice. Mortgage behind...lost my car...have full time job...many many bills...alot of them accrued trying to stay afloat...would do anything to give my 8 yr. old a solid future before i die.....any advice would be appreciated.

ok...got blasted because of the way the question was phrased. i need one loan so i can pay off all my bills and just have one bill to pay...having every single bill late with late charges and such is almost impossible to catch up. I do not do drugs or drink...i work and spend time with my daughter...period. My daughters mother still sees her and has no money at all. And even though she left me for my nephew i do not want to see her hurt...that would hurt my daughter. Thank you for the bankruptcy suggestions ...i have already considered that and leaving that for a last resort. If i can get back to even then i can make the payments. and combining bills into one bill is not taking a step back....thanks for the advice

Answer 1

Check out this site: http://www.nfcc.org/. They are legit non-profit companies. They provide free credit counseling and have debt management programs available, if you qualify, at no fee.

You either have to deal with all that debt or file bankruptcy. Taking out a $100K loan is out of the question. If you are already late on so many of your bills, your credit isn't good enough for that kind of loan.

These Consumer Credit Counselors will be able to look at the details of your debt and advise you on how to deal with it.

Answer 2

Mr. F, I feel ya because almost all of my friends are in the same position, and due to the current economy, none of us are making crap in salary and have actually had to go into deferrment and forbearance in our loans--some of them are attorneys working for less than $40,000. It doesn't seem to make a difference what education you get either, unless it is in the medical field. None of my friends were able to try for military or peace corps for various reasons. The only thing you can do is try to pay down the debt as fast as you can because the interest will eat you alive (you will pay back nearly double the amount you took out over the course of the payments, and that is with even a really good interest rate on them), and live as cheaply as possible for a few years until you have a sufficient amount paid down. Try picking up a really easy part-time job doing something you like for a while too, because you can use the money from that to help offset your other expenses. If you have 100,000, you may not be able to pay double your payment each month because your payments will probably be close to about $700 a month (meaning you would be trying to pay 1400 a month in payment) and living as a single person means you end up paying more in taxes and such (and the more you make, the higher your tax bracket becomes). Right now just is not a great time because of the current economy, but keep your head up--it will get better.

Answer 3

Your daughter is the top priority, and she is not responsible for your debts in any way, so you can open her an account and put in it all the cash you have. The same if you have any assets, register them as your daughters then you have nothing so you can declare bankruptcy and be in the clean. Then each month you will keep 100% of your salary for your daughter's welfare and upbringing. The banks are a greedy and IMMORAL bunch, they are given far too much freedom by government (who should protect us from irresponsible lending) maybe bankruptcy will affect your job prospects (this is immoral too it should only affect your borrowing ability) so maybe better to volunteer instead and help out others with good advice, or if you really need an income take a job where it is ok to be bankrupt (many teachers were bankrupt before). It is not your fault, banks and lenders deliberately get people into trouble.

Answer 4

Uhhh, another $100K loan is more debt , NOT getting out of debt .
What math class did you take ?
Debt plus more debt = living in hell .

First , file with the family court for child support from the child's mother ( that law flies both ways ) .

Evaluate your mortgage , is the house way more than the 2 of you need ?
You did Not give us relevant details to work with here ,
But more than a 2 bed house is actually more than you need .

Evaluate your housing and go with the best choice .
Then allocate your income to housing , food , transportation to work and the childs school items like books etc .
The other bills goes to the back burner .
You have to pay the survival basics 1st .

$100K is a lot of $$$$ pissed away if you have a job BUT
The mortgage is behind and the car is gone .
Almost sounds like some got flushed for a cocaine habit ?

Whatever , call family court tomorrow and rehash your budget .
That's what you must do because an innocent 8 yr old is now paying the price because adults were stupid .
Ya , that's fair . . .

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Answer 5

First, you don't need a loan, to get a loan is just keeping you in debt and putting you more in debt with finance charges, besides, no one would authorize one, you would be too much of a liability.
Bankruptcy is an option but not recomended, also CCCs but I'm iffy on that since it'll mar your credit report but it's much better than Bankruptcy.
I suggestion calling your credit companies or whomever you're oweing money to and work out a payment plan but first:
1) Budget. Sit down with your bills, a calender, and checkbook.
2) Cut up your cards, you don't need them.
3)Figure out what debt is the lowest, pay off the lowest one and pay the other with the minimum payments. Once you paid off the lowest debt you take what you paid for that debt and apply it to the next one and once that one is paid off you combine those two payments for the next debt.
4)Getting out of debt is hard and excrutiating at times but you listed very good reasons for motivation - make a budget plan for the month, note your expenses and see hwat you can cut off to save money, instead of eating out or ordering out, cook large meals and freeze them, think before you spend, what do you NEED not WANT. Do you need a new pair of shoes when you have a decent pair for example?

Just be careful, don't splurge on name brand when generic is just as good.

Answer 6

Opt for a debt consolidation loan: : The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

Answer 7

If you take out a $100000. loan, the only thing you will leave your daughter is debt. Getting into debt to get out of debt is a bad idea.

Visit this site for some helpful advice...

www.daveramsey.com

Good Luck!

Answer 8

The last thing you need is another loan. You need a lawyer. You need credit counseling and possibly to declare bankruptcy.

If you shoot yourself in the left foot, the answer is NOT to shoot yourself in the right foot. You DON'T need another loan.

Answer 9

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Answer 10

If you got a loan for 100,000 , you would STILL be heavily
in debt.