consolidate all my high interest loans and credit cards into one monthly payment.?

Question

I'm trying to consolidate all my high interest loans and credit cards into one monthly payment. I currently pay over 600 dollars a month. I need to borrow 12,0000 to do so. I have fair credit and have been current on all my payments for the last three years. I have tried prosper.com it is a fake. I had two listings and even tried to join a group. Not even one bid. I have been employed for three years on the same job. I don't understand why I keep getting turned down. If anyone has any info please help. Thanks

Answer 1

We can do nothing for this.. If you want guide means just take a look at the below link.

Answer 2

You could buy the house and then have a lien put on it to pay the debt off, draw back is you can't freely sell the house until the lien is paid off. You could refinance the house to get the extra cash, it means a new mortgage and at a higher rate. You could take a loan against the home's equity to pay the debt but that means you've been in the house for awhile. Since you don't own a house now you are probably in a tough spot because you are a bad risk in the eyes of the lender. When I bought my house I had to pay off my existing debt before they'd approve me. I did that by consolidating my debt into one account and to the lender it looked like I "cleaned up" my history when in fact I'm still paying off the consolidation and ultimately that was a bad choice because of the interest in the long-term.

Answer 3

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

Answer 4

Instead of shifting your debt to one big loan, work on paying off the debt.

Make yourself a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid off, move to the next one till they are all paid off.

It will take 2 or 3 years but you will have a good payment history.