How Should I Consolidate My Debt?
Posted on July 8, 2009 at 5:07 am
Unfortunately the secured debt that you have cannot be consolidated. Have you tried to arrange a payment plan with your lender? Some lenders are actually willing to work with consumers who aren't able to make payments on their mortgage.
The $10k you owe on credit card debt is eligible for settlement. You can either do it by yourself, or acquire the services of a debt settlement company. You can pay for a lesser amount of the loan (40-60% of the entire balance) and the remainder of the amount will be forgiven.
Posted on July 8, 2009 at 5:10 am
Or if you file for Chapter 13 of Bankruptcy, you'll be forgiven of the mortgage, and the payments that you've been behind on it can be cured eventually.
Posted on July 8, 2009 at 6:14 am
But filing for bankruptcy has adverse effects on your credit and may prove to be difficult for a consumer manage in the long run.
Posted on July 9, 2009 at 1:03 am
If only at first, you pay all your debts, then maybe by this time getting worried about being hooked of your debts is really a burden.You can change your lifestyle... Work more.Spend less.It may not be enjoyable, but the reward can last a lifetime. Good luck!!!
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Posted on July 9, 2009 at 3:42 am
Right, just to add to what Purple Cow said, a Chapter 7 bankruptcy stays on your credit report for 10 years, and a Chapter 13 will last for 7 years on your file. Filing for both chapters also stays on your public records for 20 years. If anything it should be considered a last resort.
Posted on July 9, 2009 at 4:50 am
If You Just Smile: have you tried selling assets or getting a supplementary source of income? These can actually help you also in raising funds for you to be able to make mortgage payments.
Posted on August 20, 2009 at 4:29 am
how should i consolidate my debts? - hospital bills, 401k, 30k credit card?
Posted on August 20, 2009 at 4:34 am
How should i consolidate my $30k credit card debts?
Are your accounts past due? If they are, you may try debt settlement.
As for your hospital bills, negotiate the terms. Perhaps they'd rather you pay what you can afford rather than you not paying at all. You could ask if they'd extend the payment period and reduce the interest rate and/or monthly payment. You an also ask if it's possible for you to skip payments and make it up with the next one. I'm really not sure, perhaps you should speak with a debt expert.
Fill out a form here at destroydebt.com and get a more precise assessment from a debt consultant. It's free of charge.
Posted on August 20, 2009 at 4:41 am
How to pay back your 401k loan?
If you can somehow come up with a lump-sum payment, then your problem will be solved. As for repayment, is it being take out from your wages? How far along are you in the repayment plan? Maybe you can negotiate the payment terms.
Posted on August 21, 2009 at 3:51 am
Thank you very much, this is an ultimate solution. I also want to consolidate my debt. I used to have two credit cards. I took loan for my house renovation, but now i am in a bit difficult situation. Hope, these suggestion will work for me too.
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