I am getting 18 calls a day from a previous bank for not paying my credit card to the amount of 4400 dollars. I also owe 400 to a previous phone company as well as 1800 to my last quarter at my college for tuition. 1500 for a personal loan. I cannot afford to pay all my creditors each what they want monthly for my debts and dont know a solution to this problem. Should I try to consolidate them all into one loan? where would i do this, is a credit union a good idea? Would my bank be able to give me a loan? I have bad credit now due to my lack of payments to 3 of my creditors.
anyone have any advice? I have never been in this situation and could really use some guidance from anyone.
Since you have bad credit now due to missed payments, I think it's unlikely your bank/credit union will give you another personal loan to pay off your existing debts and consolidate to one monthly payment. You may have better luck just trying to negotiate payment plans/settlements you can afford with your creditors. They may not like what you offer at first, but keep pushing and make it clear that what you're offering is the best possible solution you can afford at the moment. I would start out with the big credit card debt and work my way down from there.
The first thing I would worry about is those student loans. Best bet is to get out of trouble with those then worry about the rest of it. You might have to do a rehab or whatever but do whatever it takes to get those current and out of trouble. You will be sorry if you don't. As Joshua said, you aren't likely to be able to get a consolidation loan of any kind because of your current bad credit. One thing you really need to learn is that if you are in a hole then don't dig it any deeper. Getting a loan would be digging your hole even deeper. Not a good idea.
Dont even bother attempting to get a consolidation loan of any kind, just make payments on the school loan until its done? Then when thats paid off, knock off the others?
Well, you probably would be better off forgetting about consolidation or any other kind of loans until those student loans are current. They don't have to be paid off, just current. I'd work through the Dept. of Ed. rehab program and if you make timely payments for a year they will clean up their portion of your credit reports for you. No problem. Worry about the rest later? I don't think they are likely to want to let you do that. I'd start worrying about how to get rid of them, make them pay you instead of you paying them. I call it informal bankruptcy because you can get the same or even better results out of doing it my way than you can by filing bankruptcy. All you have to do is start learning about debt validation, how it works and how to make them pay if they violate your rights under the law. It really isn't hard to do at all. Just click on my link below and start learning.
Hi Pony, Are these accounts in collection already or are they still with the original credit issuers?
