If you have been hard pressed by multifarious big and small debts lately, get freedom from them by taking recourse to a bad credit debt consolidation loan. Such loan programs are specially designed to offer you cash to improve your poor credit status and prevent your debt situation from going out of control.
How Are Loans To Consolidate Debt Useful To Mend Bad Credit Status
A bad credit debt consolidation loan is designed to cater to those borrowers who need money to pay off unmanageable multiple loans and credit card dues. Main benefit of taking this loan is that such loans do not claim immediate payments. On the other hand, other overdue debts and dues require to be immediately paid off to prevent further accumulation. Therefore, using such loan to consolidate all your smaller debts into one affordable and convenient loan is beneficial to relieve pressure from bad debts and take advantage of prolonged and easy monthly installments.
People who are defaulters or have delayed payments on several loans and dues such as, mortgage arrears, country court judgments, credit cards and individual voluntary agreements are bound to have a bad credit rating. In such cases, these borrowers develop a negative reputation, which implies low credibility to for new loans and credit instruments from lenders. However, your bad credit is not a limiting factor for availing a loan for the purpose of consolidating all your debt into one manageable loan.
A bad credit debt consolidation loan is designed to help you reduce the pressure and ultimately eliminate the debt burden. What else can you ask for if you have bad credit and struggling to pay your dues? Moreover, when you take a debt consolidation loan, you pay all your dues and loans, which gradually erases bad credit marks from your credit history and after some time you can enjoy a healthy credit rating. Which means that you not only save on the late payment charges, penalties and high interest payments but also become eligible for future loans and credit cards at substantially lower rate of interest.
The lenders offering such loans also offer free debt consolidation help programs to help borrowers with professional credit counseling services. Some of these companies will review your papers, assess your status and suggest loans accordingly, without charging you anything for the evaluation process. Some companies would charge a nominal fee to assess whether you are seriously interested in getting your debt situation under control. The companies that do not charge any upfront fee or very nominal upfront fee are considered authentic since they do not assume fees from the moment you ask them for their services.
If your bad credit status results from careless and unplanned usage of your credit cards, you can opt for a credit card debt consolidation program, designed specifically to cater people struggling with multiple credit card dues. Credit card consolidation companies offer specially designed credit card debt reductions and elimination programs, which include:
1.Negotiating with the creditors on borrowers behalf to minimize outstanding dues
2.Stop further accumulation of late payment charges and penalties
3.Negotiate a low interest rates and payments.
4.Arrange a low rate credit card or loan to settle high interest card and club all your dues into one affordable monthly repayment.
5.Help you to manage your finances efficiently so that you do not fall in the debt trap again.
There are many good companies available in the company, which are eager to help you take control of the situation by offering easy and convenient debt consolidation loan programs with diverse rates and services. Follow the links below to read more articles about debt relief and bad credit debt consolidation because knowledge is power when it comes to making you free from debt trap.
Watch the video related to credit debt
A step by step video talking about the reality of credit card debt, and how the credit card companys are really charging you 83.3% interest.
Help answer the question about credit debt
How does consolidating credit debt effect a credit rating?My credit rating is probably better than the average as I pay all my credit bills on time, but I'd like to consolidate all the debt for a lower interest rate, with an eye on paying it all off faster. Would it be better to pay off the balances individually than to consolidate? How will zero credit card balances effect my credit rating?
Any suggestions, and any recommended books, would be appreciated. Thank you!
Contact me. My brother works for a company that "eliminates all credit card debt" (in other words, pay a fee significantly less then the credit card debt and you won't owe the credit card company a dime). (take a credit card cash advance to pay the fee LOL).
There will be no damage to your credit rating!
Make more money, quit spending, sell things to pay down your debt
oscy999 must not have been hurt by this economic depression. I just love people who haven’t walked in the shoes, but sit on their throne and judge everybody else. SELFISHLY RAN UP? Not everybody was out buying big screen TV’s. Some folks who lost their jobs, (HOPING thngs would get better by now), were using their cards to pay for groceries, the doctor’s office, or car repairs trying to keep the old heap on the road. How dare you judge when you haven’t walked in somebody elses shoes.
I agree with AEinsteinSr. Just dont use credit cards. And honestly, using credit cards after you have already lost your job or took a cut in pay is pretty much about the 23rd thing on the list of things you should do in a situation like that. 99.99% of the time it just seems to make everything worse. I do think the fact that credit is becoming more exclusive and elite per the new laws and regulations in Feb will sort a lot of this out in years to come.
It depends on how you define “old”,
Nauticalman made it sound like all collection accounts have been sold accounts which is not 100% true.
Not all collection offices purchases debts. Most are referred to them by the creditor.
If it IS a purchased debt, the money can no longer be paid to the original creditor as the account has been sold.
As for the last part, that is correct, however if you call the creditor they may likely refer you back to the collection office. Moreover, check in your contact with the original creditor it usually has some section giving them the right to collect on the debt, etc.
You need to dispute these accounts with all 3 credit bureaus stating the per the Fair Credit Reporting Act these accounts are to old to be listed on your credit report.
it depends on how you define “old” nauticalman made it sound like all collection accounts have benn sold accounts which is not 100% true.dhfghdgschgdhgfhdgjgfjkgfjkgghsdgfjhgdsjgfjdgfjdgjfgdsjfgjdsgfjdsgfgdjsvbdbgfvc v jfgjfjbf fhvjcgvv c dhfjdhjfgd fhdhgv dhfjhdhjryrf fehj fehj dsuegue feje
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Given your credit history, you may not be able to get a loan of any kind. First you need to get hold of your credit reports. There are three major credit reporting agencies in the USA: Experian, TransUnion, and Equifax. Offhand, I don't know contact information for them, but you should be able to find snail-mail addresses and phone numbers for them online or in your local public library. Write to each of them or phone each of them to find out what their reports are saying about you. Once you know what the reports say, you will be better equipped to deal with it. You've received a summons to appear in court? What kind of court? Small claims? It sounds like you need an attorney. Perhaps you should consider declaring bankruptcy. In any case, don't ignore the court summons. Make sure that you show up in court, and if the judge orders you to pay, you have to pay. You don't want what is called a "judgement" on your record, because that *never* scrolls off your credit reports, like some other debts do after seven years. How much in debt are you? Hundreds of dollars? Thousands? Tens of thousands? There are credit counseling agencies in many locations in the US. Perhaps there is one in your area. Contact them, make an appointment, and see if they will help you. But they won't give you a loan. They will, at best, make it easier for you to pay off your debts.
As stated by others, the SOL for your state is 4 years for open contracts (credit cards). Send them the reply they want only use this form letter (you fill in the blanks). This should send them away. If not then you can seek civil suit against them for minimum of $1000.
But make sure that this debt is for a credit card and not for a court ordered judgment. A judgment in Nebraska has a SOL of 5 years and is renewable.
Your Name
Your Address
City, State, Zip
Date:
General Revenue Corporation
Address
City, State, Zip
Re: Acct #XXXXX
To Whom It May Concern
This letter comes in response to your [letter dated xx-xx-20xx] (copy enclosed) concerning the collection of the above referenced account.
First, I want to inform you that I am well aware of my rights under the Fair Debt Collection Practices Act (FDCPA) and applicable State laws. Having said this, I hope to save both of us a great deal of time by informing you that I formally dispute the validity of this debt. In addition, I am aware that the time period limiting legal actions to enforce this type of debt in (insert your state or the state in which the contract was signed) has expired. Furthermore, I am aware that any attempt to bring an action in court that is time-barred may result in sanctions for filing a frivolous claim.
As of today, I consider this matter closed and demand that your agency and affiliates immediately cease and desist contact with me regarding this matter except to advise me that your debt collection efforts are being terminated. Further communication attempts of any form or substance are prohibited by the Fair Debt Collection Practices Act, 15 USC 1692a, et seq. I plan to report any such violations to my State Attorney General and the Federal Trade Commission and, if necessary, to take whatever legal action is necessary to protect myself.
Thank you for your prompt attention to this matter.
Sincerely,
Your Name
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster.
I would recommend you to visit this site for more info about consolidating debt:
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
This video is packed with great information and your link looks interesting too. Check out the link in my profile if you’re tired of the phone calls and want to settle your debt.
Definately do not move out if it means that you will be paying rent. I would find a place to stay rent free until you pay off the credit card.
A personal loan does not pay off debt. It just moves it from one institution to another. You have to change the habits that got you into this mess in the first place. That involves living within your means. You need to reduce your spending and/or increase your income. And use the savings to pay down your debt.
Sorry folks, we have been had, peed on, scammed and lied to.
WallStreet bailouts were rigged and a fraud, market manipulations,
high freqency trading, flash orders, naked short selling by:
Goldman, JPM, Cit, MorgStanley, Aig, stay away from this scum.
The Fed, Comex, ETF’s, Govt data: frauds. Your labor devalued to Zero.
Pull your money out, walk away from your mortgage and CC card debt,
We can beat them at their own game, buy pure silver bullion,
buy local mom and pop. Starve The Beast!
file for bankruptcy ,,,that is safe for you [and also practical],,,
if the debt is old it is almost certainly been sold off