Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » I need help with debt, who will approve a Debt Consolidation Loan?

I need help with debt, who will approve a Debt Consolidation Loan?

January 20th, 2012 | 7 Comments

I’m am not very far in debt but need help getting back on my feet. Everytime I apply for a Debt Consolidation Loan I am denied. Who would approve me? Does anyone know.

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Filed under: Debt Consolidation and Refinancing · Tags: approve, Consolidation, Debt, Help, loan, Need

7 Responses to "I need help with debt, who will approve a Debt Consolidation Loan?"

1. Sandra A says:

   January 20, 2012 at 1:18 pm

   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.

   Reply
2. Sgt Big Red says:

   January 20, 2012 at 1:32 pm

   It is quite obvious that if no one will give you a debt consolidation loan, then your credit is down in the dumps, but there are other ways of slowly rebuilding ones credit. This will take effort and time, but it looks like it would be the only way for you short of filing bankruptcy (chpt 7 or 13).

   Here are some links to find help for you:

   http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm#improve
   Building a better credit report.
   http://www.ftc.gov/bcp/conline/pubs/credit/crdright.shtm
   Credit and your consumer rights.
   http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm
   Govt approved credit counseling agencies.

   Reply
3. Jeff T says:

   January 20, 2012 at 1:52 pm

   Don’t do this it will affect your credit in a bad way. Some ideas to help free up money right away are if you have a extra room get a roommate, if you have a car payment sale it and get something for cash and the last is to get a second job. Heres what you need to do to get back on your feet.

   Start carrying a list of paper with you and write down everytime you purchase something. Even if it’s just .50 or $1 write it down. Do this for a few weeks.

   Next sit down with your paycheck, bills and that list. Figure up how much all your bills and living expenses are. Do this figuring paying the minium on everything. Now, see which debt is accuring the most interest or in other words which debt has the highest interest rate. Pay all your extra money to that debt while paying the minium on all your other debts. Once one is paid off take that amount and add it to your next highest accuring debt and keep doing that. It’s the snowball effect and it works great.

   Now see what you can cut out of your budget or downsize on. Examples are your cell phone, home phone, internet and cable. These can all be downsized or get rid of completly. This will free up quite a bit of money usually. Now lets see what you can save money on: Examples are taking a lunch to work, taking drinks to work and with you, make your morning coffee and take with you, quite or cut back on smoking and drinking, if you have a car payment sell it and get something for cash. You see there are all kinds of ways to cut back and save money.

   You should also have a 3-6month emergancy fund. This is for lose of job or car repairs. You can do it two ways. Either save 10% of your monthly income or instead of paying the extra to the highest accuring debt pay the minium and save the rest.

   Remember to live frugally and watch every dollar you spend. I would suggest getting a book by Dave Ramsey called “the complete money makeover”. Stay focused you can do it just think of your dreams and goals and this will help you stay focused. Best of luck and happy holidays

   Reply
4. heybulldog says:

   January 20, 2012 at 2:51 pm

   Consolidation does nothing but move the debt.
   Knuckle down with a written budget and maybe a second job until its payed

   Check out daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesnt cost a dime to listen.

   Reply
5. John says:

   January 20, 2012 at 3:47 pm

   I have been told that banks look at Debt Consolidation Loans as a bankruptcy. They feel that you can not handle your debt alone so you are a big risk. Pick one debt to concentrate on to pay it off. The two different methods are to either pick the highest interest debt or the lowest debt amount. Once you paid off that debt then concentrate on the next debt until it is paid off.

   Reply
6. z shama says:

   January 20, 2012 at 4:03 pm

   Well, I do not know why you are denied everytime, but I know many such debt consolidation companies that can offer you a suitable debt consolidation loan even if you are suffering from poor or bad credit. if you had been more specific about your debt problem, I would have given you the exact details of the companies that can offer you an ultimate debt relief almot instantly.

   I would recommend you to visit http://debt-consolidation-and-bankruptcy.blogspot.com/. This website offers extensive information on various debt problems and how to get rid of the same in an easy and innovative ways. the site is easy to use and you can easily get the information you are exactly looking out for. The logo of the website is “Debt Relief For Smart People”

   In fact, if you have the courage and maturity to take 100% responsibility for all your actions associated with all the aspects of your life, including your finances, career, relationships, health, habits, emotions, and even spiritual beliefs, we believe that by the time you will be leaving this website, you will have achieved the magic-mantra to get you out of debt.

   Best of luck
   z Shama

   Reply
7. MIKE2222 says:

   January 20, 2012 at 4:46 pm

   do not consolidate your debt. listen to dave ramsey!

   Reply

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