Bad Credit Loans from Hard Money Lenders::
The reality is that bad credit borrowers and their lenders both have to Home Refinance, Home Equity / 2nd Mortgage, Home Purchase, Debt Consolidation
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You have seen those ads on TV. Companies specializing in bad credit debt consolidation. These companies claim that they can help you consolidate your debt in spite of your bad credit, no matter how much debt you have or how far behind you are. Yep, they claim to have the magic answers to your financial problems. After theyre done with you, youll be left with, just one easy monthly payment!
Debt Consolidation Loans - A Consumer's Debt Consolidation Loan FAQ::
I have very bad credit and no collateral, like a house or a car, what kind of debt consolidation loan is available for me. Other than borrowing from friends
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The Realities About Bad Credit Debt Consolidation::
Behind on debt? Consider using a debt consolidation company to help you with your debt. But, be aware of the bad ones out there.
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There are some companies who legitimately want to help people with bad credit consolidate their debt. These companies usually charge a reasonable up-front fee, avoid making extravagant claims and will offer professional references upon request.
Then there is the other type of bad credit consolidation company. These types of companies will prey upon your fears and offer you hope that somewhere out there lies and easy solution to your problems. That bad news is, the latter type of bad credit debt consolidation companies is far more common than the former.
Debt Consolidation Companies: What Exactly Do They Do?
Basically, what a bad credit consolidation company does is that it acts as your mediator. They talk to your creditors and try to lower both your interest rates and monthly payments. Once they have reached an agreement with your creditors, they will let you know what your monthly total will be. Then you will send this monthly amount to the debt consolidation company and they will distribute the money to all your creditors.
Now in theory, thats what theyre supposed to do. The companies that are running scams often keep much of that money you sent them and call it administration fees or loan origination fees, even though no loan has been or originated. What this means to you is that your creditors will continue to harass you and report your account as delinquent and unpaid to the credit reporting agencies. The money that you sent to these companies never makes it to the creditors.
Does Legitimate Bad Credit Debt Consolidation Really Exist?
There are legitimate bad credit debt consolidation companies. The legitimate companies will not send you unsolicited e-mails or any kind of mail unsolicited. You also wont find them advertising on late-night television. If your credit score is very poor, chances are you probably wont qualify for unsecured loans throw a bank. However, you may be able to refinance your house or your car to pay off any unsecured debt. Best to talk to your bank or mortgage broker. Another good idea is to go see a legitimate financial planner. Let this professional assess your budget and then help you find ways to get out of debt and stay out of debt.
One other way to consolidate debt it is to transfer all your unsecured debt to one low interest credit card. This approach does have a few drawbacks though. If your credit really sucks, the credit card company may decide to hike up your interest rate without warning. If you happen to have more then just one credit card, you may have to either cut them up or put them away in a safe place to avoid the temptation of racking up new charges on them. Of course you should make the minimum monthly payments, more if you can afford it, to the card left with the balance of your debts.
Despite the fact that you have bad credit, debt consolidation is still possible. Just make sure that youre working with a reputable company that truly does want to help you get out of debt.
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The Realities About Bad Credit Debt Consolidation