November 5th, 2009 
admin Debt Consolidation Loans
Debt Consolidation Loans combine multiple debts into a single, manageable loan . Shakespearefinance has tie-ups with a range of highly experienced, competent lenders, who work towards providing competitive rates on debt consolidation loans to both homeowners and tenants. Debt consolidation loans are secured against your property and can provide lenders with a greater capacity to lend.
Mortgage offers contain many terms less than 30 years and some are as few as 10 years. Refinance mortgage rates can make a big difference in your lifestyle and your finances for years to come. Mortgage rates are going lower while credit card rates are still going up. Also, some credit card issuers are being switched from fixed rates to variable.
Loan companies usually sell debt consolidation loans as a way of consolidating your bills into one, lower, easy to manage, easy to afford payment. By consolidating your debts into one loan you may be able to obtain a much lower monthly payment, this could make life more affordable or free up money for another purchase.
Loans subject to status and where mortgages are involved, subject also to type and value of property. The actual rate available will depend upon your circumstances. Loaning money to consumers is how the banks make most of their money. The banks charge interest that has to be paid back along with the initially borrowed principal.
Loans for individuals with bad credit are called “bad credit loans” and they are available to finance a number of items. Bad credit loans can be used to purchase cars, or even debt consolidation and personal loans. Loan not in favor of property is recognized as secure. It gets you lesser interest rates, higher loan amount, easier installments and longer time period for repayment. Loans can add burden to our lives if not properly managed. That is why we consider debt consolidation loans as the best choice that can help us reduce the burden with out debts
Watch the video related to debt consolidation
Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS) More info at: sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/ micasamidinero.com/2008/reparo-credito-eliminando-legalmente-cuentas-negativas/
Help answer the question about debt consolidation
How can I get debt consolidation with hospital bills and non credit card debt?
I have a bunch of hospital bills that really cost me in credit scores. I really want to try to consolidate it but I can't find anyone who does debt consolidation without credit card debt. Any suggestions?
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Hi,
First, the only things that effect your credit with regard to your CC's is current balance vs. Limit and payment history– they have no idea if you are under a 'penalty APR'.
That said, a loan is not always the way to go– First, its important to have 'revolving debt' and not just installment debt. Second, HISTORY is important, so you dont always want to close accounts if you've had them for more than a year or two– longevity is important.
Have you called your companies and tried to negotiate? MOst of them work with you! All you have to do is say that you're trying hard to get your CC's under control and you can make X amount each month, what can they do to help you? I've had late fees reversed, APR's cut in half, etc, etc. And if you dont have luck, try again in a day or two– I noticed some customer service reps try hard to help you and some have "tough luck" mentalities, even tho they both work for hte same company.
Try your best to arrange this first before doing the loan thing. ANd if you DO do the loan thing, consider paying the cards off and slicing them but leaving the accoutns open to help your Credit score– but only do this if you can resist temptation!
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
stop using the cards.
pay off the highest interest cards first.
scale back.
see a debt counseling service
There are proven ways to pay off your debt quickly and in doing so, repair your credit. Consolidating debt only prolongs the misery and payoff date. To get out of debt you need to spend less than you are making, what’s left over should be applied to the debt in just the opposite way that the bank makes money from us. Try using the banks tools against them…it works and I can show you how.
See http://www.esuperfind.com/lowermybills.php?id=nth they usually can help anyone, depending on location
canadadebtconsolidationnow(.)com seems to share 7 more ways to immediately get out of debt for Canadians.
They will negotiate lower payments with your creditors which may relieve some monthly pain but it will trash your credit score because the lower payments are a violation of the creditors original terms with you.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
If you're going to do something like this, chances are that you are deep in credit card debt and feel like you won't be able to get out with out the help of a loan like this. Be forewarned, many of companies will have you paying many times as much as the original loan amount and you may be paying for the rest of your life. If you must get a loan, try to get one from your bank or credit union as they will not necessarily try to rip you a new one. Make sure that amount you will be paying monthly is enough to pay off the loan in a reasonable amount of time or ever. Some of these loans negative amortize which means you can never pay them off with the minimum payment. Make sure the interest isn't higher than the interest on the loans you already have. Make sure the loans are at a fixed rate and will not change or balloon. Make sure there is no penalty for early payment. Good luck. Don't trust a company you haven't heard of.
go to http://www.payplan.co.uk
or citizens advice
i would never pay a company to negotiate my debts. if a company is doing this for you there will be a charge (thats why its registered as a company rather than a charity) for the service nothing ever comes for free.
P.S.: As a former bank officer ANYONE enrolled in a debt consolidation/CCCS program was turned down. And usually needed to wait 12-24 months to re-establish their credit…
Finally, folks, ALL debt management programs hurt your credit. The banks lowering your credit limit hurts your credit; the banks closing your accounts and raising your rates hurts your credit too. So do you want to save money or stay in the rat race? Do your homework and do what is best for you
don't borrow from peter to pay paul — downsize your life style and make the necessary payments — cable internet cell phone all go until you are out of debt!!!
Before you do ANYTHING, listen to this man for free, on the radio or online, daily, and you will make decisions that wealthy people make. This is like getting financial wisdom from Bill Gates, except this guy has a radio show.
This single audio clip CHANGED MY LIFE when I heard it.
Half way down click "Listen to Dave". http://www.daveramsey.com/tdrs/index.cfm/2007/9/17/Getting-rich
JUST LISTEN TO THE CLIP.
Suze is 98% wrong!!!! She is the paid spokesperson for FICO. Ive been in finance for over 20 years; ANYONE enrolled in CCCS will have damaged credit. Each account enrolled is reported with an intervention statement. Dont believe me, go to a CCCS website and check the FAQs. They state they dont report, but the creditors do For goodness sake CCCS is paid by the credit card companies. They are a non profit so check their books. Its a glorified collection agency.
I suggest u to go http://www.adverse-credit-debt-consolidation.co.uk and take debt consolidation loan to become debt free
I'd say the best credit card debt consolidation loans are here
http://creditcarddebt-consolidation.org/
They have a bunch of companies listed – compare rates and see who offers the best deal. Also banks are good if your credit is great and you have collateral.
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
I will never advise a lay person to watch this video and be misled, she is talking in a particular context; first she should clarify what she is talking about; any good presentation starts with definition of terms and scope of presentation.
A large majority of ‘facts’ in this video are incorrect or misleading. All of them direct you basically to pay the banks as much as possible.
Facts:
1. Banks would rather negotiate with you then a professional company because a professional WILL get them to settle for less(20-50%)
2. CCCS will freeze your credit anyway, if not ‘damage’ it, and again, banks make more money when you pay in full via CCCS then settlement.
3. Suze here is on the take from FICO. Knew it when I listened, found ver
You are correct. And just to add, if one really needs to settle as their only option, it is better to contact the creditor and ask for settlement themselves. No need to work with any settlement company because it won’t do anything good.
thank you, I am constantly amazed by the amount of people that listen to an obvious shill that props up their show on an audience of complete and total idiots who are finacially illiterate.
Credit card debt is not secured debt either. I don't know what difference it makes.
You are paying for your past bad behavior. You can keep shopping around and see if you can find a lender who's willing to let you borrow at less than 20%.
You might have to struggle for a few years on a very tight budget until you get matters under control. Congress expanded the types of student debt that cannot be discharged in bankruptcy. I don't know if yours falls into that category, but it is getting very difficult to walk away from student debt.
This one is really good -
http://www.creditcarddebt-consolidation.org/
.
Please do not take one of these loans on. The interest rate will be extraordinary and they will hound you more than a hospital I can assure you. What is the maximum amount that you can put on your debt on a yearly basis and really make the payments. Then find a legitimate credit counseling agency, check online. They will help you with a plan. this will ding your credit but so is your current situation.
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
The only things dear ole Suzy said that was correct. Any company that charges an upfront fee and a monthly fee like the one in the video probably is not the best idea. And yes in settlement you can have a tax liability. Thats the 2% accuracy. But in another video she says that if your insolvent/hardship. The IRS will not force you to pay taxes.
Its worth looking into – just be careful of the interest rates and charges involved. Try your bank; or a site with a bunch of companies like
http://best-loans.ws/debt_consolidation_loans.html
and compare whats offered…
No. This is a last resort by the government to get their money after all other options have been exausted. You already have a long history of non payment so they won't be able to stop your wages from being garnished or your income tax returns from being seized. Student loan debt can't be grouped into any other debts you might have by the way. Sorry.
If you've dealt with the spending problem that got you in the mess and been able to reduce your expense to the point at which you are already reducing your debt then you should start looking at debt consolidation.
You really should ask your bank and see what they can provide, a personal loan or home equity loan (if you've got a home) might end up being a better solution than the high interest loans and credit cards that you've got right now.
Though it's important that you have your spending under control, if you don't then all you'll end up doing if you role your loans into one new loan is opening up more credit for you to then abuse (you can't borrow your way out of debt).
A lender doesn't particularily care what the debts are that are paid with a consolidation loan.
They don't even really watch to see if you pay off debts with the loan which is one reason it can be so dangerous.
Apply at your local bank, list all the loans you plan to pay off and see if your credit is good enough to qualify.
Consolidation & settlement are HUGE scams they dont help you and are illegal in 12 states do your research if you dont believe me! I found a great company that doesnt have the typical mainstream scam approach for debt relief but actually wiped out my debts legally and permanently..their website is debtcrisissolutions(dot)com and the girls phone # who helped me be free of debt is 347-492-4014 they are amazing and dont put you payment plans or charge a ton of money at all
debt consolidation and credit counseling can be helpful but many are way too far in debt to be helped.