Debt consolidation... need advice

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Jeve515

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Ok so I know this is way off topic from the website, but has anyone here done debt consolidation? If so how did it work out for you? Mainly all my debt are from school loans no credit cards. I don't have a spending problem, but there's about 4 different collection agencies that I owe to.
 
Available debt consolidation services will vary depending on your locale. I know Primerica partners with a consolidation company, and Primerica is of good standing/moral standard, as far as I can tell. I believe they only have service in the U.S and Canada, though (you can look into them to make sure).

Hopefully that degree ends up getting you an income that can handle all that debt! Student debt is an epidemic. Best of luck to you, Jeve, and I'll say a prayer for your situation. :)
 
when credit counseling shows up on your credit its a huge negative and sometimes you cant get financed.
 
Would it be better to get a loan, pay everything off and just start paying back the loan???
 
Jeve515 said:
Would it be better to get a loan, pay everything off and just start paying back the loan???
Click to expand...

if you could get a loan that would be the best way. i would talk it over at the bank. i havent dealt with loans in several years but im just going on how it worked here at that time.
 
Many years ago my husband and I tried debt consolidation and they wanted the same payment as what we had been paying, and we were behind because we couldn't make the payment. How does that help? They seem to set the rules and you have to play by them, there's not much you have a say in.

I would see about a loan, especially through a credit union, and see if you can get a payment you can make.

We ended up filing bankruptcy, which we tried at all costs to avoid, but it got everybody off our backs. We were not unwise with our money, but losing a job makes it pretty hard to keep up on your bills. If you file bankruptcy you can still pay it back, you just don't have somebody breathing down your neck with the phone calls.
 
Jeve515 said:
Would it be better to get a loan, pay everything off and just start paying back the loan???
Click to expand...

That may depend on the interest rate. Rates for personal loans can be exorbitant. A debt consolidator actually works with whomever you owe money to and gets the amount of debt you owe reduced. I don't know the footwork that goes into it, but it would be ideal if you can get it consolidated, I think.

The only other option I know of is to declare bankruptcy, but that's a double edged sword with a long haul impact.
 
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