Is there a type of debt consolidation for payday loans?
Jan 31, 2009 in
Credit
zozosammy
I’ve met with a lawyer to start to file for bankruptcy. The two main components of my debt are a car repo, which for some reason I still owe around $6000, and some payday loans, which I owe around $3000. I’m trying to find a way around bankruptcy, if any, does anyone have any ideas?
I’ve met with a lawyer to start to file for bankruptcy. The two main components of my debt are a car repo, which for some reason I still owe around $6000, and some payday loans, which I owe around $3000. I’m trying to find a way around bankruptcy, if any, does anyone have any ideas?
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3 comments
oilman11977 on January 31, 2009 at 6:34 pm
Bankruptcy should always be a last resort. Have you tried to make payment arrangements with the creditors. (payments you intend to keep) They will usually be anxious to receive monthly payments, because if you go bankrupt they may get nothing.
biskio on February 1, 2009 at 6:57 am
dont opt for bankruptcy
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
matt j on February 4, 2009 at 7:40 am
Many companies now provide debt reduction as negotiation. These companies deal exclusively in calling up your creditors and cooperating with them to get a sensible settlement for you. Their first contact with the creditor is to inform them that you have entered the program and chalk out a plan where they make nominal payments to the creditor each month from the payments you give them. At the same time, they will be cooperating with the creditor to reach a settlement that results in a win-win situation for you as well as the creditor. Generally, the settlement amount will be …