How do i get a consolidation loan with ribbish credit rating??

Really want to consolidate all my debts which is about 40 grand, hav applied 2 loads a companys who cant help, my credit rating is crap because im maxxed out and hav struugled 2 keep up with payments. Hav learnt my lesson big time n really want a fresh start, cannot go bankrupt because of my business just need to know if there is a company who will give someone like me a chance ???

How do i get a consolidation loan with ribbish credit rating??
First - go cut up your credit cards! Don't cancel them, that will actually lower your credit rating more. Part of your credit rating is based on the % of credit line you are using.





This is a bad situation, no doubt. But - do NOT take a home equity loan to pay these credit card debts! Right now your credit card debt is unsecured - meaning they can't foreclose on your house or repo your car to pay it. But if you use a home equity loan to pay it, guess what? It is now secured by your house and if you don't pay - foreclosure.





Some companies just charge you to do things you could do on your own. Try calling your credit card companies and discussing the situation with them. Tell them that you want to pay, but maybe bc of the interest it is too difficult. They will work with you - perhaps they can lower the interest rate or set up some kind of plan. If possible, it may be a good idea to do some balance transfers (watch for hidden fees - just come straight out and ask what the bottom line cost will be to you - and how long the low rate is good). Pay off your highest interest items first.





Yes, this part will suck, but CUT BACK! Make a realistic budget and stick to it. Do you have a fancy new expensive car? Sell it and buy an older used car. This will save you a ton of money. Keep in mind a car is actually about the worst investment you can make - you lose money as soon as you leave the lot. If you have an older car or one that is almost paid off hang onto it as long as possible. Take care of it and it will last.
Reply: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 loan%26lt;!--allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.





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Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several--%26gt;old 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:need a consolidation loan but have ribbish credit rating.don't worry its better for you to try for an online loan.i think that the below website will help you to find right solution.
Reply:If your credit is terrible, kiss getting ANY form of loan good-bye. The best bet is too either settle with your debtors, or talk to a credit-consilidation firm. They do not loan you money, rather set you up on a payment plan to your debtors and axe the interest rate so you can actually get somewhere. They normally charge a fee for it ().





Speaking to the debtor companies directly is a good first step, and if you owe that much, they might settle and get less back (garunteed). You might be able to set up payment plans with them. Or You could just wait until accounts are sent to collection agencies (some are ok to deal with, but know what is legal, and call companies on it if they break the law ie harrasment). Collection agencies will sometimes sell accounts to each other if they find they aren't making headway. Just verify that they are currently in charge of the account.





Don't expect your credit score to improve drastically until three years after you finish paying off the debt.





Bankruptcy laws have changed, so you'd still owe the money anyways.

tanning