August 29th, 2009
raju79
ma01 asked:
I need to take oout £30k for debt consolidation. Is a secured loan (i can’t get an unsecured loan) over 5 years or remortgage. I suppose if i remortgage it will be over 20 years? Any advice?
Posted in Personal Finance
Tags: Consolidation Loan, Debt Consolidation, Secured Loan
August 6th, 2009
raju79
Catwoman asked:
I am 105K in debt(mortgage, student loan, car and the unsecured loan) and lost my former job due to lack of work. I got a new job but I am out 15K/yr. Through much juggling, I am paying off everyone except the unsecured loan on which I am paying 30/month(they want 260/mth) and they are unhappy I am paying them so little and threatening to sue me. I am trying to sell the house to pay off the mortgage and the personal loan and this is still at the original lender level. I am hoping I will get to work with a collections agency first since I can offer them the 30 I am now paying the creditor and when I sell the house I can pay the bill in full and have the credit bureau remove the blotch from my credit by showing evidence of payment. Do they go to collections or sue first?If they do sue,will they garnish my wages or freeze my checking account(no savings) or both? How does the debt collection process work on an unsecured loan?
Tried debt consolidation but my house is not worth enough to do it and having other debt attached to it would reduce my chances of selling the house and paying off the mortgage and the personal loan. I am really looking for info on how the debt collection process works,not how to get out of debt. I have that part figured out unless I get sued. Thanks
Thanks Taja but I am asking what the collection process is. I owe 105K out of which only 9K are unsecured debt. I am paying everybody except for the unsecured debt (to preserve my assets) and paying this unsecured creditor 30 a month hoping to sell my house to pay of the mortgage and the unsecured loan which will get rid of 64K off my debt and put approx 4 K in my pocket to move to an area with a better pay labor market. I am trying to find out (by learning how the collection process works) if I am going to have time to get this done before I have to worry about their coming after my wages and/or checking bank account. In other words, if I can work with a collection agency to which I can offer payments and pay the 30 I am now paying until I can sell the house. I already tried debt consolidation and I can’t get a loan for 105 K with a house that is worth 79K as the only collateral. The rest I owe is my car and student loans which must be paid or they will be worse than this creditor.
BBOYBALL: My mortgage is in perfectly good standing since I pay that before I even buy food. It is the only assett I have and I want to move to an area where I can work without having to commute an hour to do so. That is why I am selling the house: to move and to pay off the mortgage and the personal loan I took out to buy a new furnace and remove asbestos. I am willing to sell for 76K.
Posted in Personal Finance
Tags: Debt Consolidation, Student Loan, Unsecured Debt
March 10th, 2009
raju79
Turk Malloy asked:
Unsecured personal loans suite more for smaller borrowings without risking any property. At the same time these are highly costly loans as lenders tend to charge higher rate of interest and availing cost may also be higher. However on taking some aspects into consideration, you can avail unsecured personal loans at competitive rate. Through these loans you can meet expenses for home improvements, buying car, wedding, holiday tour or you can go for debt consolidation at lower rate.
In taking unsecured personal loans you have no risks as lender will approve it without collateral. But since there are risks intact for the lender he charges interest at higher rate to cover risks you will have to cut lender’s risk if you want to take unsecured personal loans. Though still you have to pay interest at higher rate but on some condition the lender may reduce rate. First of all you should be having a good repaying ability and your credit record should also be excellent or good. Such a borrower is safe to lend money and lender would like to reduce interest rate to win the customer.
Another way to avail Unsecured Personal Loans at competitive interest rate is to take it from online lenders. Because of cut throat competition, online lenders offer unsecured loans at lower rate than banks or any other lending institution. Take rate quotes of online lenders to extensively compare them for a suitable deal with competitive rate for your circumstances.
In case your credit history is not perfect, online lenders still can provide unsecured personal loans at competitive rate if you can prove adequate repaying capability. It is advisable to take the loan at improved credit score by paying off some easy debts.
Note that unsecured personal loans range up to 25000 usually and are approved for 5 to 15 years of repaying duration. These loans take less time of approval as there is no property involved for valuation.
Posted in Loans
Tags: Credit Score, Cut Throat, Debt Consolidation
