Debt Help Services

Posts Tagged ‘bad’

Question: Will I still be able to get a mortgage loan?

In July I was pre-approved for an FHA loan of 130K in Minnesota (which is more house than I need, I was looking mostly at homes around 115K). I decided to wait until this spring to pay off some credit card debt before buying. Now I’m worried that I won’t be able to get a loan. I’m in Moorhead Minnesota and the housing market hasn’t tanked here, my credit is not perfect but is above average. So how bad is it out there now and how bad will it get before April when my current lease is up.

Answer: If you have steady employment and you keep your credit up, you will still be able to qualify. Nobody knows what new things will happen between now and April, but that shouldn’t change. The one thing that seems to have changed with FHA loans is that they are requiring a little bit more down – I think 3.5% instead of 3% down payment. I don’t think that will jump too much more, if any, but you may want to start saving as much as you can now so that when April comes, you can put down a little more if necessary.

They are also changing laws regarding down payment assistance, so you may need to look a bit harder for those types of programs when the time comes, if you do need some assistance with closing costs and down payments.

Why a Smart Consumer Is a Bad Credit Card Customer

And how you can be punished for responsible behavior: In some cases, credit card issuers have rejected applicants who have credit scores that are too good (sometimes over 800). Why? Because these consumers typically pay bills in full and on time, they’re unlikely to make the credit card companies much money. In light of new [...]

Debt Consolidation can lower your monthly credit card debt payments

Question: anyone know of good finance company to do debt consolidation?

I have been at my job over 5 yrs and i have app 20000-25000 in equity in my home, but my credit score is probably around 450 from where my husband was unemployed for few months now he is a sub contract tuck driver need to be able to breathe little easier scraping everything together not to be late anymore

Answer: Hello, Hopeful!!

From an equity standpoint you are in a good position. Yes, your credit score could use improving, but there are companies that work on your behalf to do just that. In regards to your question about debt consolidation, this is a good way to improve your debt situation.

Debt settlement and debt consolidation both offer ways of reducing your debt. Debt settlement eliminates your debt, while debt consolidation reduces interest rates. While debt consolidation might work for some, there are cases when debt settlement is a better option.

The goal of both debt settlement and debt consolidation is to lower your debt. Debt settlement companies negotiate with your creditors to reduce the amount of your loans. Debt settlement can reduce your debt 10% to 50%. To get the most out of the program, pay off the rest of your debt as soon as possible. Also, close accounts that you don’t plan on using to raise your credit score.

Debt consolidation pays off your high interest debts with a low interest loan. Home equity loans provide the lowest rates, but personal loans can also be used. With rates lower on your debt, you can pay off the principal sooner by making the same monthly payments.

Credit Score Implications

Both debt settlement and debt consolidation will have a slight impact on your credit score. Since your debt isn’t actually increasing, you will only be hit for opening another account. By closing your paid off accounts, you can partially offset the penalty. In a short period though, you will be in good credit standing if you remain fiscally responsible.

No one financial choice fits everyone’s needs. While debt consolidation might work for some, debt settlement might work better for others. In extreme cases, debt settlement can help to avoid bankruptcy. And if you need additional advice, talk to a credit counselor who can take a look at your finances and offer suggestions.

You can learn more with the resources below.

Good luck!!

Robert Moses, Master Builder, is Dead at 92

Robert Moses, who played a larger role in shaping the physical environment of New York State than any other figure in the 20th century, died early yesterday at West Islip, L.I. Mr. Moses, whose long list of public offices only begins to hint at his impact on both the city and state of New York, was 92 years old.

Large Financial Support Through Unemployed Loans While You Are Deprived From Job

Question: I realized my credit score is really poor . I want to consolidate all my debt.?

Can anyone recommend a reliable debt consolidator? Most of my debt is student loans and I’ve already been actively trying to pay it off. I don’t want to pay consolidation comapnies a ton of money in hopes to pay the creditors off. I’m really looking for someone to use by recommendation. Has anyone had a good expereince with this type of business? Help! I need someone soon.

Answer: Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.imess.net

Credit-Rating Agencies Loom Large in Europe Crisis

Burned by housing mess, credit-rating agencies play key role in Europe’s debt crisis Credit rating – Business – Financial Services – Financial Planning – Debt Consolidation

Poor Credit And Refinancing

Question: can a company take me to court to collect debt from 10 years ago even though i am paying restitution?

i have been convicted and served 5 year sentence for many debts and i am paying restution for over 10 years. now a company is sending me letters tellig me to pay or they will take me to civil court. Can they?

Answer: The Statute of Limitations does not cause your debt to go away after it expires. If the creditor files suit, the consumer has an absolute defense. The consumer must offer the new evidence to avoid a judgement. The evidence will consist of papers the consumer files to support his claim. If the creditor sues you, and you do not prove to the court that the Statute of Limitations expired, you will have a lost lawsuit and a judgment against you.

Remember: the Statute of Limitations begins to run from the day the debt – or payment on an open-ended account – was due.

Here’s a state by state listing of the statue of limitations on debt:

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

Only WV and Ohio seem to have anything over 10 years. Depends on the type of debt.

Animal control uses state program to collect debts

The city of Charlotte is looking to cash in on thousands of dollars in overdue fines from residents who owe debts to Animal Care and Control. Officials say a state program will make sure they pay up.

Arbitration or Arbitrary?: The Misuse of Arbitration to Collect Consumer Debts Part 1

Question: I need a personal loan of $5000.00 but my credit is bad, and I don’t have enough debt to do debt consolidation?

I want to combine my debt but I don’t have enough debt to qualify for a debt consolidation program. please help

Answer: You’re going to have to find a way to pay off the debt on your own. Are you currently employed? How much extra can you put on your debt each month? Can you get a second job for a while? Here are some steps that will help you, but only if you have a job (or two).

ONE: Get current on your payments and put together a monthly budget

TWO: Make minimum payments on all your debts and save up $1,000 in the bank for emergencies.

THREE: List all your debts, smallest balance to largest.

FOUR: Find extra money each month to throw on the first debt on your list (the one with the smallest balance) and keep doing this until that debt is paid off. Then add the minimum payment from that debt to the next one on the list, and each month throw any extra money on it your budget will allow until it is paid off. Keep repeating this process until all the debts are paid off.

Depending on your current income, you may have to get a second part-time job delivering pizzas or in retail to make this work, but the good news is it’s only $5,000 and not $50,000, so it shouldn’t take too long to finish off. Also, if an emergency comes up and you have to use some or all of your emergency fund, then drop back to paying minimums on all the debts until you can get the emergency fund back up to $1,000. Once that’s done, resume step FOUR.

Good luck to you!

CURRENCIES: Dollar Up; Euro Slips On Lack Of Greek Aid Details

CURRENCIES: Dollar Up; Euro Slips On Lack Of Greek Aid Details

Bad credit debt consolidation non secured personal loans