Question by scrappydoo1983: We are wanting to consolidate our Medical debt and other debt, what is the best way? We have a lot of medical debt and we are wanting to get our credit back up, we also have a loan we would like to include into the debt consolidation. What is the best way? We can't afford to pay what they are wanting us to pay each month. We hope to consolidate at a good monthly payment and then pay it off by next tax season. Any thoughts? I am looking for people have done this and what companies they have used as well? Or should we go through a bank? Please help! Best answer for We are wanting to consolidate our Medical debt and other debt, what is the best way?:
Answer by Reena
Go through a bank only.... chances are you won't find a lender willing to do an unsecured loan but at least you tried. Frankly Dear.... there is no simple way and 99% of companies that offer debt consolidation are scammers and can not do such a thing. They take your money, let your accounts go into default and hope they can settle for less... This completely ruins your credit and usually lands you in court because your creditor is suing you and not agreeing to a settlement. Anyway.... if you can pay it off by next tax season.... then don't bother with yet another loan (which you won't get) AND just do that: pay off the smallest bill as fast as possible then the next, etc. etc.
Answer by R. MAK.
If you have many loans to repay or paying any single loan with a high rate of interest then it is time when you should decide about consolidating your loans. Consolidation works in two ways; it not only helps you eliminating the bothers of maintaining many loans at a time, but also helps you in reducing the cost of borrowing. There are many banks and institutions offering to consolidate your loans. The primary choice for consolidate loan should be the existing bank, but if the terms are not good to you then the second option is to look for some other lenders who can help you. You can look at the list of Top 10 Debt consolidation companies in source section
Answer by Zhengdan
am looking for people have done this and what companies they have used as well? Or should we go through a bank? Please h
Answer by Tony
hey, It is possible to get rid of debt, but you have to know exactly how to do it.There are many websites , that offer that service, but unfortunately most of them are scams. Last year I found a site that helped me to save more than 30% ... They are one the best websites . If you really need help, I would recommend you ---------------------------------- http://www.gooddebtsettlement.com ---------------------------------- ... They really know how to help you. Really hope it was helpful for you
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Many a times people suffer from multiple debts and find t impossible to repay and get rid of that debt. Debt consolidation helps people to consolidate all their debts into one single debt. These loans help borrowers to rearrange their debts and then pay them off as less interest rate is then charged to them. Debt consolidation results in short monthly payments and a lengthy period for paying off the debt. A lot of times people have outstanding debts such as medical bills, student loans, payment of credit cards, electricity bills, repair bills and so on. It is beneficial for them all those payments into a single payment. Debt consolidation suffers from a few disadvantages. Even with lower payments at low rates paying off the entire debt can take years.
A large number of people today are benefitting with a debt consolidation loan. These loans help the person in debt to consolidate all his / her debts into one low monthly payment. It helps people in debt to use their money in paying off the debt rather than the accrued interest. It is a process by which multiple loans and outstanding bills are converted into a single loan which offers lower monthly payment and a longer repayment period. These loans are popular nowadays because they do not charge any late fee. These loans are offered to those individuals who have substantive debt with various creditors through debt consolidation service. It is a basic service provided wherein unpaid or outstanding loans are combined into one single loan. It is important for applicants to discuss every detail about consolidation before going ahead with a scheme.
Debt Consolidation UK offers an interesting opportunity to collate numerous debts with high interest into one debt with low interest. Borrowers are assisted in getting rid of paying out several debts. Through this the borrowers’ entire debts are consolidated into one payment which is lower than the payments on each individual debt. People with bad credit can also apply for financial assistance without taking any hassle. With this type of a consolidation borrowers can also obtain secured debt consolidation even if they are suffering from poor credit cases like default in payment, CCJ’s, insolvency, unpaid dues, arrears and bankruptcy. Here all debts of people are consolidated to make it easier for them. It helps the people in easily consolidating multiple debts into one debt. It gives people in debt an opportunity to repay at comparatively lower interest rates.
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