New here. Just have a question about my debt. - The Finance Forums: Financial planning, debt help, loans, mortgages, retirement and 401k, investment, and general finance discussion forums

wildstorm_films · #1 (**permalink**) 04-06-2007, 04:16 PM

I was wondering if there are any type of loan programs for the following scenerio:

1. (2) loans and (3) credit cards totaling $79,204.31.

2. The house I live in was appraised at $65,000. So far, the appraised value of my house is preventing me from refinancing or consolidating this debt because I owe more than what my house is worth. Thats why I was wondering if there was any type of program that would help me out in getting all this debt paid off and have 1 low monthly payment instead of 5 monthly payments totaling $1,990.45 a month and thats not including utilities.

3. I've been self employed since January of 2006.

4. Last year I have generated $19,372.54 in online sales. Not bad for just starting off.

5. Credit score is around 545 I believe.

There's the scenerio. I thought about trying to get a No Equity Home Loans or No Income No Asset Loans. I even thought about trying to get a loan so I can have more capital for my business so I can get more stuff to sell and help pay some of this debt down.

Anyone with similiar experiences or know any millioniares that want to donate to my cause(just kidding on the millioniares thing) have any suggestions?

mamab · #2 (**permalink**) 04-07-2007, 03:31 PM

I don't know about any magic loans that will help, but you might consider financial counseling. Perhaps they know of something, or can contact your creditors to lower interest, payments, etc.

Mark A · #3 (**permalink**) 04-09-2007, 09:13 PM

Otherwise snowball your debt.

pay as much on the smallest balance as you can until it's paid off, then put that amount towards the next and so on. ALWAYS make minimum payments on everything, and DO NOT use any more credit, cut the cards up except 1 for extreme emergencies.

That credit score is low, paying off the cards will raise it quickly, just don't close the cards out.

lyricb · #4 (**permalink**) 04-21-2007, 01:50 AM

I agree with Mark A, although I would close out the cards as you pay them off. You should worry less about your credit score right now and more about your financial problems.

paticalamaro · #5 (**permalink**) 04-27-2007, 06:21 PM

Quote:

Originally Posted by wildstorm_films

I was wondering if there are any type of loan programs for the following scenerio:

1. (2) loans and (3) credit cards totaling $79,204.31.

2. The house I live in was appraised at $65,000. So far, the appraised value of my house is preventing me from refinancing or consolidating this debt because I owe more than what my house is worth. Thats why I was wondering if there was any type of program that would help me out in getting all this debt paid off and have 1 low monthly payment instead of 5 monthly payments totaling $1,990.45 a month and thats not including utilities.

3. I've been self employed since January of 2006.

4. Last year I have generated $19,372.54 in online sales. Not bad for just starting off.

5. Credit score is around 545 I believe.

There's the scenerio. I thought about trying to get a No Equity Home Loans or No Income No Asset Loans. I even thought about trying to get a loan so I can have more capital for my business so I can get more stuff to sell and help pay some of this debt down.

Anyone with similiar experiences or know any millioniares that want to donate to my cause(just kidding on the millioniares thing) have any suggestions?

---

There are NON PROFIT organizations like Free Credit Counseling Services to Get Out of Debt that can help reducing debt and other issues.
I know for a fact that this one at least is not a scam and doest charge a penny.
Hope it helps