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396_WAYS_TO_SPIT
08-28-2006, 09:10 AM
I have a friend that is in dire need of a debt consolidation loan. I have never personally used on or know much about them so thats why I am asking here. He just got a steady job and decent income but would really like to get a loan to pay off all debt and make one monthly payment. Anyone have any ideas or know of a person that specializes in this field please let me know;)
Thx, 396(michael)

RitcheyRch
08-28-2006, 10:00 AM
Best is to use a credit union if he a member of one.

Nord
08-28-2006, 10:01 AM
I have a friend that is in dire need of a debt consolidation loan. I have never personally used on or know much about them so thats why I am asking here. He just got a steady job and decent income but would really like to get a loan to pay off all debt and make one monthly payment. Anyone have any ideas or know of a person that specializes in this field please let me know;)
Thx, 396(michael)
A friend??? Hmmmmmm>>;)

NOTALENT
08-28-2006, 10:02 AM
Dont these look bad on your credit if you do, do a debt consolidaion loan??

RitcheyRch
08-28-2006, 10:24 AM
It shouldnt look bad on your credit since is just another loan that in theory will eliminate other loans/debts.

NOTALENT
08-28-2006, 10:25 AM
It shouldnt look bad on your credit since is just another loan that in theory will eliminate other loans/debts.
I was told it shows signs of trouble when doing this....but who knows...we all know how the he said she said thing goes. :crossx:

RitcheyRch
08-28-2006, 10:27 AM
Things might have changed since I did mine. I did one when was married back in the late 80's since the wifey couldnt stay out of Macys.
I was told it shows signs of trouble when doing this....but who knows...we all know how the he said she said thing goes. :crossx:

abraman1326
08-28-2006, 10:38 AM
If it's a credit counseling thing, I know it looks worse on your credit than a Chapter 7 BK. Is your friend a home owner? If so, refi the house, pay off the debt, and the interest will be tax deductable. I am a MOrtgage Planner, so if he's interested, have him give me a call, and we'll get it handled for him. I may be in Nor Cal, but we can do loans all over the place...
Brandon Adams
1st Choice Mortgage
707-447-1000

Wmc
08-28-2006, 11:29 AM
If he is a homeowner he can do a cash out refinance. If he is not a homeowner I do not recommend credit counseling, because Mortgage Lenders look at those as filing a BK and he would not be able to get a mortgage loan for up to 2 years with an A lender. Also his fico score will drop substantially. If he is a homeowner, have him call me for a cash out refinance. 951-990-0328. I work for Provident Bank Mortgage (lender).
Thanks, Wendi

Singleton
08-28-2006, 11:55 AM
Sister did the DCL bak in teh lat 90's and it f'd up her credit for 5 years.
Looks bad to future creditors (car loans \ BOAT loans \ mort).
If he does not own house try to get zero interest credit card (1 year at zero interest on balance transfers), move it to one location and hope to pay it off or transfer again before the rates gets out of control.

ChumpChange
08-28-2006, 11:55 AM
I work for Provident Bank Mortgage (lender).
Which Provident do you work for? They have been offering me positions in their business lending for quite some time now. May make a move come the end of Q3. I know the branch manager of your Glendora as well as Diamond Bar branches.

ratso
08-28-2006, 12:24 PM
I've had 5... they left and I consolidated all their debt with mine... :hammer2:

centerhill condor
08-28-2006, 12:29 PM
you can't borrow your way out of debt.. unless you can print more money!

beever_retreever
08-28-2006, 12:41 PM
show up as a DCL on his credit report? My ignorant understanding is that he has two primary options: 1. Refi 2. Personal Loan - and they would show up as such on his CR, accordingly.
I'd work it out with my creditors rather than try to consolidate. If he pays them off via refi or loan, he should close most of the accounts so he doesn't get the itch to ring em up again. At least thats what Suze Orman says. I saw it on TV, it must be true.

396_WAYS_TO_SPIT
08-28-2006, 02:52 PM
Good info fellas;) I will let him know this evening.

OCMerrill
08-28-2006, 04:31 PM
you can't borrow your way out of debt.. unless you can print more money!
Been there...done that. Very true statement.

YeLLowBoaT
08-28-2006, 05:08 PM
One other thing... most ppl that ether refi or get go thru one of the debt things. Can't stop doing what got them into that mess to start out with. USING THE CARD. So they end up with more debt. If you can't stop using your credit cards there is no hope of you getting out of debt. Best thing to do is sit down and add every thing up. Then figure out how you can pay and on what. You can cut $100-200 a month out of your bills, by cuting out stuff you don't need.

mickeyfinn
08-28-2006, 05:26 PM
IF you can get a personal loan at a decent rate AND you are positive you can avoid repeating the things that got you in debt, personal loan is the way to go. Refi for DC is not a good idea. You are using your house to secure a currently unsecure debt. Re-fi should be one of your last options. Bouncing from zero percent credit cards is better than re-fi, if you do it more than twice you will start to show a lot of open credit lines that may have a negative impact on your credit score. You may have to work at it to get the card companies to CLOSE you credit lines when done.

THATJEFFGUY
08-28-2006, 06:04 PM
you can't borrow your way out of debt.. unless you can print more money!
Been there...done that. Very true statement.
You've done it huh ? Cool...so what kinda paper did you use to print it on ? I just can't seem to get it right ! :D

HocusPocus
08-28-2006, 07:23 PM
You've done it huh ? Cool...so what kinda paper did you use to print it on ? I just can't seem to get it right ! :D
the paper is the easy part.. just bleach out $1 dollar bills and reprint them as $20's. thats what a local group up here were doing, until they got caught. acording to the bank the fakes looked pretty good and would pass the pen test most stores are using.

totenhosen
08-28-2006, 08:21 PM
Do not close your credit cards after they are paid off. All you well do is f your credit score. Your account credit history length will be shot. You'll end up like never having had any past history.

Acommanderguy
08-28-2006, 09:08 PM
I work for countrywide I would be more then happy to help, if no one else can.

locogringo
08-28-2006, 09:21 PM
refi if he has a house and has equity in it. The refi rate is WAY WAY WAY less than what credit card rates are at. Have him then invest the money he is now saving into something that will give him a 15-20% return on investment.
Tell him to stay prudent with his buying though.
If he doesn't own a home, I wouldn't suggest a debt consolodation.
Just my opinion though

abraman1326
08-29-2006, 09:31 AM
If he is a homeowner he can do a cash out refinance. If he is not a homeowner I do not recommend credit counseling, because Mortgage Lenders look at those as filing a BK and he would not be able to get a mortgage loan for up to 2 years with an A lender. Also his fico score will drop substantially. If he is a homeowner, have him call me for a cash out refinance. 951-990-0328. I work for Provident Bank Mortgage (lender).
Thanks, Wendi
Is that a division of Provident Funding. They are the best lender I have ever worked w/. If you have a strong file, nobody does it better than Provident, and you can get it closed in a hurry. I closed in 1 week w/ the last loan I sent them...
BRA

6 Dollar Boat
08-29-2006, 10:36 AM
you can't borrow your way out of debt.. unless you can print more money!
This is the best reply so far. If he doesn't change his behavior he will be right back where he is now, only worse...This guy can say it better... (http://www.daveramsey.com/)