There is nothing worse than having debts pile up without money to cover them. This results in a very bad finance rating and gives a person a reputation of being a bad loan risk. Many people have turned to bad credit consolidation loans to take care of this problem.
When one becomes a bad loan risk their rating with the credit bureau immediately goes down. This means that anytime they try to get credit the person inquiring is going to be told to 'loan at your own risk', indicating the poor rating they have. Merchants and lenders who receive this kind of report are not going to extend the loan or credit that is being requested.
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Sometimes these scores happen to people who have been faithful, all of their lives in paying any debts they owe. Unfortunately, bad times can happen to any one and, with the bad economic times that have been in effect the past few years, with job layoffs and other unforeseen things, many people have it this low point in their lives. These kind of scores can affect any future plans so it is important to get it brought back up as soon as possible.
One way to do this, when there are past due bills involved, is to consolidate. This means putting the loans together with one payment. There are a number of ways this can be done, depending on the business that is taking care of the problem.
Some consolidation loans involve just paying everything off and having one payment to the consolidating company. Another type is for the loan company contacted to reach an agreement with the debtors to take small payments each month until they are paid off. Whichever type of loan is contracted for it is important to be sure the company offering the service is legitimate and has a good reputation.
The agreement type of loan consolidation enables putting a number of high-interest loans into one manageable payment which will allow more money for necessary monthly expenses. The companies that offer this service charge a fee and help negotiate better interest rates, and manage one's monthly payments. They are often able to have the debtors agree to lower the amount due or cancel accrued late penalties and fees, which reduce the balance due.
There are certain requirements to be eligible for this type of loan. A person applying must be at least 18 years of age, a US citizen and have a steady income. When contacting one of the companies online it is important to have a list of what is owed, how far past due it is, your finances and source of income. There may be other information requested as well.
Some people choose bankruptcy, however this will stay on one's credit report for up to 10 years which does not happen with bad credit consolidation loans. Most companies who are owed money want to get the account off the books as soon as possible. When they put it in the hands of a collection agency it costs them far more than canceling a few late charges.
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