I was wondering if I can get a debt consolidation loan to pay off some debts that are way behind in payment like 2 years or more. If so which company can I go for that.
If you register on the Debt Forum link at the top of the page and provide your phone number, a credit counselor will call you shortly after. They may be able to provide a service similar to what you are looking for. If you don't own property, then a loan probably won't happen for you. When you are already in debt, many if not most creditors are unwilling to lend you an amount equal to what you already owe. I would beware of any creditor willing to lend the amount you need, say for instance, cashcall which features interest rates above 90% for some amounts and states of residence.
I am aware of 2 basic types of consolidation.
The first is a HELOC (Home Equity Line of Credit). If you don't own a home, then this cannot be an option for you.
The second involves a company (or yourself) negotiating with your creditors to waive late fees and lower interest rates. If you have a company do this for you, then they may take a single payment from you, and disburse the funds to your creditors.
While I believe that whichever company that contacts you is chosen at random as an affiliate of the dcc website, it is important that you research the company you intend to use before you sign any contract--you should take the call that comes, but you aren't obligated in any way to use their services.
Beware applying for a HELOC until you understand how it will affect your Credit Score. The CRAs look at a HELOC like a revolving credit account. Example: You take out a $50k HELOC and have an annual income of $50k. You have a PROBLEM. Your debt to income ratio, just with that HELOC, is out of site. You may not qualify for another loan until you pay that HELOC down! Possible solution - refinance your home and don't get that HELOC.
Definately go to the debt forum and registered as suggested above, a counselor will contact you and help you decide which direction to go with this, goodluck.
If you register on the Debt Forum link at the top of the page and provide your phone number, a credit counselor will call you shortly after. They may be able to provide a service similar to what you are looking for. If you don't own property, then a loan probably won't happen for you. When you are already in debt, many if not most creditors are unwilling to lend you an amount equal to what you already owe. I would beware of any creditor willing to lend the amount you need, say for instance, cashcall which features interest rates above 90% for some amounts and states of residence.
I am aware of 2 basic types of consolidation.
The first is a HELOC (Home Equity Line of Credit). If you don't own a home, then this cannot be an option for you.
The second involves a company (or yourself) negotiating with your creditors to waive late fees and lower interest rates. If you have a company do this for you, then they may take a single payment from you, and disburse the funds to your creditors.
While I believe that whichever company that contacts you is chosen at random as an affiliate of the dcc website, it is important that you research the company you intend to use before you sign any contract--you should take the call that comes, but you aren't obligated in any way to use their services.
HELOC and Credit Score
Beware applying for a HELOC until you understand how it will affect your Credit Score. The CRAs look at a HELOC like a revolving credit account. Example: You take out a $50k HELOC and have an annual income of $50k. You have a PROBLEM. Your debt to income ratio, just with that HELOC, is out of site. You may not qualify for another loan until you pay that HELOC down! Possible solution - refinance your home and don't get that HELOC.
Definately go to the debt forum and registered as suggested above, a counselor will contact you and help you decide which direction to go with this, goodluck.