Card Consolidation Credit Debt Lender

How can I solve my credit card problem? I owe about 50,000 sgd from credit card company. I have bad credit and the banks wants me to pay minimum payment that I cannot afford monthly, or else they will seize my properties. I used to pay about 1,600 monthly, but the debt grows every month due to late payment, lawyer charge, interest etc. How can I get out of this mess, I am planning to borrow from money lender to consolidate the debt and then pay montly at lower interest. Is there such organisation that lends money for debt consolidation in singapore? I have been in contact with overseas money lender that is willing to lend 50,000 at 5% interest PA but I have to pay initial charge at 800. Are they trustworthy? I can hardly make ends meet now. Please help...

eric,
citibank offer loans over the net up to $$25k pretty much right away.
however with bad credit this is not possible.
if you don't have security to offer then private money is about the only option.
there are sharks here who will lend at 4% per month.
let me know where you are accesing the singapore money from and i'll take a look thru the terms with you.
pete

2006-11-05 09:07:48 by eric l

Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with ...

What are trustworthy debt consolidation lenders that I can consolidate my credit card debt with?

Debt consolidation does not work unless you are getting a loan that pays off all of your debts and you only have the one payment per month. I don't mean you pay the company a payment a month & they piecemeal it out to all your creditors, an actual loan that pays off all your debt and then you pay it back. Otherwise, you will be paying in while the company lets your accounts charge off and then they try to negotiate settlements for a lower payoff. You can check your local bank but credit counselors would do you much better than most consolidators. Just be sure to check that they are non-profit. The for-profit credit counselors are just running the same thing as the consolidation people under a different name

2009-04-28 13:00:22 by cherryberry

if you were tempted to use your cards again are they still active

unless the banks have notified you that the card has been cancelled - cos you missed payments, went over etc., the cards are still active. however, remember that it is so easy to fill them to the hilt again. it starts off as oh its just this one thing, its just this emergency, il pay it back on pay day, then its oh and this thing and that thing, oh ill pay a bit now and the rest later and before you know it, your maxed out and taking out a bigger loan.

just be cautious is all x

2006-11-15 05:04:17 by DAVID E

I need to find out where there are bad credit consolidation loan lenders. I'm looking to get rid of my credit card debt fast and get the type of loan to do that.

See http://www.esuperfind.com/lowermybills.p hpp?id=hra0tt16koo9 the affiliated site is an Experian company BBB approved so very safe.
They might or they might not have you on. It depends on many factors and how big the debt is.

2009-12-14 15:24:18 by April W

I am trying to get a debt consolidation loan to pay off all my credit card debt. Most are telling me that my debt/income ratio is too high... my credit score is good. I do not want to do a debt counseling program or something like that... just anyone or bank that is understanding and will help me pay these off? I know the debt/income ratio is high... but I want to pay off that debt and have one loan. They won't approve me because I already have too much debt... so what's the point of trying to consolidate when they are afraid of the debt I have? Anyone else been in this situation? Please help! Thank you!

From a banks perspective I can tell you that debt consolidation loans are not attractive and if your DTI is > 36% good luck finding someone to consolidate especially when it's unsecurred. If you own a house or other substantial property I suggest using this to secure the loan...you need to look at it from the bank's perspective. You have tons of credit card debt and a high DTI, right now the credit card companies are at risk, not the bank...why would they want to assume that risk at a reasonable rate and not be protected at all? Put a substantial ammount of collateral on the table, perferably twice the value of what you're asking for and go from there. If you can pull that off they might go for it, hell I'd think about it and I'm a commercial lender at a bank. Good luck!!!

2008-06-12 14:18:15 by Brad M