Anyone have info on high risk loans?

**Tashagirl** · 05-20-2007, 07:29 AM

Ok I will try not to make this a novel.I'm in a bad financial situation and wanted to know if anyone had information on loan programs.Heres the problem.My husband and I seperated 4 years ago and I'm just now about to get the divorce final.Child support stopped at times (I have 3 kids),then he left the state etc.Bottom line is that my credit is pretty shot.I have like 6,000 or so in debt (not counting the mortgage on my house) and I just got court papers stating that one of my old credit cards is suing my for the balance I owe ($1500~most of this is interest etc).I tried at one point to figure out something with them but they wanted atleast 150 a month and I'm barely making it now.My question is does anyone know of a loan program that I may be able to get to pay off the 6,000 or so in debt that I have so I can start clearing up my credit and trying to get back on my feet here?My credit is poor and theres no equity in the house at all~there was alot of debt I had to take over because I almost lost the house and also the house needs alot of repair.I really want to get back on my feet but with old bills coming back to haunt me ..and struggling to pay the monthly mortgage and bills now I just dont know where to start.ok well thats the short version of it all.So if anyone has any ideas I would be so grateful..if it helps I live in NJ..thank you so much everyone!

**Advertisement** · 05-20-2007 07:29 AM

**nightrider127** · 05-20-2007, 12:02 PM

Try this site: www.creditboards.com. Someone is sure to be able to answer your questions there.

**aussiegirl** · 05-20-2007, 04:48 PM

Be careful, high risk loans usually come with very high intrest rates. You may not be in much better shape with the interest you will be paying. Call the companies you owe, explain the situation, maybe they will work with you. Tell them what you can afford. Sometimes they will take a payoff from you (up to 50%off) good luck

**whatever** · 05-20-2007, 05:49 PM

yes i agree. My mom had alot of debt from a sears card when my parents got divorced. And her boyfriend (this was years ago) got her debt reduced 75%.
So if you call them and get stern if you have to and explain the situation they will probably work with you. good luck.

**buglebe** · 05-20-2007, 05:55 PM

Declaring bankruptcy is better than having slow pay. My daughter went through this 10 yrs ago and that was what her lawyer told her to do. This was not a pay for lawyer, this was a free lawyer she found somewhere. I don't know how bad your husband is or how bad he left you it couldn't have been worse than what this man did to my daughter. Good luck to you.

**cathych** · 05-20-2007, 05:56 PM

I agree, I would file bankruptcy.

**DrGrin** · 05-21-2007, 05:16 AM

Originally Posted by cathych

I agree, I would file bankruptcy.

I would not recommend that anyone file a bankruptcy over $6000.

Bankruptcy may seem like an easy out for some people, but the bankruptcy will follow a person for 10 years.

I'd recommend that she go through a credit counseling center. People at the creditboards.com site can recommend some that are legitimate. She can get the bills consolidated, reduce interest rates and she will not have a bankruptcy on her credit report for 10 years. She can come out of it with a halfway decent credit rating.

**dlwt** · 05-21-2007, 07:50 AM

Call and try for a settlement on that credit card debt. Call again in a few days keep trying if the debt is old they will go for most anything. Dont wait for them to get a judgement on you or you could end up paying the whole thing. Good luck.

**MistyWolf** · 05-21-2007, 08:04 AM

I used these ppl www.moneymanagement.org (Money Management International) and they were very helpful .. paid off several of my cards in less than 3 years. And, it didn't hurt my credit.

I would try this route before bankruptcy.

**27Summers** · 05-21-2007, 03:14 PM

My husband and I took a finance and home buying class a few years ago, DO NOT file bankruptcy, this will ruin you more than you think, and for a long time! Slow paying is fine for an amount like this, and please stay away from high risk loans, they will kill you even more in the long run.
I would try instead a credit counselor who uses a sliding fee for clients, but meet with them first, you may not even qualify, I know, it happened to us, we tried to do this, but we had low debt (yeah right) and our income was too small, so they couldn't even help us. I would also suggest settling with them, I have been very successful doing this with our old debt when we were looking for a house, in most cases they will settle for half or even less than half, while it's not the best thing to settle, (it will still stay on your credit report) it's better than nothing, that was the professional advice from our credit counselor. I wish you the best!

**SLance68** · 05-21-2007, 03:23 PM

Is it the original creditor or a collection agency threatening to sue you? It does make a difference - if it is a collection agency tell them to take a long walk off a short pier. I would first check out the following link it is for Suze Orman's website and it has tons of info on all types of credit issues. Go there first and then figure out what your next step is. If the debt has been written off by the original creditor and it is past the statue of limitations for your state they don't have a leg to stand on.

http://www.suzeorman.com/igsbase/igs...vID=20&TnavID=

Thread: Anyone have info on high risk loans?

Thread Tools

Display