I been trying to consolidated my debts using my ho

I been trying to consolidated my debts using my house but my house does not have enough equity, also I went to different agency but been declined due to many debts and no enough income. How can I consolidated my debts or lower interest if i been declined every where. PLEASE HELP.

5 Answers

You haven’t mentioned what kind of debts you have. Secured debts or unsecured debts? Clarify this thing so that it will be possible for us to guide you in the right direction.


It is a genuine problem. Believe me when I say that most lenders will refuse to lend money when they'll find out that you have high debt-to-income ratio. This is why you should start looking for ways to increase income. My sister has gone through the same problem few years back.

If your husband has unsecured debts, then he can transfer his balances to a 0% interest card. Otherwise, your husband can contact his creditors and find out whether or not he can qualify for hardship program.
 


Well, I'm afraid too many debts and not enough income will not help you in getting any kind of loan to consolidate your debts as the lenders will become sceptical about your ability to repay the loan on time. It is certainly better to wait for the right time! Look for sources to boost your income, repay some of your debt so that you have a worthy DTI (debt-to-income) ratio that will ensure a loan with an affordable interest rate. You may also try out the balance transfer method!


Maybe, you can borrow enough money from one loan company to pay them all off or file bankruptcy. Its sad but most of these agencies are just the devil. Lets face it- our country has gotten so greedy and cut throat towards the average Americans that we seek each other out for comfort and advice. I love this site! It has helped me sooooo much during some very hard times and I am so grateful! If its any consolation most of these places dont work with "anyone" & depending on the amount of debt or pending garnishments, you just may have to run and file and then they will be forced to work with you or get nothing at all.


How I consolidate my debts by lowering the interest when many agencies are declining my and my husband aplications saying " TO MANY DEBTS AND NO ENOUGHT INCOME? Please help,,

Bettsy


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