Credit Consolidation dilema, need advice...             Click here to Print

#marcusandila - Says,

The back-story

I was laid off permanently in April 2009 & live in an area where the job market is pretty scarce. [800 applicants for a minimum wage sonic position Rolling Eyes ] I have been searching for a new position since I was laid off; with no luck due to better applicants with degrees. Honestly, I want 2 Full-time jobs...but I have to find the first one before I can get 2!!

I'm 21. Have 2 house payments; one of which I currently rent out to pay the mortgage the second I live in to reduce costs....My boyfriend is paying the bills [including all of my credit cards, student loans, etc]. I tried selling the first house, but the house [which is now rented out] is maxed out [meaning I owe WAY more than the house is worth in the current market & It has top of the line upgrades in a not so great neighborhood]...The second house IS in equity, but right now my bf is making upgrades to it so I can sell/rent it in the future; not to mention the current market is a buyers market; which will NOT help me to sell. People are snagging up the deals on houses that are real cheap right now-which does absolutely nothing for me. Not to mention, I DO NOT want to let the bank take house #1; & house #2 is in equity. So the houses are staying unless I can sell house #1 for what I owe [which isnt going to happen right now & house #2 is where I live cheap right now - my payment is $260/month interest free +taxes & insurance. I wouldnt even be able to get an apt for that cheap.

The dilema

I am still unemployed & I want to consolidate my debt. It seems like when I google "credit consolidation" or something similar...Every link I click on is for DEBT SETTLEMENTS; which I do not want to do; nor will I file bankruptcy. I just want to reduce my payments/interest. Any referrals for a CREDIT CONSOLIDATION company?!?

Any other advice? Tips? ETC?

**Also, I honestly don't want to hear "CUT THE INTERNET" for some extra cash- People have told me that before...My bf pays the bill because he works from home & needs the internet-so it is staying.

#fireyone - Says,

Hello and welcome. many are feeling your stress. Have you considered taking out a consolidated loan with your bank? We did this in the past and it really did help free up some funds when things were tight. I definately would not (even if they could) combine any of the house debts together. Sooner or later the housing market will pick up and you may be able to sell. I would go to your bank and inquire about consolidating your bills. Sometimes even if a bank can not help they can steer you in the direction of someone who can.
#marcusandila - Says,

fireyone, thanks for the reply. No..I honestly have just searched online & opened up the yellow pages and made some phone calls. I will have to look into my bank. I'm not so sure they would be up for a personal loan like that though; as I am unemployed. Well technically...self-employed as a land-lord, but I don't make much from that. I am in good standing with all my debts; as they are being paid on time & generally more than the minimum. If they could steer me in the right direction, that would be awesome. I'll have to talk with them just to see.

Yeah, I really don't want to do ANYTHING with the houses besides let them sit until the market comes back up. I would just lose money; which won't help my situation at all.

Honestly, the best option would be to find employment. lol But man, my area is just a dead-end job hunt. I'm persistent though! I WILL find a job [& hopefully 2] sooner or later.

#debranewell2008 - Says,

Hi Marcusandila,

Welcome to the forum, Have you ever thought about renting out a room in the house you are living in. I know I have thought about it. I with you on finding a job. I have been looking for a year and a half. I know that's not something some people feel comfortable with but if it comes down to losing everything I have and have no other chose because of not being able to find work. I would do it in a heart. Of course you would have to check them out first but since you are a landlord you have experience in doing that. Just a thought.

#marcusandila - Says,


YES! I have considered it. lol Seriously, I'm willing to rent out both spare rooms in my house & sleep in the basement! The bf is not so keen on the idea. Actually, he despises the idea of losing privacy & having other people live with us. Since he pays the bills, he has the say-so in that discussion. I really wish he would consider it though. It would help out SOOOOO much. He's stubborn. *smiles*

I suppose I am blessed that he makes enough to cover all of the expenses without me, but his child-support & alimony payments are a pain in the wallet. Smile We practically live off of commission checks & his overtime for months at a time. His salary checks [after taxes, child support, alimony, health insurance, etc] are not enough to live on for anyone. We'd starve! lol Actually, no...we wouldn't. I'm fortunate to have lots of family in my area who always have food. Smile

#debranewell2008 - Says,

That's cute I have family near me as well. When I lost my job my neighbors probably thought they moved the food bank to my house it was so many cars with people giving me things. I'm hoping one day I will get straighten out and I can return the favor.
#Justin - Says,

Hi Marcusandila,

Well, even if you consolidate the debt, you have to pay an amount every month to the creditor. Will you be able to do that? Then you can consolidate your debts. Before you consolidate your debts, you have to undergo debt counseling, wherein the debt counselor will tell you whether or not you are eligible for debt consolidation. I agree with Firey, just talk to your bank and see f they can extend a consolidated loan. You will able to pay off your debts with the help of that. However, if you take the services of a debt consolidation company, then they will also charge an amount as fee.

#fireyone - Says,


Even if you show you are renting that is an income. I do not know if it will be enough for the bank to help but you must give this idea a try. At a bank you will find the most decent interest rates and will not have the fees of a consolidation company. If this is the route you must go please be sure and do your homework. When all this economy stuff started, everytime I turned on a news program they were having stories of companies that were suppose to be helping debtors scamming money from them. Try to look into whatever company you choose. The web is a really good place to do research and also your own community. Sometimes non-profit organizations will lead you in the right direction. Good luck.

#FreedomDM - Says,

We’re a non-profit debt consolidation credit counseling agency that may be able to provide you some free advice and explore some options to achieve the financial relief you’re looking for. At the very least, our free budget counseling session can help you evaluate and assess your debt to income ratio on a monthly basis. We’re rated A+ with the BBB, nothing to lose with a free inquiry! Good luck to you and yours. Smile [/url]
#marcusandila - Says,

Justin, yes...The monthly payment could be paid. My bills are being paid now. Most of the time, more than the minimum. Just looking to free up some extra money every month in the budget. Unfortunately, with just salary checks [my bf] we have like $40 left over after bills are paid. I thank God that he gets overtime & commission checks-that is how we survive; especially with me being job-less.

fireyone, the rental income isn't much. No profit involved really. it just pays the mortgage pretty much with a little extra to put aside for repairs; if needed. Luckily, the house has a newer roof, new windows, new furnace, etc. So, everything should be fine with it. But, who knows what could happen...We just plan for the unexpected.

Freedom, I know what MY debt to income ratio is. ALOT OF DEBT; no income. Honestly, if my bf & i were married. We could just apply for a personal loan to pay off the credit cards/credit lines/etc. Because he has the income for us to do that. He can't apply for one by himself right now, because he filed for bankruptcy after a divorce & his credit isnt up enough yet. Honestly, I hate they way credit works. It's life though. I'll check out your website though & will talk to my bf about what you can offer. Smile

Thank you everyone for your responses. I really appreciate them!

#goodnatured - Says,

Looks like you got a ton of good advice here, I would only like to add that maybe you could pick up a part time job, that way you could still keep partial or full unemployment and that would show work income.
#marcusandila - Says,

Goodnatured, see thats the problem... I've been trying to get a job since april. My area has an extremely high unemployment rate. Meaning when a position is open for filling there are tons of people applying for it! The competition is ridiculous. I'm even trying for mcdonalds, taco bell, etc with no luck. It's horrible.

I think we should just move. lol But that isnt going to happen. Ever. but whatever. Eventually, I will find employment. There has to be something out there that I am a good fit for. Seriously, 4 years of management experience should be good for something. Anything! I dont care, I'd even be a waitress, but no employers will hire me right now. Since April, I've had 1 interview. That was at Rent a center & they didnt hire me after the interview. I think its because I'm a girl & they require you to lift furniture and well...I'm pretty weak. lol

#goodnatured - Says,

Sorry to hear that, where do you live? I work at a place where we assist people in finding jobs. We use two websites quite frequently, indeed and simplyhired, can't put the dot com on the end of they will delete it, hopefully this helps you. You just put your zip code in and see everything with in 25 miles of your zip.

Where are you from?

#marcusandila - Says,

Oh yea I use and they use indeed as their jobsearchy thing. I'm in Toledo ohio. There r jobs. I just can't get anyone to hire me. Sad eventually I will find a job but it's difficult I'm sure you know working for an employment place. I get an agent calling me from a compAny like yours once and a while for jobs he think I'm great for. I apply and followup with no results. It is rathr frustrating.
#debranewell2008 - Says,

Hi marcusanddila,

I know what you mean about there not being any jobs. I Live in Virginia and there are no jobs here as well. I have been looking for work since Aug.08 I went to do the the job search for unemployment yesterday and one place I went when he told me to sign his sheet it was more like sign his phone book he had about six pages of people that had been there looking for work. It's just nuts and you hear of more companies closing there doors everyday.It has actually became a scary situation. Even the crime rate is up around here you would hardly hear of anything bad going on now it almost every time you turn on the news.

#marcusandila - Says,

well, the way I see it. The less jobs there are, the more people that are jobless; which means the more people who are stealing to feed/support their family. It's ridiculous. I would NEVER do that, I'd live in a cardboard box before I stole from someone else. It's scary to think about really.

My area has a really high crime rate I think. I dont even watch the news. There is never anything good to report, so I just don't even watch it. It seems like the majority of the news though is about the H1N1 & the hourlong lines waiting for the shot. Like I said, I dont watch the news, but my lovely grandma is always telling me about stuff that is going on in Toledo. I hate it here. Sad

#FreedomDM - Says,

Have u looked on craigslist? I was out of work for a while and Id send 40-50 apps thru CL daily, make 15-20 calls and would result in at least 5-7 interviews a week. Its a LOT of effort but there may be hope in CL job hunting.

Also, try - they pay ppl to process credit card payments from home- u need internet and a land line. I believe they start at 15/hr.

Good Luck***

#marcusandila - Says,

Freedom: Yes, I use craigslist. Unfortunately, many people take advantage of the unemployment rates and offer "fake jobs" so that when you apply they use your information for spamming. I apply to them still. Just in case they arent scams, you know what I mean?

I will have to check out liveops. I don't have a landline though. But if I could get the job, I think it would be worth the investment of a landline phone. Thank you very much for the referral!!

#goodnatured - Says,

there are many ways to make money online, I have a wevsite that I made with all the ways that I make money. I will pm it to you.

ok, I sent it to you. Some you will need a paypal for, some send you a check.

#fireyone - Says,

There is alot of places to make money on line . You really have to know what sites actually pay, the ones that take forever to send you your pay, and the ones that are just plain bad to deal with. If you are planning on doing surveys look into the site survey police. It will list the top survey sites. I know work is really hard to find. I have been struggling the last year. What really is irritating is when you see someone with a job and they spend it on all the wrong things. Good luck and hang in there.
#marcusandila - Says,

goodnatured, thank you very much. I will check it out. Something has to give. lol

fireyone, the spending of people doesnt irritate me. It's the people who have GREAT JOBS that I would bend-over backwards to have & they don't even care. They call off all the time and just generally have poor work ethic. My cousins boyfriend is like that. I feel that its irresponsible. I'd love to take his job lol. It's mean but I've been trying to get into that place since I was 18 with no luck. Then he treats it like he can easily find a new job and make the same pay. I'd like to smack him. lol

#marcusandila - Says,


So, I mailed out a debt validation for BOTH debts that they were assuming. I haven't heard ANYTHING. I did send them certified mail & they were both accepted. I havent received any phone calls or mail from them.

How do I know for sure that they believed me & just dropped the "so-called debts" that they were trying to collect on Allstate's behalf!? Is there something else I should do, or just assume that the problem has been resolved?!

#aruna26 - Says,

Every place where you can get info on a job , it's worth attention. CL is definitely one of my first options since I am always looking for work-at-home jobs.
#chetan - Says,

Hey buddy i am surfing with the same issue as you are.I also need help please someone help me.
Insurance Answers

#Aaron - Says,

Hi Chetan,

Can you give the details of your problem? It would be much easier then to help you in your problem.



#Dorota - Says,

Yeah don't fall for that consolidation stuff. It'll dmgaae your credit.It's all about the interest rate. Figure out what interest rate you are paying on your cards and try to get the balance(s) all transferred to the lower rate.A lot of credit card companies try to get you to use them by hooking you in with a zero or low rate for balance transfers. Get one of these offers and transfer all your balances to it. And don't put any purchases on that card! If you put a purchase on it, the zero interest rate no longer applies and won't until the entire balance is paid off.You might not be able to get another card. If not, just pay the larger interest cards off first. If interest rates are the same, it doesn't matter if you pay on a bunch of cards or one you end up paying the same. It's a hassle to make more than one payment, though.Just play the rates pay higher rates off first; shop around for transferring to a lower-rate card or offer.Good luck!
#sergio - Says,

What is your state?
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