Comments on: I am having a friend cosign a debt consolidation loan for me?

By: Gary H

Gary H — Tue, 14 Oct 2008 04:52:21 +0000

Debt consolidation is an option, and you should look into it. Just be careful about WHAT you’re getting into. Some plans, because of their higher APR rates get you into more trouble than you were.

Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.

Take a good hard look at all the options and plans offered, and don’t let a single company pressure you into something you just can’t do. Make sure that you’re comfortable with the plan offered before you commit to it.

In any case, it doesn’t hurt to investigate debt consolidation as an option. It doesn’t cost you anything to find out more information about it.

If you want a place to start your investigating, there’s information and listings for debt consolidation providers on the page listed below. You’ll probably find something of use there:

By: ed m

ed m — Sat, 11 Oct 2008 23:46:12 +0000

they will go with the good credit as long as it is enough to paid the loans and all ways the co=signed just gives them one more person to go after when you stop paying!!!!

test the system — go out and get the loan on you own and see if you do not have to come back with your tail between your legs!!!!

By: Melina p

Melina p — Sat, 11 Oct 2008 06:27:39 +0000

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

By: Elvee Kaye

Elvee Kaye — Fri, 10 Oct 2008 08:11:16 +0000

Cosigning may be a great deal for you, but if you lose your job and can’t pay your debts, then your friend has to pay them. I never asked anyone to cosign for me and I’m glad I didn’t, because now I’m about $7000 in debt and I hate to think of the creditors hassling someone else about my problems. That’s a good way to LOSE a friend.

By: P J

P J — Tue, 07 Oct 2008 09:51:07 +0000

Her score will override your lousy credit.

Obviously there are issues in your past credit responsibility and I think she would be a fool to co-sign for you.

She stands the chance of allowing you to now work on ruining her credit rating with 1 late payment!

By: loancareer

loancareer — Sat, 04 Oct 2008 21:23:11 +0000

A “Credit Consolidation Loan” - A “BandAid” - I can’t tell you how many times I used that line in my profession.

Are you refinancing your mortgage to pay off debt? If so why are you getting a friend involved? You said you have a good salary. Find a lender who is FHA approved. You may get a 30-yr fixed around 7% and guess what? NO FRIEND NEEDED! FHA is not credit driven. Just be sure your lender/broker knows what the heck he’s doing.

Kepp your friend as your friend. Not a co-owner of your property. (Let me guess, they didn’t tell you about that part?)

By: Dreams

Dreams — Wed, 01 Oct 2008 09:54:58 +0000

I wouldn’t do it at all. Money has a way of splitting up friendships!

By: Bryan K

Bryan K — Tue, 30 Sep 2008 11:19:35 +0000

Yes you’ll more likely to get it.

BUT, I am sorry to say, you should be very considerate as to whether it’s fair to do this to your friend. If you can do this by having both names signed, why not just have her get the loan?