On top both my parents passed away and I had to help with costs and other expenses. Do not receive any support from my ex-husband and have to pay for expenses for our kids. Until now I was able to make my monthly payments, but a barely make it and my daughter will have to go in 2-3 years to college and I would like to have a fresh start by that time, in case I need to help and hopefully I could save some money before that time.
I contacted Franklin Debt Solution and I would like to know if you think that would be the right way for me to go. I tried to get a personal loan to move everything in on loan (25k), but I am unable to do so and do not own a house to loan against.
So I am stranded with high monthly payments and I can not get my debts reduced or realy paid off with only the minimum payments.
Looking forward to your advise…. Anja”
A few points come to mind immediately.
- The quickest way to dispose of unmanageable debt and start over is with bankruptcy. Hands down. If you qualified for a Chapter 7 bankruptcy your debt could be discharged in a few months and rebuilt within a couple of years if you follow my guide. Additionally, bankruptcy is not a limiting factor for guaranteeing government backed student loans if you wanted to do that for your daughter.
- If you are looking for a consolidation loan for less than $26K then look at LendingClub.com. It is a peer-to-peer lending network. Rates are generally lower than a bank and they do unsecured debt consolidation loans.
Please post your responses and follow-up messages to me on this in the comments section below.