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Where Can I Get a Loan to Pay For Debt Settlements? – Yonaton

“Dear Steve,

I am a college student who has over 10 grand in personal credit card debt and I am getting chased by Barclay Card for a DirectTV Rewards Visa and Chase Bank for an Amazon and Amtrack credit card. This week I got a letter from Chase saying they were going to take me to court over the money I owe them. I have no income and my parents will not help. I am getting married next November and I do not know what to do.

Are there any organizations or groups where I can get a loan to pay for the settlements being offered by the Credit Card Companies and be able to repay them after I graduate this May. I am looking to get a job as soon as possible. I am desperate I will be getting served around November 20th.

Yonaton”

Dear Yonaton,

The only possible place I can think of, LendingClub.com, probably won’t lend to you because your credit score is damaged by your recent delinquent payments and collection accounts.

If you have no income then you won’t be able to do anything. You’ll just have to wait to be served, go to court for the case, you will probably lose and then have a judgment against you. That will appear on your credit report. But it is what it is.

When you start to make money again you can either pay off the judgements you’ll have or proceed to bankruptcy to wipe them out.

The underlying issue here is you incurred debt but appear to have no way to repay it. Now, unfortunately, you’ll just have to face the consequences.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

morehelp1

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • I got some advice about getting a student loan that would eliminate my education expenses and then use the check I get from the university to pay off the credit card debt. Any ideas where I can go for a friendly educational loan that would allow me to do all of this?

    Thanks!

    • Yonaton,

      That would be a horrible idea. Why in the world would anyone want to payoff unsecured debt with a student loan that can never be discharged in bankruptcy and garnish your wages without going to court. As far as a loan to get out of debt, the only place I would suggest is LendingClub.com

      Whoever gave you that advice needs a slap on the back of the head.

      Steve

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