Consolidate Debt Loan

Debt Consolidation For Non Homeowners - What’s The Best Way To Consolidate My Debt?

By Joe Stewart

Is it possible to get a debt consolidation loan for non homeowners? Maybe, maybe not. The issue is not really whether you own a home or not, it’s whether you have any collateral at all and if you have the ability to pay the loan back. After all, there must be reasons why you got into debt in the first place and if one of those reasons was loss of income because you quit, were fired or layed off from your job, then bankruptcy would probably be a more appropriate consideration than debt consolidation loans, which must be paid back.

Since this article is about debt consolidation for non homeowners, we’ll assume that you do not own a home. Do you own or are you buying any real estate at all and, if so, do you have any equity built up yet? This would make a huge difference in your loan chances if one of your pieces of collateral were some type of real estate with equity. If not, then let’s move on.

Is there anyone that could co-sign on the debt consolidation loan for you? This would have to be someone that already has good, established credit with assets exceeding the amount of your combined loan amount. Anyone like a parent, sibling, trusted friend, business partner or acquaintance, ect. It really doesn’t matter who it is as long as they have the ability to make the payments, in the event that you don’t, and have the assets to cover the loan, in the event that you both default by not making the loan payments.

Do you have any life insurance coverage? This would have to be a particular type of life insurance known as “Whole Life”. Whole life insurance policies build a cash value over time and you may actually borrow against the policy, if there’s enough there to do anything with. The cash value on these policies doesn’t just appear overnight, but comes from many years of regular premium payments and compounded interest. If you’ve had your policy for ten or more years there’s a good chance that you may have an asset that you could use.

Other things to consider, depending on the amount of debt consolidation loan you need, are stocks, bonds, other assets such as vehicles, motor homes, boats, motorcycles, stamp collections, old coins, or basically anything of value that can be verified and then used as collateral.

Getting a debt consolidation loan for non homeowners may not be the easiest thing in the world, however, with a bit of help and ingenuity, it’s not impossible for you to do.

27 Feb 08 | Mortgage Refinance | Read on | Comments (0)

Consolidate Debt Loan - Google News

Make your loan cost less - MSN Money UK Make your loan cost less MSN Money UK, UK - 21 hours ago If you are seeking help to consolidate your debts, it is important to choose the right source of advice. A plethora of debt consolidation firms has sprung ...

Brits Jump Straight Back Into The Red After Consolidating Loans ... - Firstrung Brits Jump Straight Back Into The Red After Consolidating Loans ... Firstrung, UK - Oct 9, 2008 Almost two out of three people who take out a loan to consolidate their debts go on to borrow more while still repaying that loan, according to research ...

Consolidation loans fail to stem tide of debt - London Stock Exchange Consolidation loans fail to stem tide of debt London Stock Exchange, UK - Oct 8, 2008 In a study conducted by moneysupermarket.com it was discovered that of the 31 per cent of people who have taken out a debt consolidation loan almost two ... Moneysupermarket: Borrowers going deeper into the red Money News all 3 news articles

Debt crisis deepens - Debt Management Today Debt crisis deepens Debt Management Today, UK - Oct 10, 2008 The comparison website Moneysupermarket.com has said that nearly two thirds of people who take out a loan to consolidate their debts borrow more whilst ...

Finance company seizes the lot - Southland Times Southland Times Finance company seizes the lot Southland Times, New Zealand - 23 hours ago People believed "the hype these clowns are putting out" and took out a loan to consolidate debt or get an easy fix because they were struggling to get by.

RSS integration by RSSinclude