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I have been in contact with the collection agency and they said they would settle the $18,000 debt for $11,000. I do not have $11,000 nor am i able to get a loan. Is working with a debt consolidater just as bad as filing for bankrupcy? I have a family and want to buy a house and this is the only thing standing in my way…what do i do?

Offer to make payments on the ORIGINAL amount, then do it. Don't pay any extra that has been added on by collection agencies. That isn't even legal.

If you only owe one debt, don't go to a credit counseling agency. Doing so will lower your credit score. You should only go to credit counseling if you need them to keep your utilities from being shut off.
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I have atleast 4 major credit debts that was in the early 90's i thought bad debt only remains on your credit for no longer than 7 years its almost over 10 years but they still show up on my credit reports. Is there anything I can go legally to take those off my credit history, Specially now that I am trying to rebuild my credit.

You need to dispute these accounts with all 3 credit bureaus stating the per the Fair Credit Reporting Act these accounts are to old to be listed on your credit report.

I am a soon to be college grad that is currently interviewing with Wells Fargo to become a Credit Manager in the Chicago land area. Is the mortgage refinancing market a strong place to start a career right now? Fill me in on your thoughts. If you could, please tell me if you are in mortgage refinancing business or not. Thanks , The more responses the better.

Any experience working in a bank (or mortgage company) is great experience for a life. To truly understand how the banking world works will equip you greatly into the future. ~ no matter how you start.

The larger banks in the USA (and other parts of the world too) have experienced big drops in their market positions because of the over lending to sub prime market. Interestingly, some of the smaller banks are doing really well with stock rises as they did not get involved in this over lending practice.

all the best to you ~ its' a great education no matter what

I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a later date? Please let me know if you have any ideas on how to handle this situation.

Yes. The person on the title can block your attempt to refinance.

You can wait to sell, but he will have the same veto power over any contract offer as well.

Wanted to know if anyone is happy with the service they provide. Or are they like Salliemae where they rip you off and charge astronomical interest rates on student consolidation loans.

Private student consolidation loans are not guaranteed by the gov't - so they're a much higher risk to the lender. Therefore, they're typically based on the credit history of the borrower. It's unlikely you'd get a significantly different interest rate if you shop around to different lenders.

What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they're probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes.

I am wondering how student loan consolidation works,,, once i consloidate my loans do i get a sum of cash? i know i have gotten offers that say up to $2000 now if you consolidate. does that mean i get $2000 for myself, or do they take that off the ammount of the loan.

Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers.

The key word in your statement is 'up to $2000', if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back.

And if you do get 'up to $2000', believe me, you will pay for it eventually. There's no such thing as a free lunch (imo).

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Rule #1: Banks WANT to Give you Money In fact they’re desperate to give it to you. Every bank in the world makes their money by making loans and charging interest. But bank’s are also faced with a dilemma. If they give loans to everyone, then that money becomes less valuable. In fact, it would cause rampant inflation. So instead, they make huge loans to select people. Ever heard the saying “the rich get richer”? Well this is why. It’s because the banks want to minimize their risk by giving money to people who can make the payments. To make sure that’s how it works, the banks have rules, LOTS of rules to make sure loans go to basically the same people over and over again. But here’s the catch, and how you capitalize off of their system: banks are exactly like computers. If you push the “$” key on your keyboard, 100% of the time the “$” appears on your screen. In other words, know which buttons to press and the banks will come running to you every time you call.
You see there are two basic mentalities in this country. One is the scarcity mentality. It says that there is not enough money to go around and that’s why there is a divide between the rich and the poor. The scarcity mentality tells us that the Rich people are greedy and take money from the poor. But the truth is very, VERY far from that. to learn more about all types of loans we cater please visit our website at PrivateFastLoans.com

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Martin Lewis explains the difference between good and bad debt to students at the London School of Economics

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