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  1. 06-18-2008, 11:29 AM #1
    ALS1432
    ALS1432 is offline White Belt
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    Default advice on refinancing a personal loan to pay off a debt in collections--good idea?

    Hello,

    I was wondering if someone could give me some advice regarding refinancing a personal loan.
    I took out a personal loan in July 2005 for 4900, I have paid this account with monthly payments of 124.00 since then with no late payments. My remainder is roughly 1500 presently.
    August of 2005 I took out a car loan. I fell behind on payment, and I voluntarily gave up the car for repossession. The loan is now in collections and I owe roughly 3900 on the loan.
    I have paid off all my other debts that were in collections and I am beginning on the road to rebuild my credit.
    Would it be best to pay off the personal loan and continue making payments on the car loan through the collections agency. OR
    to refinance the personal loan, and use that money to pay off the car loan that is in collections?
    Any help you could render would be greatly appreciated.
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  2. 06-18-2008, 05:54 PM #2
    Magic69's Avatar
    Magic69
    Magic69 is offline Green Belt  
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    Default

    Which one has a lower interest rate?
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  3. 07-16-2008, 11:20 AM #3
    jaanamk
    jaanamk is offline White Belt
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    Default RE:advice on refinancing a personal loan to pay off a debt in collections--good idea?

    Yes! I agree with your great advice, it really works for me.
    Thanks for your information!!!
    Last edited by Magic69; 09-22-2008 at 12:28 PM.
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