Results 1 to 3 of 3
- 06-18-2008, 11:29 AM #1
White Belt
- Join Date
- Jun 2008
- Posts
- 1
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.
-
Which one has a lower interest rate?
- 07-16-2008, 11:20 AM #3
White Belt
- Join Date
- Jul 2008
- Posts
- 1
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.
Similar Threads
-
To Get Rich, Seek Out Rich Financial Advice
By Ronaldo Maroon in forum Credit Questions and AnswersReplies: 0Last Post: 06-18-2008, 03:45 AM -
Can I transfer an old car loan balance to a new car loan without a trade in?
By navjeet8 in forum Credit Questions and AnswersReplies: 2Last Post: 05-14-2008, 08:05 PM -
er the years staying around 560 to 599, and using your advice i paid them off all fou
By CreditRepairGuy in forum Credit Repair ForumReplies: 0Last Post: 02-26-2008, 01:49 PM -
Collections, college loan, credit card, score 590 591 592
By CreditRepairGuy in forum Credit Repair ForumReplies: 0Last Post: 01-03-2008, 10:53 PM -
Debt to income ratio bad. My score is good 698 700. Arm due must refinance.
By CreditRepairGuy in forum Credit Repair ForumReplies: 0Last Post: 11-22-2007, 08:02 AM


LinkBack URL
About LinkBacks
Reply With Quote
