Posted by
Sale1025
16 yrs ago
Three years ago I stopped paying for my two outstanding cc bills. I just couldnt as I was making less than 5 thousand a month. Now, I'm able to make small payments each month as I've stable income.
My question is:
Should I go directly through the bank?
or
Should I apply for a debt consolidation loan?
Also, I work for myself and get paid in cash most of the time. My bank statements show stable income but I dont have any contracts nor MPF.
Can I still apply for a debt consolidation loan?
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Debt consolidation can be a problem, especially if you go to the debt consolidation companies. There are well documented cases of people paying more than they should. After 3 years you may have collected a lot of interest and penalties. These can usually be negotiated down to a manageable level. It is better to try and sort something out with the CC company first, negotiate a figure. Then you are in a better position to try for bank loan. At the end of the day the CC company would like to try and recover some money, they will often waive penalties if it means they can recover monies owed.
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