My creditor refused to settle debts! What do I do now?

gunther · Apprentice Joined: 28 Jul 2006 Posts: 5

I have recently had some bad credits and have got into a large debt. I have tried almost everything, but simply did not manage to settle that the way I wanted. Even my creditor refused to settle debts, although I wanted to negotiate. If anyone could help me, that would be great. Thanks in advance.

giffer · Apprentice Joined: 28 May 2008 Posts: 5

You are in pretty grave situation having failed negotiations. Now there is one thing you simply have to manage to get. The debt consolidation loan is one of the most common way to settle various high-interest debts. It covers those existing debts, resulting in another debt you pay less per month. However, that is not always a good case. The trick is in the interest rate, as you could wind up spending much more money. Interest rate will depend on your credit rating, and you can surely expect it to be high. Moreover, you credit could suffer an impact from such a deal. However, if that is what you are able to do, then go for it, but be aware you will need really good budget planning in order to successfully follow your new payments.