A few questions about consolidation loans

[DisabledGeek89]

What is the name of your state? Virginia

I have some questions about getting a consolidation loan. I just got my SSI raised and might get SSDI.

1. I owe about 5 grand and might add 2000 to 2500 on some purchases to get a gaming PC if I get the loan how much on average would I have to pay a month.
2. I got a cosigner on my credit cards and earned good credit, would I need a cosigner on my loan due to being on SSI/SSDI?
3. If it affects my credit how bad could it be, would be less severe then bankruptcy?
4. Once I pay it off would I boost my credit back up?

 

[quincy]

What is the name of your state? Virginia

I have some questions about getting a consolidation loan. I just got my SSI raised and might get SSDI.

1. I owe about 5 grand and might add 2000 to 2500 on some purchases to get a gaming PC if I get the loan how much on average would I have to pay a month.
2. I got a cosigner on my credit cards and earned good credit, would I need a cosigner on my loan due to being on SSI/SSDI?
3. If it affects my credit how bad could it be, would be less severe then bankruptcy?
4. Once I pay it off would I boost my credit back up?

You have decided against bankruptcy?

Here is a link to your previous thread:
https://forum.freeadvice.com/threads/ssi-during-bankruptcy.650862
If you at the point where you are contemplating bankruptcy, you should probably not be thinking of purchasing a gaming PC and adding to your debt.

I recommend you see a financial counselor rather than seeking a consolidation loan. If you have had to have cosigners on your credit cards, you are unlikely to qualify.

 

[Zigner]

What is the name of your state? Virginia

I have some questions about getting a consolidation loan. I just got my SSI raised and might get SSDI.

1. I owe about 5 grand and might add 2000 to 2500 on some purchases to get a gaming PC if I get the loan how much on average would I have to pay a month.
2. I got a cosigner on my credit cards and earned good credit, would I need a cosigner on my loan due to being on SSI/SSDI?
3. If it affects my credit how bad could it be, would be less severe then bankruptcy?
4. Once I pay it off would I boost my credit back up?

If you owe $5,000 and are having trouble paying it back, adding another 40-50% is a terrible idea. Really.

You can find loan calculators easily online.

 

[Zigner]

You have decided against bankruptcy?

Here is a link to your previous thread:
https://forum.freeadvice.com/threads/ssi-during-bankruptcy.650862
If you at the point where you are contemplating bankruptcy, you should probably not be thinking of purchasing a gaming PC and adding to your debt.

I recommend you see a financial counselor rather than seeking a consolidation loan. If you have had to have cosigners on your credit cards, you are unlikely to qualify.

Yeah - all that.

 

[DisabledGeek89]

Yeah - all that.

You have decided against bankruptcy?

Here is a link to your previous thread:
https://forum.freeadvice.com/threads/ssi-during-bankruptcy.650862
If you at the point where you are contemplating bankruptcy, you should probably not be thinking of purchasing a gaming PC and adding to your debt.

I recommend you see a financial counselor rather than seeking a consolidation loan. If you have had to have cosigners on your credit cards, you are unlikely to qualify.

I just got my income increased today. My plan is to just merge it all on to one bill. Can I get it so its paid online? My writing is bad and I don't like using a papercheck. Also what kind of montlhy rate am I looking at?

 

[Taxing Matters]

What is the name of your state? Virginia

I have some questions about getting a consolidation loan. I just got my SSI raised and might get SSDI.

1. I owe about 5 grand and might add 2000 to 2500 on some purchases to get a gaming PC if I get the loan how much on average would I have to pay a month.

That depends on the terms of the loan — what the interest rate is, how long the repayment period is, etc. I'm seeing rates on unsecured personal loans that range anywhere from 8% to 25% right now. What is your current rate? That might be a good indicator of the best rate you're likely to get . But let's suppose you got a loan of $7,500 that pays off in 5 years (60 months) at a rate of 10%. Your monthly payment would be $159.68, and you'd have paid a total over the life of the loan $9,561.17.

I got a cosigner on my credit cards and earned good credit, would I need a cosigner on my loan due to being on SSI/SSDI?

That's up to your lender.

If it affects my credit how bad could it be, would be less severe then bankruptcy?

If you pay the loan off according to its terms, it should help your credit. If you default the loan, it could hit your credit worse than bankruptcy, depending on the details of your entire credit picture.

SSI is not a lot of income. Think carefully about your purchases and make sure you spend on only what you need. The monthly payments on this loan could become difficult to manage and pay for your rent/mortgage, food, utilities and whatever else you need.

 

[DisabledGeek89]

That depends on the terms of the loan — what the interest rate is, how long the repayment period is, etc. I'm seeing rates on unsecured personal loans that range anywhere from 8% to 25% right now. What is your current rate? That might be a good indicator of the best rate you're likely to get . But let's suppose you got a loan of $7,500 that pays off in 5 years (60 months) at a rate of 10%. Your monthly payment would be $159.68, and you'd have paid a total over the life of the loan $9,561.17.



That's up to your lender.



If you pay the loan off according to its terms, it should help your credit. If you default the loan, it could hit your credit worse than bankruptcy, depending on the details of your entire credit picture.

SSI is not a lot of income. Think carefully about your purchases and make sure you spend on only what you need. The monthly payments on this loan could become difficult to manage and pay for your rent/mortgage, food, utilities and whatever else you need.

I pay house hold expeses. I am also likely getting SSDI plus backpay.

 

[quincy]

I pay house hold expeses. I am also likely getting SSDI plus backpay.

You are probably best off using the entire amount of the increase to pay off your existing debt.

 

[DisabledGeek89]

Also my credit score is 741. How would that impact my rate for my consolidation loan?

 

[quincy]

Also my credit score is 741. How would that impact my rate for my consolidation loan?

I recommend you speak to a financial counselor for a personal review of your income, debt, and goals. The specifics matter.

 

[DisabledGeek89]

I had to make more card purchases and now I owe even more what is better, settlement or consolidation?

 

[quincy]

I had to make more card purchases and now I owe even more what is better, settlement or consolidation?

It depends.

Did you see a financial counselor as previously advised?

If your debt is increasing despite the increase in your pay, you either need to get help managing your finances or reconsider bankruptcy - or probably both.

Good luck.

 

[DisabledGeek89]

It depends.

Did you see a financial counselor as previously advised?

If your debt is increasing despite the increase in your pay, you either need to get help managing your finances or reconsider bankruptcy - or probably both.

Good luck.

I have not been able to see one, but I went through the computer. I also bought some other stuff. If I see a financial counselor can I see one at no cost to me? I can't get a job and I want to do the least amount of damage to my credit that I can.

 

[quincy]

I have not been able to see one, but I went through the computer. I also bought some other stuff. If I see a financial counselor can I see one at no cost to me? I can't get a job and I want to do the least amount of damage to my credit that I can.

Giving paid advice or services about debt management plans is considered the practice of law. In Virginia, only an agency licensed by the Virginia State Corporation Commission or an attorney licensed to practice in Virginia can offer debt counseling plans.

You can contact the Virginia State Bar Association (https://www.vsb.org/site/main/public-resources) and/or the Virginia State Corporation Commission's Bureau of Financial Institutions (https://www.scc.virginia.gov/bfi/) to find an attorney/agency licensed to assist you.

Good luck.

 

[DisabledGeek89]

What would do less damage to my credit on average, consolidation or settlement, and which is easier to get on SSI?