I have gotten myself in a bad financial pickle. It started with some car repair and dental work. I got an installment loan, and ended up needing more payday loans to deal with the monthly charges. Long story short: My credit is very poor and I now owe thousands of dollars, mostly to try to pay off installment loans. However, I am also trying to pay off some existing debt. I will probably be owing money on my student loan for the rest of my life, My question: Are there any banks/credit unions/loan companies willing to give a personal loan to somebody with very bad credit? If I could just borrow $5000 and pay it back over time, I could wipe out all of my payday/installment loan debt plus some lingering credit card debt.
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Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
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Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.