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Do I have to default to opt for consolidation?

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Posts: 1
Credits: 30.65

I have one thing to ask - Like settlement, do I have to default to opt for consolidation?

No, if you are struggling to make payments, then you can go for consolidation.

Sub: #1 posted on Wed, 11/01/2017 - 18:44

sanderspatricia29 sanderspatricia29

(Posts: 613 | Credits: 64.31)

The problem is most creditors don't agree to slash interests or outstanding balance unless you default. They think you can make full monthly payments easily.

Sub: #2 posted on Thu, 11/02/2017 - 11:44

ditchdebt ditchdebt

(Posts: 661 | Credits: 253.26)

Yes. So, if you want to opt for consolidation and you've been making payments, then contact the creditor and explain your financial condition and try to convince so that they agree to your proposal.

Sub: #3 posted on Thu, 11/02/2017 - 18:45

Good Nelly Good Nelly
Industry Expert
(Posts: 2659 | Credits: 531.75)

No... nothing like that. You can opt for debt consolidation anytime you want. Regardless of your payment status.

Sub: #4 posted on Fri, 11/03/2017 - 17:12

Phil Bradford Phil Bradford

(Posts: 163 | Credits: 16.64)

Not at all...if you are having trouble to afford regular payments, then you can opt for the consolidation option.

Sub: #5 posted on Mon, 11/06/2017 - 18:15

Barbara Delinsky Barbara Delinsky

(Posts: 272 | Credits: 27.01)

I don't think it can be a wise option because it will put a negative item in the credit report.

Sub: #6 posted on Tue, 11/07/2017 - 18:46

Mabelle Page Mabelle Page

(Posts: 153 | Credits: 14.99)

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