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Question By
jairo55

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I pay around 4500 a month, Is there any way i can get a consolidation loan?total debt 120000

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and where?

or with who

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You've been a menber of this site for 5 years. You should be reading the articles here to educate yourself. We have no way of knowing your credit score, income, type of debt,  debt to income ratio.  No one is going to give you an unsecured loan for $120,000.  If you own your own home, it might be possible to refinance to help pay (down) your debts. Have you contacted the lenders and approached them about a payment plan where they might reduce the interest rates in order to pay of your debt?  

Reply by
jairo55

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Yes I know I've been a member for 5 years, I never noticed a community or did i pay attention to tips. I would always log on, on my phone. Now that I'm pretty deep in debt I would want to know how to get out of it, I have a truck that I recently got and it is most of my debt. I owe 68500 and I pay around 1200 a month. How can I get rid of it without it affecting my credit? I can't really sell it because of the upside down. Is there a way i can turn it back in and just pay what i owe?

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Reply by
mindjazz

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If you turn the vehicle in, you will have to pay the difference, because the vehicle has now depreciated and the dealership has to resell it. Perhaps you can find a cheaper vehicle and still save money even having to pay the difference. Check if a friend or family member might be interested in assuming the loan to get it out of your name.

You might be able to restructure/refinance the loan depending how long you've had it but your credit rating will be a huge factor. A hard inquiry will result dropping your credit score for awhile. 

Can you take on extra work, or cut your budget to make ends meet?  Make coffee at home instead of going to a coffee house and make home cooked meals. A $4 coffee for 5 days  comes to $80 a month for example. Adjust the thermostat at your residence, especially if you're not there during the day.   Plan your trips  to save fuel. Cut channels or get rid of  your monthly TV bill. There's usually a lot people can do to cut monthly expenses.

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