when i was between 15/16 years old i accumulated a phone bill that i could no pay. (certain family issues arised and i had to move out of home) – i was trying to find a way out, and being as young as i was, i wasn’t sure what ‘declaring bankruptcy’ was, and it seems like i had done it, i looked for help through a debt consolidation group – which i have no proof off, and i cannot get a personal or a car loan. i think the debt consolidation group i was with has gone under, and i dont know what to do. im about to start a family, and i need to buy a new car.
how can i go about gettin a legit loan?? i dont know what to do!!!
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Credit rating is everything these days. If you were taken to court and got a judgment given against you you have to pay it and then make sure the court has cleared it from your credit rating. If you are unsure what your rating is got to Equifax or a similar company and find out.
Were you in the US? Were you legally emancipated? There’s no way you could have entered into a binding contract at that time. That doesn’t even sound legitimate that you signed up with a debt consolidation group, they were obviously shady.
Pay off the previous debt, if it’s still out there, and then do everything you can to strengthen your credit rating.
How confusing that you don’t even know that you declared bankruptcy. Do you have a job? You should talk to someone at your bank or credit union. Also, sometimes the car dealer can help get the car loan through their own connections. Don’t go for a brand new car – a used one will due just fine.
How long ago was this bankruptcy? You need to gather as much documentation as possible – get all 3 credit reports and contact any creditor listed for paperwork. Get it fixed now.
What you need to do is save your money. Have your credit
history checked. If there is anyone that says you owe them
money, have them put in writing a pay off term. If they say
they want all right now. Tell them what you are able to pay
while you are making the payments you will have to make
to take care of your family.
If the amount of the pay off term is too much or if they want
you to pay high interest ask for better terms.
If you wanted to buy a good new cheap car, you would need
about $9,000. You would be expected to come up with
$2,000 to $2,500 down. IF I WERE YOU, I WOULD SPEND
$1,000 FOR A USED CAR AND PUT THE $1,000 IN TO
REPAIRS. This should last you 2 years maybe 3.
This gives you time to straighten out the past credit problems
and take care of the family without killing yourself.
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan