subject: Can I get someone to pay down my existing debts? [print this page] Problem: Problem:
I have bad credit and multiple debts to pay off. I have 4 credit cards amounting to a total of 30,000 USD. Along with it, I also have 3 payday loans worth 35,000 USD. Because of my bad credit, it is difficult for me to take out a loan at a low interest rate from a bank. Is there any financial institution where I can get the required amount at a comparatively low interest rate so that I can pay back the borrowed amount in easy installments? I am also worried about scams. I also want to know how I can get someone to pay off my debt.
Solution: If you are thinking "How can I get someone to pay off my debt?", then let me tell you that you're responsible for your debts and you'll only have to pay them off.
There is no one who can pay off your debts on your behalf unless you have some rich relative or friend doing it for you. However, you can always borrow the required amount from your friends or family members. While doing this, make a written agreement and pay back the borrowed amount as fast as possible so as to avoid future misunderstandings.
You can also take out the required amount from social lending websites. This kind of lending is also referred to as Person-to-Person lending or simply P2P lending, as this kind of transaction takes place without the involvement of traditional financial institutions. When you obtain a loan from a social website, you need to pay it back at a low interest rate. It is much lower than the interest rates charged by banks, credit card companies or payday loan outlets.
There are also several professional debt relief options, which may help you to get rid of your bills/debts in a systematic way. The options are given below.
Credit counseling You can go for counseling sessions, wherein credit counselors can assess your financial condition and offer suitable suggestions by following which you can solve your debt/credit problems.
Debt consolidation By enrolling in a consolidation program, you can repay all your outstanding debts with the help of one payment every month. What actually happens is, the consolidation company negotiates with your creditors/lenders to reduce the interest rates on your bills/debts. The company also decides upon an affordable monthly payment with which you can pay off your debts successfully.
Debt settlement When you opt for debt settlement/negotiation, the settlement company negotiates with your creditors/lenders to reduce the outstanding amount. Here, you need to make a single monthly payment to the settlement company. You use the accumulated fund to clear your debts as soon as the creditors/lenders agree upon a reduced payoff amount.
While taking professional help, make sure you check BBB records to find out whether or not there are any customer complaints against the organization you've chosen to deal with. In this way, you'll be able to avoid being scammed and you can also pay down your existing debts successfully.
