Anyone ever gotten one of those Debt Consolodation loans?

[Supra_Freak]

My g/f is in debt pretty badly because of OSAP and due to her ex boyfriend leaving her with a **** load of unpaid bills that were in her name (even though he was supposed to pay for them) it sent her credit rating into an R rated rating supposedly.

And **** with her OSAP got so bad that it went into default supposedly (whatever that means) and she had some government agency comin to her wanting the money back for her OSAP because she was so in debt with it and her credit rating was horrible.


Now, lets fast forward a year or so, maybe a year and a half tops to now. Her car is falling apart, and we dont have the money saved up right now to buy her a new one. Her car could go any day now, today, tomorrow, a month from now, maybe a year from now. The problem is something attached to a piston rod in her engine is startign to sieze up and its making alot of noise. And according to a couple mechanics its a hit and miss on when it will finally die. So to take every precaution we can we wanna get her a new car, and since we have no money we wanted to look into a debt consolodation loan.

Basically we go in tomorrow at 5:00pm to talk to the bank about getting this loan to pay off her OSAP and get a lil bit more money, say another 2 grand to buy her a new vehicle and get rid of her car thats falling apart.

has anyone ever had experience with getting these type of loans even if you have an R rated credit rating? (even though she has been now paying it off on time every month for the past year and a half so it SHOULD have helped raise hre credit a bit, although the man she spoke to back when all this happened said her credit rating woudl never get better until it was all paid off).

So can anyone offer any advice on this? what are her chances of getting this loan to pay off the OSAP and just owe the bank?

Edit: she figures that she still roughly owes 10-12grand to her OSAP

[Supra_Freak]

Anyone?

[bete]

[Meteor|WAR]

No offense, and I know this doesnt help, but arent you the guy who just bought a $2000 Sony Bravia??

[Supra_Freak]

Originally Posted by Meteor|WAR

No offense, and I know this doesnt help, but arent you the guy who just bought a $2000 Sony Bravia??

on a dont pay for 15 months deal... $50 a month out of my pocket, $50 out of her's. The only reason we wanna do this now is because of her stupid car. If her car hadn't busted itself literaly the day after we got the tv, then we wouldn't have to worry about it... this is just literally bad timing.. HORRIBLE timing actually.

[Zero]

There are debt consolidation agencies that can help you with this. Look for nonprofit orgs that will assist you. Otherwise, the bank is the safest place to get one but will most likely reject you due to your poor credit rating.

[Supra_Freak]

Originally Posted by Zero

There are debt consolidation agencies that can help you with this. Look for nonprofit orgs that will assist you. Otherwise, the bank is the safest place to get one but will most likely reject you due to your poor credit rating.

Yeah we know full well going into this that her credit rating is pretty ****ty and that they may not give her the loan but were doing it anyways just to see what they say.

Just friggin sucks that we just signed up for that new tv on the dont pay for 15 months plan, gonna put in a lil bit of money from both our pay cheques every month to pay it off and then literally the day after we get it her car f*cks up!!

[Meteor|WAR]

Originally Posted by Supra_Freak

on a dont pay for 15 months deal... $50 a month out of my pocket, $50 out of her's. The only reason we wanna do this now is because of her stupid car. If her car hadn't busted itself literaly the day after we got the tv, then we wouldn't have to worry about it... this is just literally bad timing.. HORRIBLE timing actually.

Understandable, bad timing indeed.

Good luck then I hope you and her can find a way to get out of the hole. I cant really offer much advice as I've never been in a situation like this, thankfully. In the mean time enjoy the hell out of that new tv. You guys are really paying for it!

[Supra_Freak]

Originally Posted by Meteor|WAR

Understandable, bad timing indeed.

Good luck then I hope you and her can find a way to get out of the hole. I cant really offer much advice as I've never been in a situation like this, thankfully. In the mean time enjoy the hell out of that new tv. You guys are really paying for it!

lol thanks man! $50 out of eachothers pocket every month is literally nothing when you think about it, so $100 a month, 15 months, thats $1500, tv's paid for. Again, just sucks about the bad timing.


Thanks for the help though anyways! hopefully we get it all figured out.

[Zero]

Originally Posted by Supra_Freak

lol thanks man! $50 out of eachothers pocket every month is literally nothing when you think about it, so $100 a month, 15 months, thats $1500, tv's paid for. Again, just sucks about the bad timing.


Thanks for the help though anyways! hopefully we get it all figured out.

$50 bucks here and there will add up. I'm not saying you guys are bad with money but if you can tighten up your monthly budget, you may find some space to make some payments. There's also strategies like consolidating on lower-interest rate cards, etc in case the loan doesn't get approved.

[Supra_Freak]

Originally Posted by Zero

$50 bucks here and there will add up. I'm not saying you guys are bad with money but if you can tighten up your monthly budget, you may find some space to make some payments. There's also strategies like consolidating on lower-interest rate cards, etc in case the loan doesn't get approved.

Normally we are good with money, we just honestly did not see this problem with her car coming, which has made everything extremely sucky!! haha.

And yeah that could work too. The lady were going to talk to tomorrow at the bank is a friend of the family and has been for 20 years so hopefully she will come up with some other answers or strategies as well if the loan does not get approved.

[mdrnhl]

I would just recommend against having your name anywhere on any of the loan paperwork.

If, unfortunately, the relationship should go south at some point, you don't want to risk being screwed.

Good luck!

[Supra_Freak]

True enough!

[Razmadaz]

Dunno where to start...

You go on to say that you're normally good with money, but yet you/her left a measly 15k loan go into default? My OSAP loan is 33 grand and I pay 300/mo, you could have easily had 150$/mo payments, and on top of that you could have asked for an interest only relief for 6-12mo and pay only 80$/mo or so...

Anyway, my point is don't say "normally we're good with money" when it's obvious that between that and the "100 measly dollars a month" that you're pissing away on a TV which could easily cover gas/insurance.

My advice is pay off your debt collector and distance your name from your girlfriends credit rating otherwise you're going to hate life.

Has it 100% gone into default? Does a debt collector own the debt now or is there a chance that you can beg and pleed OSAP to help you out here?

And when you're at the bank , leave her behind, open a savings account and put 50$ measly dollars in every month, you'll thank me at the end of 12 mo when you have 600 measly dollars in a 'for emergency only' account.

[Supra_Freak]

Originally Posted by Razmadaz

Dunno where to start...

You go on to say that you're normally good with money, but yet you/her left a measly 15k loan go into default? My OSAP loan is 33 grand and I pay 300/mo, you could have easily had 150$/mo payments, and on top of that you could have asked for an interest only relief for 6-12mo and pay only 80$/mo or so...

Anyway, my point is don't say "normally we're good with money" when it's obvious that between that and the "100 measly dollars a month" that you're pissing away on a TV which could easily cover gas/insurance.

My advice is pay off your debt collector and distance your name from your girlfriends credit rating otherwise you're going to hate life.

Has it 100% gone into default? Does a debt collector own the debt now or is there a chance that you can beg and pleed OSAP to help you out here?

And when you're at the bank , leave her behind, open a savings account and put 50$ measly dollars in every month, you'll thank me at the end of 12 mo when you have 600 measly dollars in a 'for emergency only' account.

First of all take it easy and read more thoroughly before you go on a rampage. Unless i explained everything wrong her OSAP and everything went into default LONG LONG LONG before she ever met me!! ok? i never said it went into default when she met me or that part of that loan and **** was my problem, cause it isn't!

And ok let me rephrase it like this... IIII am good with money! i have never needed a loan for anything in my life. Everything i have ever owned , INCLUDING my car which i spent $8000 on was all out of my pocket, including the $3000 ive put into it for modifcations and fixes. I am DAMN good with money and hate spending it unless i need to.

So that $50 a month out of my pocket for the tv literally is easy for me, alright?

Second of all, this **** with her car happened AFTER we got the tv, we didn't see this coming. Thankfully i have $1500 right now in my bank account that i could technically yes put towards a vehicle for her but i have to pay the rent every month among other things.

Back to her situation though. As far as i know i believe she said a debt collector owns the debt now, not OSAP. That again is NONE of my fault, her's and her's only for letting it get like that. Oh and believe me i am gonna distance myself from my g/f's credit, i dont want anything to happen to my credit rating which is very good i might add! and i already know that she doesn't want anything happening to my credit either, which is why i usually put everything into my name because we both know i can.

So were jsut gonna go in, and my g/f is gonna do all the talking, not me, why? because this is her problem, her debt, not mine. Im just trying to find out if she can do this or not and if anyone has had any experience with it or not or knows anyone that has so SHE knows what to expect (when i say she its because i will forward the info on to her).

Edit: Sorry for ranting, i guess i should have made myself more clear when i said its her debt, her loan she wants, not mine. And that im only trying to get info on it all.

[Cowzrul]

Originally Posted by Supra_Freak

i put everything into my name

You're setting yourself up to end up just like her.

All the debt is in your name, so when she ditches you, you're left with all the debt.

[Supra_Freak]

Originally Posted by Cowzrul

You're setting yourself up to end up just like her.

All the debt is in your name, so when she ditches you, you're left with all the debt.

I can afford it though or needs be get rid of some of the stuff that i wont need. Like home phone, and a cheaper cell phone plan. Plus i only spend $10 a week on gas since i work in town, so i wouldn't be screwed.

[DiaperJe|\|i3]

Go see a credit/debt councellor.

Have her call all her credit card companies and renegotiate the interest rates. You'd be suprised how much they are willing to negoitate if you threaten to take you business elsewhere. If that fails sign up for a card (captiol one is good) to consolidate the consumer debt.

You could probably negotiate a better rate on the OSAP repayment too. You might get lucky and they might be willing to accept a lower amount.

Cut up her credit cards and learn to live on cash.

I think Doyle/Saluski or something specializes in that type of thing.

My brother got in the same situaton as you. Found a hot chick that didn't have a clue about the worth of money. They had to get their father-in-law to co-sign for their house because their credit was so ****ty once he got married to her. She's given an allowance now and no credit cards. They have managed to do a decent job of pulling themselves back to even. Although, no thanks to her.

[Supra_Freak]

Originally Posted by DiaperJe|\|i3

Go see a credit/debt councellor.

Have her call all her credit card companies and renegotiate the interest rates. You'd be suprised how much they are willing to negoitate if you threaten to take you business elsewhere. If that fails sign up for a card (captiol one is good) to consolidate the consumer debt.

You could probably negotiate a better rate on the OSAP repayment too. You might get lucky and they might be willing to accept a lower amount.

Cut up her credit cards and learn to live on cash.

I think Doyle/Saluski or something specializes in that type of thing.

My brother got in the same situaton as you. Found a hot chick that didn't have a clue about the worth of money. They had to get their father-in-law to co-sign for their house because their credit was so ****ty once he got married to her. She's given an allowance now and no credit cards. They have managed to do a decent job of pulling themselves back to even. Although, no thanks to her.

Yeahhhhhhh, she doesn't have any credit cards actually.

[DiaperJe|\|i3]

Originally Posted by Supra_Freak

Yeahhhhhhh, she doesn't have any credit cards actually.

So the only debt she has is that $15,000 OSAP? Man, my wife and I had $100,000 worth of student loan debt as of 4 years ago (3 University Degrees). We buckled down. Didn't make any large purchases and now we have 4/5 of that paid off.

[Supra_Freak]

Yeah i dont know man. You and your wife probably make twice as much as myself and my g/f combined so. I just know that she would rather get the loan and pay off the debt collector and just owe it back to the bank at a much lower interest rate (hopefully).

And if the bank doesn't go for it then il talk her into going and speaking with a Credit Union.