Anybody know a good credit counseler?

[chunkygoat]

Well I defaulted on my loan from Yamaha a few months back when I was out of work, and thus resulted in a skyrocketing interest rate (from 6% to 25%). I got myself into quite the dilemma here.

There is absolutely no way I can afford these payments for any more than 2 months longer. I have 2 choices - try a credit counselor who can adjust my interest rate accordingly to my income. OR: sell my fizz.

My fizz is the best thing that has happened to me, and I really wish to keep it. So does anybody know a good credit counselor that may be able to consolidate a few debts and adjust my interest rate. It is rather embarrassing saying this all, but I almost have no choice but to sell my baby.

So if anybody has any positive experiences with any trustworthy credit counselors/financial advisers, I would greatly appreciate directing me their way. Selling my bike is the last thing I want to do, but I may have to

Thanks in advance to anybody who replies.

 

[DefyInertia]

No advice other than to open the yellow pages and start pounding out phone calls. I'm sure there are people that want your business.

 

[FZ1inNH]

Is there any chance you can visit your banlk and refinace it through them? Or any local bank? Do you have anything else with equity that you can loan against? A credit card with a lower rate? How about a 401k that you can take a loan out on?

Also, have you called them and tried to work with them at all?

Sorry you have to go through this!

 

[moopie]

One thing to try is to refinance your loan.

I just went through lendingtree.com who hooked me up with rategenius.com

They then got me a loan on my cage with a credit union in Texas with a new rate of 5% (down from 8%). I'm still in the process of completing the paperwork but so far I'm very satisfied with the service.

Now keep in mind that I have an excellent credit history and a steady job. So your results will probably vary but any drop in the rate will help you out.

The good thing about lendingtree.com is that they run a "soft credit check" that does not go on your record or affect your score.

Good luck!

 

[forwil]

Get a second job delivering pizzas, flipping burgers, changing oil, washing dishes, or star bucks. So you can just pay it off quick and not worry about interest rates. Debt consolidators rune you credit avoid them if you can. I like FZI s idea of refinancing a local credit union or bank is the best bet. Again just get er paid off regardless of the interest rate. Good luck man and sorry to here about your situation.
daveramsey.com

 

[stevesnj]

This site is endorsed by the US Gov they can find a local counselor for you
NFCC: Consumer Tools

 

[D-Mac]

Maybe try a credit union or a bank that reviews loan/other applications locally. Sometimes you can get a better rate and have a better chance of being approved for refinancing (worked for me when I first moved to the U.S. - none of the big banks wanted to touch me).

 

[blchandl2]

Do you own your home? You could get a home equity loan/line of credit to pay off the Yamaha loan. The interest on the home equity loan should be tax deductable.

 

[chunkygoat]

I don't want to jinx myself here, but I may have come up with a solution. I'll let you guys know monday. Thanks for all your input!:rockon:

 

[chunkygoat]

Well I payed off the remaining $7,000 over the weekend. I was really struggling and ended up selling a number of things that I own. I sold one of my guitars, a bunch of Xbox games, one of my cameras, and a few other things. I was still short 2,000$ and luckily I have amazing parents who spotted me $2,000 (and some).

So now my Yamaha financing is finished. It is fully payed off (as far as HSBC is concerned). So now instead of having all this junk I don't use much and owing HSBC $7,000 at a 25% interest rate - I am down a bunch of material goods I don't need, and owe my parents $2,000 at a 0% interest.

I know I screwed up and learned the hard way, but I got very very lucky things worked out. Thank you all for the input good feeling to not have HSBC destroying my financial situation with their ridiculous fee's and interest rates.

Now I own my fz6 and not HSBC. WOOT! what a relief

 

[Moses195]

Congrats!!
Learn from thy mistakes.

 

[Moses195]

Sorry!, I forgot you lost your job. Please forgive me. PUI!!

 

[chunkygoat]

Still it was my fault I got myself into the situation I was in. Boy did I certainly learn though. WHEW.

:spank:

 

[FZ1inNH]

Glad to hear you got it worked out! It's a tough lesson to learn but it sounds like you're going to do just fine. Keeping the FZ6 over the stuff you mentioned makes a ton more sense and you'll have a lot more fun with it!