Good Financial instutitions who will purchase my debt.?

T

TAT

New member
I have a really bad loan and the monthly payments are draining me financially without re-paying the debt! I would like to see if I can have another financial institution purchase my debt at a better rate and I can pay them back instead. Ive been up to date on all my payments but donot see this debt ever being payed off at this rate.. I currently owe approx 8,500.00.. any advice or direction would be appreciated! thanks-
Thanks to both of you.. So what im looking for is a financial institution that deals with unsecured debt?

I guess I need to shop around for someone who will provide unsecured debt at a better rate and take out the loan?

Thanks again! Banks and Debt is such a bummer!
 
If anyone purchases your debt, it will be a collection agency and you will NOT like their terms. As the prior answers stated, you can try to get a new loan and use the money to pay whoever you currently owe. The BEST option is to cut your spending to the bone, take an extra job, and ATTACK the debt. You should be able to clear enough to pay this off in full by delivering pizza for 6 or 7 months.
 
jlf is right.

No financial institution is going to purchase the debt. You need to essentially refinance the debt. That means go to a bank or credit union and get a new loan, use the money to pay off the old debt, then pay off the new loan (which should be possible if you reduce your interest rate & get reasonable terms).

Since the new loan will be an unsecured debt, it will help a lot if you have good credit and a decent income.
 
Another lender will not "purchase your debt." What you'll need to do is go get a new loan to pay off the old one.
 
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