Debt Consolidation Loan

November 11th, 2009 by Questions

I currently owe about 55k in unsecured credit. I`m not behind on payments, but am not making an progress in paying this down due to high interest rates.

I would likely not qualify for a Debt Consolidation Loan on my own, but my question is it possible to get a co-signer with good credit history to help?

For a loan of that size how likely would some form of collateral be?

Posted from: Ontario


One Response to “Debt Consolidation Loan”

, A licensed trustee said:

You are correct in that a loan of thsi size almost always requires soem form of collateral. The type and amount will depend on the strength of your co-signers finances.

A word of caution for the co-signer: if the borrower defaults (cannot make the payments) the co-signer is resposnible to repay the debt. As a rule, we do not suggest or recommend anyone ever co-sign or guarantee a loan. We’ve seen too many people get stuck with the debt…

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