It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.You’ve got several options when you make the decision to eliminate debt.You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together.
The problem is that bankruptcy is a serious derogatory mark on your credit.
Tomorrow my consolidation of 13 student loans will be complet totalling about ,000. Will the original loan holders now be deleted from my credit the tradelines? ECMC says they can still report derogatory to my credit after consolidaton, but my research says they cannot.
Now held by Nelnet upon completion of consolidation. How much of a jump can I expect with this consolidation?
It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.
When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.