[michael455]

I have an Fegli Life Insurance policy worth $110,000. I need a loan to pay off all my debts
As I do not want to file bankruptcy. I would name the lender as my beneficiary with a 20 percent return rate over 2 years. I need to borrow approximately 20,000 to $25,000
And would pay it back over a 2 year period. I am 62 and on Social security disability Im able to get part time work periodically and could afford the payments necessary to repay the loan. I just very much want to be out of debt and get back my good credit profile as this bothers me very much since I used to have excellent credit.

[Fr_Chuck]

first just naming them beneficiary would not cover it, since a beneficiary can be changed, so they would have to be set up as owner of the insurance policy. Also what type of policy is it, if it is term, it has no cash value, only death benifet and if you would out live the value of the premiums again it has no value.

Also offreing to pay 20 percent interest, makes it seem sady just to start with .

And jost to be honest if you already have bad credit, even paying them is not going to clear it up for several years.

The worst thing you can do is borrow yourself further into debt to pay bills you already can not pay. If you can afford to make payments of 25,000 over 2 years at 20 percent interest, you could work out a payment plan with the people you owe the money to paying those levels of payments since you are talking about making payments over 1200 a month.

So if you can afford to make payments of 1200 a month, you would have no trouble setting up payment plans with the people you owe. Or use a credit counseling company CCC is a good one, to work this out for you