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ChihuahuaMomma · May 9, 2008, 10:29 PM

I have $182 in debt (in collections). I already know that I can't get a personal loan from a bank with this on my credit history. What I need to know is, will they approve a car title loan with this debt? Or can I use a co-signer with this debt?

If I have a co-signer, is it possible to have that person removed from the account at a later date?

patricia-lindsey · May 10, 2008, 08:16 AM

Hi,
Have you considered negotiating with the collection agency?
If you look at your monthly income/budget, can you find enough money each month to pay part of the debt?
If you can pay it off in 3-4 months, you should be able to arrange it.
Hope this helps. Don't get discouraged!

progunr · May 10, 2008, 08:20 AM

That is a very small balance, I can't help but believe you could take care of it if you set your mind to it.

Are you working, or at least able to work? Heck, a minimal part time second job would cover that in no time.

As to your last question, no, once someone is on the loan, the lender will not remove them without a refinance into one name only, and most would not do that on an existing account.

Good Luck!

Fr_Chuck · May 10, 2008, 08:22 AM

I am sorry for the problems you are having, but 182 dollars is not reallly a lot of money, a second job for a few weeks should pay that off.

And on the title loan, if you own your car free and clear and it is new enough to make the title loan guidelines ( they don't normally loan on older cars) you can do that, but if you can't pay 182 now, how are you going to pay their payments and not lose your car.

And no, if you have a co-signer the loan will have to be completely paid to get the co signer off.

But if it is in collections, just make some payment arrangements with you

ChihuahuaMomma · May 10, 2008, 03:07 PM

I don't have a job, and am having the hardest time getting a job. I ask if they will give me a loan with this debt, because I want to obtain a loan as soon as I get a job to pay off that debt and all my past due bills that I have aqcuired in my unemployment. I know it's not a lot. But considering I have $8 to my name and am finding it IMPOSSIBLE to find employment right now, it really is. And it's a major road block at this point.

I have a 1994 Saturn, I was already told by the bank that I could get a title loan on it. I do own it free and clear.

Fr_Chuck · May 10, 2008, 03:23 PM

It is a option, personally I would tell the credit card company to take a hike and wait, if they are calling too much write them and tell them not to call you any longer but do it by mail only. They will write and threaten but on this amount I don't see them doing anything for a while.
That way you don't risk your car that you owe free and clear.

ChihuahuaMomma · May 10, 2008, 03:26 PM

It's not a credit card debt. It's a debt from a dentist. But I need to get a loan, and want to know how to do that with this debt.

Fr_Chuck · May 10, 2008, 03:33 PM

The loan on the car would be about the only option since you don't have a job that I could think of, I would just hate to have you write back in a month that you are losing it because you could not make that payment

ChihuahuaMomma · May 10, 2008, 03:37 PM

I won't get the loan until I get a job...

J_9 · May 10, 2008, 03:45 PM

In doing this you are only snowballing your debt making it harder and harder to get out of.

The chances are very high that you would end up losing your car making life even harder than it is now. Have you checked on the interest rates of the title loan? They aren't on the low side, I can tell you that.

I understand employment is hard to find right now. Maybe you are setting your sights too high right now. Turning down jobs that aren't quite appealing to you in hopes that another will come along. If you are that desperate you should take the first job that comes along and then continue to interview until the one you desire is open.

ChihuahuaMomma · May 10, 2008, 03:47 PM

I have not turned down any jobs. I've sent in over 150 applications, and had 13 interviews.

And how is getting a loan once I have a job snowballing debt? I know how to pay my bills. It won't be a large loan, just one to cover my past due bills.

J_9 · May 10, 2008, 03:51 PM

Have you considered the interest rates? I'm speaking from experience, not trying to chastise you, just giving advice is all.

I read your blog page and you stated that many of the jobs were "denied." Were they denied by you or were you turned down for employment?

ChihuahuaMomma · May 10, 2008, 03:55 PM

I was turned down for employment.

I know the interest rates. This doesn't bother me, as I will be able to pay the loan off in 3-4 months.

monroeangel · May 28, 2008, 12:14 PM

Originally Posted by ChihuahuaMomma

I have $182 in debt (in collections). I already know that I can't get a personal loan from a bank with this on my credit history. What I need to know is, will they approve a car title loan with this debt? Or can I use a co-signer with this debt?

If I have a co-signer, is it possible to have that person removed from the account at a later date?

I would not get a car title loan. Those sources of loans charge you an outrageous amount of interest and only keep in in a revolving web of debt.

ChihuahuaMomma · May 28, 2008, 12:15 PM

Yeah, I can't anyway since I had to register for a lost title (couldn't find mine), and it'll take 8 weeks. Oh well! Better not!

monroeangel · May 28, 2008, 01:02 PM

At that small amount your best bet is to pay monthly as possbile. It should only take you a couple of months and then you are debt free. Something that very few of us can say. You go girl!

monroeangel · May 28, 2008, 01:03 PM

If that is the only debt you owe you could easily get a loan for a car. Sorry, I misunderstood.

ChihuahuaMomma · May 28, 2008, 01:04 PM

Originally Posted by monroeangel

If that is the only debt you owe you could easily get a loan for a car. Sorry, I misunderstood.

I'm not trying to get a car loan..

monroeangel · May 28, 2008, 01:05 PM

BTW you can get a copy of your title to another vehicle from the DMV in your area. Just research it online and they will give you the nearest location. You'll need your driver's license and social and you get it while you wait.

ChihuahuaMomma · May 28, 2008, 01:06 PM

Originally Posted by monroeangel

BTW you can get a copy of your title to another vehicle from the DMV in your area. Just research it online and they will give you the nearest location. You'll need your driver's license and social and you get it while you wait.

That's what I did, they have to mail it. It takes 8 weeks