The concept of borrowing and lending, in some form or the other, has always been an integral part of all social systems. Probably, the concept is as old as humanity itself, because human needs have always been diverse and multiple.
Nowadays, lifestyle is everymanâ??s maxim… Fulfilment of major and normal needs is the only aim. Based on that human needs can be sorted as:
Major purposes like operation, extended treatments, late education fees and more
Regular lifestyle requirements like home, business, health, education, wedding, vacation, holiday season, vehicle, debts, bad credit and more
Lifestyle luxuries like spa treatment, cosmetic surgery, flying lessons and more
Of all, regular lifestyle requirements have made taking credit a regular practice. Typically, every loan seeker looks for a deal that affirms:
No collateral, i.e., no deposit against the loan amount
Lowest possible APR, i.e., interest rate + loan process charges
Less paperwork, i.e., no red tapism
Quick service, i.e., fast loan processing
No immediate risks in the event of repeated defaults or non-repayment
The most certain way of getting a deal like that is by opting for an unsecured loan. This loan can be availed for most of the aforementioned needs without pledging collateral. This feature has made it very popular in the loan market.
Unsecured loans are ideal for people who:
Are not capable of offering collateral, as they do not own (tenants) one or are living with their parents (students)
Are not willing to get into property related legalities or risk their property for a small amount (homeowners or property owners)
Have small monetary requirements, as offering collateral may not be necessary (regular temporary needs)
Have urgent needs, as getting into lengthy property evaluation procedures may not be feasible (urgent needs)
No loan option is without a catch. In the absence of collateral, stakes are normally high for the creditor. Hence, the loan terms and conditions of an unsecured loan deal are usually non-negotiable. Typically, the:
Amount a loan seeker can borrow is usually small
APR (Annual Percentage Rate = Interest Rate + Loan Processing Charges) is generally high
Payback terms are generally fixed
Loan clauses are by and large non-negotiable
Unsecured loans are a great support for lifeâ??s routine needs, unexpected expenses, emergencies, and other needs. So, shop around and choose wisely.
Please note: You must have a clear idea of your requirement and financial standing in the market, as a thorough knowledge facilitates negotiations with the lender. Also, compare loans to make sure that you opt for the best loan alternative. Avoid hasty decisions.
Eric
http://www.articlesbase.com/loans-articles/unsecured-loans-a-good-loan-alternative-116566.html
#1 by Tracy B on July 16th, 2009
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Is non-payment of unsecured credit card loans an alternative to bankruptcy?
I cannot do debt consolidation. I would rather not declare bankruptcy. A dishonest ex-husband dumped his debts on me when he shocked me by divorcing me two years ago after 14 years of marriage. This was in TEXAS.
#2 by jenny on July 16th, 2009
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sure that’s an alternative, until they start garnishing your wages. now that’s a real bummer.
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#3 by s on July 16th, 2009
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It is not the same at all. Why can’t you do debt consolidation. Why don’t you get a job? Go to a bank, call your cc company, do what you need to do. If you just don’t pay your bills, guess what? The balances will keep going up, you’ll always get creditors calling you, you’ll demolish your credit rating. Go talk to a bankruptcy attorney and see what your options are. Depending on how much money you owe, there may be a way out. But not paying versus bankruptcy aren’t even comparable, you can’t say an alternative, they are two completely different things.
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#4 by slabberdasken on July 16th, 2009
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In Texas, they cannot garnish your wages. The statute of limitation is four years. You have no legal obligation to pay anything that is older than than.
Most likely your debts have been purchased by junk debt buyers for pennies on the dollar. They cannot do anything without a judgmet. If they threaten to sue you can offer them a settlement for a fraction of the original debt.
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#5 by spliceit on July 16th, 2009
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Well, in Canada they call it a consumer proposal and it is not really as bad as a bankruptcy, but your creditors agree to take x amount of cents on the dollar. You then have a monthly payment for a few years and then once you are finished, the debts are gone.
As for your ex leaving you with debt it is only your debt if you are jointly liable.
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#6 by UP on July 16th, 2009
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I don’t know anything about Texas laws. I do know that if you can’t do debt consolidation you are better off filing bankruptcy. Your credit score will actually improve because you won’t have a bunch of judgements or late pays on your credit. All of the derogitory items then show up under one thing (bankruptcy). By the way you never know what may creep up w/ an ex. Be sure of everything your names were on together and get a credit report to see if there’s anything on there you don’t know about. All of your credit will remain good if you continue to pay your bills on time. There are alot of creditors that make you wait 2 years after your bankruptcy has been discharged before you can get any large credit (like buying a house) . I think you’ll be fine. Good luck.
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Personal…ex filed bankruptcy so I had to file. I couldn’t pay his bills and mine. (2 house notes, 2 car notes)
#7 by jakana b on July 16th, 2009
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Can’t you take your ex to small claims court to get his half of the debt? why are you letting this loser get off scot free. Sister, there are millions of stories like yours and women just seem to sit back and bear the burden. I would take his ass to court and maybe even report him for fraud. If you don’t plan to consolidate and you already know bankruptcy is really only for an extreme situation. What you gonna do but pay the debt in full. You can try negotiating with the creditors to see if they will take some off, but from what you are saying here, you are going to have to foot the bill love. You really should take legal action against this man though.
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#8 by SoCal Attorney on July 16th, 2009
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If you don’t file for bankruptcy, the creditors may or my not file a lawsuit against you to collect the the money owed. The negative information will be on your credit for up to 7 years. Your accounts may be turned over to a collection agency and you may need to deal with the phone calls and the letters. If the creditors do sue and get a judgment, you may have to deal with their judgment collection efforts: putting a lien on your home, gong after your bank accounts, etc.
A bankruptcy can stop all of this and eliminate all (or most) of the debt. It is just a matter of what you are mentally capable of handling.
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