How To Write For A Debt Consolidation LoanGet Your Debt Consolidation Facts Straight Before you contact anyone, most importantly your creditors, regarding a debt consolidation loan: get your debt facts straight. A debt consolidation loan, even one done all on your own, can save you money: it´s simple math. The key is doing it right and getting the information your creditors and debt consolidation lender need prepared and written first. Start with this checklist:
Gather your bills, don´t leave anything out that you wish to include. Prepare an excel spreadsheet listing your bills, monthly payment, interest amount (APR), total amount owed, and contact information for your creditor. If you can´t do an excel spreadsheet; do it the old fashioned way and write it down. Do an evaluation of your current income, focusing on a budget which determines your ability to pay. How much you can afford to pay each month on your bills? Answer this question. Prepare a list of potential debt consolidation lenders. This should include debt consolidation companies and your local bank or credit union. These companies can be located online or in your local yellow pages. Write It Down To Consolidate Debt With this information you are ready to prepare your debt consolidation loan. The next step is the actual letter you need to write to your creditors. Use the paperwork you prepared above to contact the creditor for each line of credit, loan, credit card, or other debt you wish to consolidate. The written letter should include: A statement identifying the account you wish to consolidate The amount your last statement (bill) says you owe. Not the monthly payment, the total account value owed. A brief but factual explanation of your debt situation and your strong desire not to default on the amounts you owe or declare bankruptcy. A request to lower this amount in exchange for total and complete payment immediately.
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