Need some help

[Anonymous]

I was unemployed for a year. Unemployment insurance denied any claims so I was forced to live off my credit card while job hunting.

After 1 year, I finally got a job and also accumulated alot of debt. So I want to get a personal loan to pay off these debts and get back to where I was before all this.

SoFi sent me an email saying I was preapproved so I applied and requested the exact amount I needed. They countered with an amount that is about 65% of what I needed. I agreed.

I submitted my proof of income, rental income (leases) and they came back saying that they could not verify my rental income and denied my application.

My DBA job pays 57,007/year. My rental income is an additional 55000/year.

I really need some way of consolidating my credit card. I can't keep up with the Interest payments. If I stop paying all cards completely and pay 1 at a time (until paid), it will work.

Any thoughts?

[Anonymous]

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@Anonymous wrote:

I was unemployed for a year. Unemployment insurance denied any claims so I was forced to live off my credit card while job hunting.

After 1 year, I finally got a job and also accumulated alot of debt. So I want to get a personal loan to pay off these debts and get back to where I was before all this.

SoFi sent me an email saying I was preapproved so I applied and requested the exact amount I needed. They countered with an amount that is about 65% of what I needed. I agreed.

I submitted my proof of income, rental income (leases) and they came back saying that they could not verify my rental income and denied my application.

My DBA job pays 57,007/year. My rental income is an additional 55000/year.

I really need some way of consolidating my credit card. I can't keep up with the Interest payments. If I stop paying all cards completely and pay 1 at a time (until paid), it will work.

Any thoughts?

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I would suggest calling your credit card companies and telling them what position you're in. At this point, yuo are trying to avoind filing bankruptcy. Often, they will lower interest or payments for a certain period of time to help you get back on your feet. Unfortunately, debt consolidation isn't usually available when somoene really needs it.

But before that...

Are you a member of any credit unions? They are sometimes better options. What are your credit scores? Total credit lines? Utilization?

[SouthJamaica]

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@Anonymous wrote:

I was unemployed for a year. Unemployment insurance denied any claims so I was forced to live off my credit card while job hunting.

After 1 year, I finally got a job and also accumulated alot of debt. So I want to get a personal loan to pay off these debts and get back to where I was before all this.

SoFi sent me an email saying I was preapproved so I applied and requested the exact amount I needed. They countered with an amount that is about 65% of what I needed. I agreed.

I submitted my proof of income, rental income (leases) and they came back saying that they could not verify my rental income and denied my application.

My DBA job pays 57,007/year. My rental income is an additional 55000/year.

I really need some way of consolidating my credit card. I can't keep up with the Interest payments. If I stop paying all cards completely and pay 1 at a time (until paid), it will work.

Any thoughts?

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1. Can't you verify the rental income with bank account statements, tax returns, etc?

2. I agree with @Anonymous  that you should try to get in with a credit union.

[SlideOrInsert]

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@Anonymous wrote:

My DBA job pays 57,007/year. My rental income is an additional 55000/year.

I really need some way of consolidating my credit card. I can't keep up with the Interest payments. If I stop paying all cards completely and pay 1 at a time (until paid), it will work.

Any thoughts?

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Any chance you would like to list your balances, limits, and aprs along with your budget?

I would hope to believe with $112k income surely you should be able to strategically payoff.

[Anonymous]

Sell one or some of your rental properties? If your bringing in 55k a year in rental income surely you have some equity somewhere you can cash in on.