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Does a secured car loan become an unsecured debt?
Answer . \nA student loan is an unsecured debt.\n. \nTo be secured, there needs to be something, generally phyisical (but not always), that can be taken (repossessed), an…d sold to satisfy the debt if it isn't paid. Kinda' hard to take back an education!
Debt consolidation is when you consolidate multiple lines into one new loan or debt consolidation program - it typically involves a debt consolidation loan. It is important th…at you know what your options are and what your goals are before choosing a debt consolidation program or company. I took help of Freedom Debt Relief to consolidate my loans. .
Medical bills are unsecured debt. Regards, Adam Luehrs KL Financial Services http://www.klfinancialservices.com
Secured means that there is some specific item pledged as collateral for that debt...frequently this is represented by some type of recoding of the pledge on official records.… A car loan, with the car as collateral and the lender named as a lienholder on the title a good example. A mortgage on a property is another. Unsecured just means there isn't a specific thing it has claim to first and before others...that it is general to all of your assets. Note that if a secured creditor must sell the asset to recover, and the asset doesn't generate enough $ to pay the debt (which includes all interest, penalties and costs of having to take that action), the deficiency is an unsecured debt, which will be able to be paid by process..having your other assets sold.
Shop around for be lowest interest rate
Bonds are norally something a person owns as an asset, not debt.
Lien on title...they get the property before anyone else...you can't sell without their release: Secured.. If you had to ask this maybe the most basic of loan questions and e…specially if you don' understand all the differences it means to your bankruptcy filing...GET AN ATTORNEY TODAY....failing to file correctly all the things you swear to the Court aew correct and true could lead to criminal charges, and certainly bad results - even the case being dropped. BK is NOT just filing some papers and having your debts excused...the result, like any legal proceeding, is very uncertain...the actions you need to take very specific.....and you creditors (like the bank with the car loan)...will all have lawyers working to make sure they get as much as possible.
A bank overdraft is an unsecured line of credit. The size of the line is negotiated with the bank and the rate is generally tied to the Prime rate (or LIBOR).
A secured loan is a loan in which there is physical collateral, meaning there is a physical item of worth that can be taken by the bank if the loan is not paid. Examples of th…is include a car loan or mortgage (house loan); the car or house are the collateral and therefore are the 'security' that the bank will not lose money on the loan. An unsecured loan is a loan in which there is no physical collateral, meaning there is no item of worth the bank can take if the loan is not paid. Examples of this include credit card debt or a student loan; in these cases, if the loan isn't paid the bank has to use a collections agency to try to get the money back.
The first step to move secure debt to unsecure is to get a credit report to see how much unsecure credit you can obtain. Apply for different loans and use the unsecure credit …to pay off the secure debt.
SecuredLoan: A Secured Loan is a loan, in which a person has toprovide an asset such as gold/property as collateral to the lender.This type of loan is favorable for those bor…rowers who need financeat low interest rate and for longer duration. UnsecuredLoan: In an Unsecured Loan, a person does not need to giveany security to the lender. In this, what matters the most for thelenders is the credit rating and repayment capability of theborrower. This is good for borrowers such as tenants, nonhome-owners etc.
A secured loan is a loan that some monetary interest (money or property of value) attached to the loan to insure its repayment. If the loan is not repaid, the monetary interes…t becomes the property of the loaning party. A unsecured loan does not have a monetary interest attachment.
There are different types of Bankruptcy. Chapter 7 is for the debtor which has debts like medical bills,carloans etc. But if you want to pay back your debts then you can fileC…hapter 11 and 13 which has a payment plan. You can pay your debtsthrough payment planning. Try to search more information about bankruptcy and ask a legaladvice.
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad …debt would be considered consumer debt or one that cannot be recovered.
There are four main benefits of unsecured car loans. These benefits include no collateral, quick approval process, flexible terms, and available to almost everyone.
There are many places that one could get an unsecured loan for debt consolidation. These places include, but are not limited to, Lending Tree, Prosper, and Bank of America.