0
No. Loans are never income. You are worth no more, and no less, before or after a loan. Your liabilities went up by the same amount as an asset...generally cash).
(In fact, perhaps you need to really understand that...borrowing or debt is NEVER income...do not treat it as such).
Improved:
However, if any of your creditors are settling with you / forgiving a part of your debt as part of the process, the amount that is forgiven CAN be reported as imputed income and taxed.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Must you have a regular income to qualify for a debt consolidation loan?
Yes, you do have to have employment to be considered for a debt consolidation loan. You would have to prove to the financial institution with whom you are applying that you will be able to make the payments on this type of loan.
How do debt consolidation services work?
Most debt consolidation services work by consolidating your debt into one loan. The debt consolidation service will pay off all of your debt balances and then make a loan to you for the amount of your debt plus any service fees. Normally the consolidated loan will have a lower interest rate than your previous debt balances.
What are the qualifications for a debt consolidation loan?
For a debit consolidation loan, the person being granted the loan must not have a history of bad credit or loan repayment and must be in effort to reduce their debt.
Where can one get payday loan debt consolidation?
There are a number of websites that offer advice and help to people looking to consolidate their payday loan debts. Some examples of these websites include Pay Plan, Debt Consolidation Care and Payday Loan Debt Consolidation.
Where can one find information about a consolidation debt loan for a small business?
A consolidation debt loan is the process of borrowing money to pay off other loans. One could find information about a consolidation debt loan for a small business on the website Technorati.
Must you have a regular income to qualify for a debt consolidation loan?
Yes, you do have to have employment to be considered for a debt consolidation loan. You would have to prove to the financial institution with whom you are applying that you will be able to make the payments on this type of loan.
How do debt consolidation services work?
Most debt consolidation services work by consolidating your debt into one loan. The debt consolidation service will pay off all of your debt balances and then make a loan to you for the amount of your debt plus any service fees. Normally the consolidated loan will have a lower interest rate than your previous debt balances.
What are the qualifications for a debt consolidation loan?
For a debit consolidation loan, the person being granted the loan must not have a history of bad credit or loan repayment and must be in effort to reduce their debt.
Where can one get payday loan debt consolidation?
There are a number of websites that offer advice and help to people looking to consolidate their payday loan debts. Some examples of these websites include Pay Plan, Debt Consolidation Care and Payday Loan Debt Consolidation.
What are the best companies for personal loan debt consolidation?
Debt consolidation is a single loan that allow you to repay your debts to all creditors at once. Most banks offer personal loan debt consolidation. For example TD Bank, RBC or Citi Financial.
Where can one find information about a consolidation debt loan for a small business?
A consolidation debt loan is the process of borrowing money to pay off other loans. One could find information about a consolidation debt loan for a small business on the website Technorati.
What are the best debt consolidation programs?
With a debt consolidation loan, a company fronts you the money to pay off your debt (or a portion of your debt), so then your monthly debt payments get streamlined into the one loan payment. Your debt consolidation loan ideally has a lower interest rate so you can save on interest as you pay it off.
Where can you get assistance with home loan debt consolidation?
One can find assistance with home loan debt consolidation at one of the following financial institutions. Bank of America, Quicken Loans, Wells Fargo, and B B & T Debt Consolidation.
How easy is it to get a debt consolidation loan?
I have learned there is really no such thing as a consolidation loan anymore. The banks and other loan agencies do not carry this particular loan anymore.
Is student loan debt consolidation something that will save money in the long run?
Student loan debt consolidation is a way to consolidate student loan debt to the point that money is put in a synthetic grace period to prevent interest.
Debt Consolidation?
Debt Consolidation Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Fill in your loan amounts, credit card balances and other outstanding debt. You can then see what your monthly payment would be with a consolidated loan. Try adjusting your terms, loan types or rate until you find a consolidation plan that fits your needs - and most importantly your budget!
Where can one find a personal loan for debt consolidation?
When looking for a personal loan for debt consolidation then their are many websites online that offer advice and many that offer debt consolidation loans. Some of these are Ocean Finance, Lending Tree and several other websites.
