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Answered 2015-07-15 19:48:33

YES its possible... READ your loan contract ASAP. 3 phrases you DONT want to see...

  1. 1 cross-collateralization;
  2. 2 lender believes debtor may be insolvent
  3. 3 collateral must be covered by insurance

I have NO idea which 'debt consolidation" program you are with BUT some appear to be CROOKs. You pay a monthly fee, send them your money for your payments BUT they they get their 'fees" off the top and some allow you to be 90 days lates before they begin "negotiations" with the lenders. BE SURE what your terms are..Good Luck

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