Is A Consolidation Loan Right For You?
When you need to consolidate debts and have a bad credit score it is not always easy to know how to get started and chose the best deal.
If you have numerous loans, you might want to simplify things and have only one payment coming out of your bank account. This makes budgeting much easier and will help you from going overdrawn. Your credit rating may also have improved, in which case you will want to take advantage and get one big loan at a lower APR than your current loans. Perhaps you want to pay more off each month, or less. Or perhaps you now have a partner and want to use their income to take out a bigger loan.
Whatever reason you need the loan, let’s look at how to see whether it is worth doing. Depending on your objective, different criteria will apply. If you just want the lowest APR for your borrowing, then you will need to add up the cost of repaying all your current loans, along with any early repayment fees there might be. Then compare this with the cost of repaying the one big loan. A simple case of the lowest amount wins.
If you want to pay less each month then you will have to add up the current monthly cost of your loans, and compare this with the monthly price of one consolidation loan. Don’t forget your consolidation loan must be big enough to pay off all your other loans, including any fees and still have a lower monthly repayment. If you need to borrow much more just to lower your monthly total, then it sounds as though this probably isn’t a good idea.
If you do want to take advantage of your partner and increase the borrowing amount, take their credit score into consideration. If it’s better than yours, then that is a good situation to be in, and should help you borrow more at a lower APR than if their credit score was worse than yours. If the score is worse, you should beware that this will affect what kind of deal you will be able to get. It could be worth waiting a while before taking out a bigger loan, and checking your partners credit score for areas it can be improved can be a good idea.
To get the best deal, check which lenders do not use loan brokers, and visit them for a quote. Then go to a whole of market broker for a quote. This was you cover every loan option that’s available to you. Always use a whole of market broker, as other brokers are tied to a certain group of lenders, which may exclude you from getting the best loan for your needs.
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Pay To Stay” Prison Program A Miserable Failure
In the counties of Butler and Hamilton, Ohio, the sheriff’s departments attempted to collect money from inmates to pay for the cost of their stay at jail. A miserable failure, the program was halted a few weeks ago after it cost taxpayers $69,000 to settle a federal lawsuit. The state auditor put an end to the program because it wasn’t generating any revenue.
Despite this fact, these counties are discussing reviving the program through collecting booking fees. Financial analysts remain dubious. Even in the best case scenarios, the policy may not be lucrative at all; most prisoners that end up in jail have no money.
Lawsuits were the issue that stopped the program in the first place. An Ohio prison nearby originally began charging booking fees at a hundred dollars and an additional $67.77 daily charge for every day held. But federal lawsuits against Hamilton and Butler counties started the end to “pay to stay” programs. The major issue at hand was determining who had to pay the fee.
Ohio law allows a county to charge inmates for room and board, medical and dental treatment, property damage and a onetime booking fee. Prisoners must be billed at the end of their stay, but the key provision of the law is that convicted inmates only could be charged. The District Judge said that it was unconstitutional to take these fines from inmates who were not yet convicted.
Hamilton County was taken to court in 2000 and was ordered to return around one million dollars in prison fees and to pay $150,000 for an educational program for inmates. In 2001, Butler County was also sued. By 2003, the grand total of money that was returned to settle litigation was $63,846 to 2,431 prisoners. Additionally, the county was ordered to pay a $5,000 donation to the Legal aid Society after officials did not add the agreed upon ten percent interest on refund checks.
Although the plan to charge pay to stay fees to prisoners has failed, and has cost taxpayers more money than the program is worth, the Sheriff’s department still looks to extract more money from the jail. Charging booking fees, and taking in out of state prisoners are current considerations.
Mallory Megan works for Rapid Recovery Solution, a medical debt collection agency. Having trouble collecting money from small claims? collection agencies can help.