My bank just approved me for a trial loan modification. When I submitted my application I had to include all collections, judgments and credit card information.
And I just received an offer from my bank to get a personal loan to consolidate credit cards and other debts. And by getting this loan I could pay off the remainder of the collections and judgments. I would really like the simplicity of just the one payment. And getting alone can help me rebuild after all the late payments. But there is interest attached which may be slightly higher than my cc rate. But I am afraid of applying for new credit during the trial modification as I don't want to jeopardize that.
Does anyone know if the bank would allow this?
