Maine
Bureau of Banking - Consumer Credit Protection
State House Station No.35 Augusta, ME 04333-0035
Telephone: 207-624-8527
Helpful
Maine Debt Consolidation Loan Information
Maine
residents wishing to consolidate their debts with a Maine
debt consolidation loan should carefully select a reputable
loan company to advise them and help them complete the papers
necessary to secure them a loan.
In
making a wise financial decision it is important to gather
as much information as possible on all the debts you currently
have to consolidate. Once you have collected this information
you will be more prepared to answer any questions that a
representative from a company helping you may have. Having
the statements from your creditors is beneficial as it will
have all the important payoff information as well as account
numbers, contact numbers and such.
Most
Maine debt consolidation lenders will ask for the same documentation
to facilitate your loan request and approve your loan. You
will need to complete a 1003 loan application provided by
the lender along with a few other mandatory disclosure documents
(like in Truth in Lending Disclosure and an authorization
to release information to obtain your credit report), some
documents you will need to have available for review are
your current paycheck stub, your W-2 forms for the last
2 years from your employer if your self employed you will
have to supply your complete tax returns for the last 2
years including a profit and loss statement. Some lenders
offer no documentation or easy qualifier programs in which
they do not require the above documents but most all lender
will require a current appraisal of your home though some
do not.
We
suggest that not only you contact prospective Maine debt
consolidation loan companies online but it is also good
to contact them via telephone that way you can better judge
the professionalism of each company.
Once
you have started the process with a company you can always
call another one for a second opinion or even a third opinion
for that matter. And you can always call your State's Better
Business Bureau to see if a prospective company has had
any complaints against it. Checking first can help you make
an intelligent decision. The Better Business Bureau's nationwide
directory online is located at BBB.org
In
conclusion preparing your documents first, shopping around,
asking questions and investigating companies upfront will
help you make a wise Maine debt consolidation loan decision.
