I will provide a good bit of background, so that you may know who I am and what I seek to accomplish. I am 56 years old. I am a practicing Christian, which in this venue is intended to show that I have a conservative lifestyle and believe in accountability. Therefore, I pay my debts. When our sixth child reached the age of 5, my wife decided to change her lifestyle and left us. Nevertheless, I kept custody of our children and was able to put all 6 through college (one of them through grad school, and one through law school). I have managed through all of this, not only to pay all debts, but to pay them on time. Therefore, I have no late or derogatory accounts whatsoever in my credit history. Also, I have worked at the same company for 32 years (in management) and make a very good salary.

Five of my six children finished college/grad school/law school within the past two years. Since all six have been away at school during the past few years, I took out and/or cosigned education loans for all of them. I also gave them credit cards to use for living expenses. Since all six children are now adults and on their own, I now have all these credit cards returned to my possession. I need to consolidate as much of this credit card debt as possible ($60K).
Understandably, I need to consolidate these credit cards and close the accounts. Since closing these accounts prior to paying them off would lower my available credit (on my credit report) – and therefore my credit score also – at least some of these accounts will remain open until I can acquire financing to consolidate them (closing a few of them might offset this fact and perhaps even raise my score – since too many credit card accounts also lowers a credit score). I seek to consolidate all of them and close them all. This is one of the two goals I put forth here today.

The second goal is perhaps even more important. I also seek to consolidate $95K in education loans as soon as possible. These are education loans that I cosigned for one of my children. He just married last year and is experiencing extremely serious marital issues over this debt. This young man has learning disabilities and ran up this large debt because college took him 9 years to complete. Yet, he was neither a “professional student” nor a “party person”. He has always been a responsible young man and worked hard. However, I am the one that convinced him that a college degree was his best security in life. Perhaps I was wrong in his particular case. Regardless, he struggled valiantly (and I am very proud of him) and finally received his degree last year, but he is now working at a low wage – and perhaps always will due to his disabilities – and it is clear now that he will never be able to repay these loans. Moreover, his wife knows it also, and they are not only delaying having children but she may leave him for someone she feels she can have – and afford – a family with. Therefore, it is imperative that I get this debt out of his name and off of his credit report altogether. Moreover, I am already legally responsible for this debt as the cosigner – and am also already making the payments.

I make enough to pay all my debts – including these. I have tried to refinance and/or consolidate these loans in my name only, but without success – due to only a fair credit score. This score is due entirely to the multiple credit cards (which I seek to close and consolidate) and the total amount of education loan debt (which are -> $131K in my name at Sallie Mae + $95K in private education loans that I cosigned for this one son and seek to consolidate/refinance in my name alone + $80K in private education loans I cosigned for other children but which they can and do pay themselves). My only other debts are a car loan I cosigned for one child ($11K – but he makes the payments) and one final medical bill for my youngest daughter (final payment March 2012).

I have no assets to collateralize. My home was damaged by Hurricane Gustav, and I sold it in 2009 due to the cost of repairs above and beyond what my homeowner’s insurance paid – plus the fact that I could see that I would have to be the one repaying my son’s education debts (the $95K that are in addition to the $131K education loans in my name alone) and I needed to make sure that I could make all the necessary payments on a monthly basis. Selling my home gave me an additional $2700/month to pay towards debts. Therefore, I now live with my parents and will continue to do so far into the foreseeable future.

Furthermore, I have spent the past five years paying off enormous medical bills due to the fact that my youngest daughter suffered a stroke at age 16, and had several related complications over the next 3 years. She is now 21 and has made a 99% recovery – and is now out of school and working (so she has her own insurance now – and no more medical bills to speak of). I make my final payment on her very last medical bill in March 2012. That will be the last of about $70K I have paid out-of-pocket to get her healthy again. The reason this information is included here is so that it can be known that I have paid off a great amount of debt already since 2006/2007.

As for my future, should anything happen to me, I have more than ample term life insurance to pay all my debts (including this $95K I cosigned for and seek to refinance in my name only) – plus plenty left over as a help for my children as well. Additionally, my position with the company I work for (and helped found) guarantees me full employment for life – so my income would remain steady even if I ever became disabled (plus I have disability insurance). In spite of the current economy, our company just enjoyed a record year – perhaps the best year we have had in a decade (due in part to an innovative machine we patented that is now being sold worldwide and has applications in multiple industrial markets).

All of this information is designed to show that I am a responsible individual. I do not drink, gamble, or engage in any activities that might inhibit my ability to repay the funds I seek. I live frugally and pay my debts. My financial downfall has been raising and putting six children through college, along with a few life challenges that I have met in the best ways available to me at the time.

I welcome any inquiries, and am happy to give full disclosure in all things. Thank you for your time in reading and considering this matter.

Sincerely,

Delbert