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 Veritas
Registered: 04/15/05
Posts: 11,088
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 Re: I think I may need to go bankrupt. I have some questions.  [Re: Newbie]
#8651544 - 07/18/08 05:16 PM (4 years, 10 months ago) |
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What about changing payment plans to the "income sensitive" option? Have you checked to see how much that would lower your monthly payment? It's really much, much better to make your full minimum payment each month (credit report-wise) than it is to underpay & rack up delinquency reports each month. If you can lower your payment to a workable amount, and stay consistent in paying AT LEAST that much, your credit will not take a hit.
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia 
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Re: I think I may need to go bankrupt. I have some questions. [Re: Veritas]
#8651577 - 07/18/08 05:21 PM (4 years, 10 months ago) |
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To be honest I don't understand how. I'm not stupid, I'm just don't understand it. I click the link and it immediately scrolls down to a list of repayment options rather than just sending me to fill out a form. Then when I click "Lower my payments" it shows what loans qualify then there's terms and conditions out the ass.
You know:
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It's overwhelming.  I'll have to really scrutinize it, I appreciate your responses but you can only really get me so far. It's up to me to read up and get educated.
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Veritas
Registered: 04/15/05
Posts: 11,088
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Re: I think I may need to go bankrupt. I have some questions. [Re: Newbie]
#8651605 - 07/18/08 05:25 PM (4 years, 10 months ago) |
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Are you logged in under your specific account, or just looking at the main site pages?
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: I think I may need to go bankrupt. I have some questions. [Re: Veritas]
#8651628 - 07/18/08 05:30 PM (4 years, 10 months ago) |
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I'm logged into my account. I managed to find where to lower my payments but it's telling me something about the total repayment being $60,000?!! And that's just 3 of my private loans.. Hell I don't even know what a private loan is. Where is this number coming from? It's really frustrating me. I go on that site and my blood pressure starts to rise, I see the numbers and I start to panic.
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Veritas
Registered: 04/15/05
Posts: 11,088
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Re: I think I may need to go bankrupt. I have some questions. [Re: Newbie]
#8651671 - 07/18/08 05:40 PM (4 years, 10 months ago) |
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Just take a few deep breaths & then take a look at the monthly payments. The most likely reason your total repayment amount is $60,000 is due to interest on your $35,000 total loans. When you make smaller monthly payments, you may not be paying off the interest each month, so the interest capitalizes. (Increases the amount of principal upon which the next month's interest due is calculated).
The income contingent plan should be used for a VERY brief period of time, as it is way too expensive if utilized over the entire loan repayment period. Use it while you have to, and send in extra $ when you can.
BTW, private loans are from banks, vs. public loans from the U.S. government.
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Newbie
User of semicolons.
Registered: 07/18/04
Posts: 23,015
Loc: Suburbia
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Re: I think I may need to go bankrupt. I have some questions. [Re: Veritas]
#8651696 - 07/18/08 05:45 PM (4 years, 10 months ago) |
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Thanks for clarifying. I kind of had a feeling that it was all interest. It makes me so ANGRY!!!
$30,000 EXTRA just because of time? That's ASININE! That's a lot of money for nothing. I can't do it. I literally can't do it. With all of my other bills, and my need to save for a car, there's just NOT enough left over to send barely anything at all. I even managed to get my credit card bills under control.
It's this SalleMae that's breaking me. It's just not possible and I need them to understand that.
In the meantime I'm writing to the media to explain my situation and expose that shit hole. I want it made national that it's a god damn ripoff that will ruin your financial future if you're not careful.
Edited by Newbie (07/18/08 05:47 PM)
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Veritas
Registered: 04/15/05
Posts: 11,088
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Re: I think I may need to go bankrupt. I have some questions. [Re: Newbie]
#8651795 - 07/18/08 06:06 PM (4 years, 10 months ago) |
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Quote:
It's just not possible and I need them to understand that.
This is VERY unlikely to happen. The people with whom you are corresponding have no control over the interest rates, and no authority to reduce or suspend your payments unless you go through the proper steps.
I agree that the results of compound interest are astonishing. It sucks to be on the wrong end of it. 
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