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OfflineRemainRandom50
Do You Need ToKnow Me?
Registered: 01/15/06
Posts: 1,695
Last seen: 14 years, 10 months
no pay back of student loan questions....
    #9180979 - 11/04/08 01:48 AM (15 years, 3 months ago)

so my friend finally decided to come clean tonight because shes in a rut.

it turns out due to her lack of making enough to live + pay her roughly $500-600 a month student loan for 10 years...she decided 4 years ago to just stop paying...so the bills came in the mail, the calls were made constantly asking for the money, and the debts were turned over to collection agencies, yet she ignored it all.

She is aware her credit is to SHIT because of this but she said that when she last spoke to them they could not make it any lower than that and she just couldnt afford it.

A collection agency just recently has called her this week and has left her messages stating "please call back or have your attorney call us before we make a final decision this weekend on how to handle this situation".  I am telling her to call and just face whatever it is, i mean shit your not going to jail.

She is SUPER paranoid as to what is going to happen to her, because she can still not afford that rate along with her rent, utilities, current bills, etc.

What is your opinion as to what they are going to ask or do to her?  Shes just so scared and im trying to calm her down and just call.


I know they garnish wages and they will also take your income tax to make up for it.  She is afraid there going to send her to jail, take her car or other personal assets, or try to make her pay it in full even though she has no way of doing so.


Any input on whats to possibly come, so i can put her to ease?


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At times I get consumed by my everyday life and will leave the Shroomery. Yet, every time drugs come falling into my life for fun.....I always think about the Shroomery and then I'm back!


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OfflineCoaster
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Registered: 05/22/06
Posts: 33,501
Loc: Deep in the Valley
Last seen: 12 years, 4 months
Re: no pay back of student loan questions.... [Re: RemainRandom50]
    #9180983 - 11/04/08 01:49 AM (15 years, 3 months ago)

iono man good luck
it sux ppl have2 go thru this


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OfflineNewbieS
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Registered: 07/18/04
Posts: 24,711
Loc: SoCal Flag
Last seen: 11 hours, 52 minutes
Re: no pay back of student loan questions.... [Re: RemainRandom50]
    #9181006 - 11/04/08 02:00 AM (15 years, 3 months ago)

I would also like to know the answer to this question.  I'm in such a financial rut over this shit, I haven't paid in over 2 months and just ignore the phone calls.  I haven't received any legal threats yet but I can't ignore them forever.


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InvisiblePrisoner#1
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Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
Re: no pay back of student loan questions.... [Re: RemainRandom50]
    #9181019 - 11/04/08 02:08 AM (15 years, 3 months ago)

the collection agency cant do shit, it can just be stuck on
her credit, and while it cant be removed they certainly cant
jail her for it, have her tell them that she's will to make
payments but there's no way she can at the rates they're
asking now and unless they're willing to accept what ever she can afford they simply wont get anything

they'll try and pressure her and all kinds f other shit, all
sorts of threats, tell her to ignore them, it's also a good
idea to buy a phone recorder and record any communications,
judges dont like creditors making threats

it's a good idea to know the laws in your state regarding
taping of conversations, if it's permissible, do it

http://www.rcfp.org/taping/


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OfflineNewbieS
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Registered: 07/18/04
Posts: 24,711
Loc: SoCal Flag
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Re: no pay back of student loan questions.... [Re: Prisoner#1]
    #9181025 - 11/04/08 02:11 AM (15 years, 3 months ago)

Aren't student loan debts a lot different than credit card debts?  I didn't think the same rules applied.


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InvisiblePrisoner#1
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Registered: 01/22/03
Posts: 193,665
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Re: no pay back of student loan questions.... [Re: Newbie]
    #9181029 - 11/04/08 02:13 AM (15 years, 3 months ago)

there is no debtors prisons, it will not come off your credit
unless it's payed back, they cannot put liens against your
assets on student loans, with credit cards after 7 years it
drops, that's the only difference


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OfflineMadtowntripper
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Registered: 03/06/03
Posts: 21,287
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Last seen: 6 months, 17 days
Re: no pay back of student loan questions.... [Re: Prisoner#1]
    #9181211 - 11/04/08 05:50 AM (15 years, 3 months ago)

She should have taken care of it before.

It's pretty easy to get extra deferrals for student loans.  I have one of mine still in deferral even though I've been graduated a year because it's just not going to get paid right now.

But letting it go this long?  She's probably fucked.  And I hope she doesn't ever want another student loan.  Defaulting looks pretty bad...


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After one comes, through contact with it's administrators, no longer to cherish greatly the law as a remedy in abuses, then the bottle becomes a sovereign means of direct action.  If you cannot throw it at least you can always drink out of it.  - Ernest Hemingway

If it is life that you feel you are missing I can tell you where to find it.  In the law courts, in business, in government.  There is nothing occurring in the streets. Nothing but a dumbshow composed of the helpless and the impotent.    -Cormac MacCarthy

He who learns must suffer. And even in our sleep pain that cannot forget falls drop by drop upon the heart, and in our own despair, against our will, comes wisdom to us by the awful grace of God.  - Aeschylus


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OfflineKada
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Registered: 02/15/05
Posts: 12,394
Loc: Buckeye Flag
Last seen: 7 days, 21 hours
Re: no pay back of student loan questions.... [Re: Madtowntripper]
    #9181239 - 11/04/08 06:10 AM (15 years, 3 months ago)

I know people that havn't paid on their student loans in over a decade or more. They keep getting it deffered, or they just ignore the shit out of them. It's not hard to shut off the phone and get a different number that is unlisted. The worst they can do is ruin her credit.


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~The Cultivators Motherload~

"I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them.
I am free because I know that I alone am morally responsible for everything I do." -Robert A. Heinlein

"There is no need for temples, no need for complicated philosophies.
My brain and my heart are my temples; my philosophy is kindness."-Dalai Lama

Live long and prosper.



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Invisibletruekimbo2
Cya later, friends.
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Registered: 12/08/02
Posts: 9,234
Loc: ny Flag
Re: no pay back of student loan questions.... [Re: Madtowntripper]
    #9181242 - 11/04/08 06:12 AM (15 years, 3 months ago)

i do exactly what she did for every single bill that arrives in the mail.  it works awesome, and then you move and the letters stop coming.


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You can check the last post in my journal for contact info.


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InvisibleBrainiac
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Registered: 04/29/06
Posts: 13,259
Loc: 與您的女朋 Flag
Re: no pay back of student loan questions.... [Re: RemainRandom50]
    #9181285 - 11/04/08 06:37 AM (15 years, 3 months ago)

Good luck getting a good job with bad credit....

http://moneycentral.msn.com/content/Banking/Yourcreditrating/P87306.asp


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:Awesketch:

:cool: Fair is Fair :devil:


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