do i have to repay my private loans?

Question

and could my wage be taken out of my pay check for this, i dont have the money what can i do.

Answer 1

ok not sure were you live in the world or what your full money matters are. but if you are not paying off a loan depending on who it is with it will go through diffrent stages
1) missed payment:- may get a charge for missed payment they will ask for the money again if you still can not pay then you get a little black mark on your credit rating but at this point not nomaly an adverse rating.
2) if you are still unable to pay you can talk to them about a payment sceem (they want there money so most places will let you agree a small repayment plan if this will help them get there money) most places will not (but some do) give you an adverse rating.
3) again depending on who they are if this payment agreement has not worked eg you still did not pay them or you could not aford there lowest repayment sceem then two things could happen,and both nomaly lead to an adverse credit rating,
a)the place you are with sell your debt on to another place who can agree a lower payment with you over a longer term (and in most cases this is were the intrest stops,but adverse credit has be aplyed)
b) they take you to cort and then this is were they can rule that a part of your wage be taken from you before you get it, but this is ment to be worked out in the cort as to how much you can aford and will not amanly be what your old payment was.

if you are having problem paying you loan then do talk to them before your options reduce.
hope this helped

Answer 2

All student loans have to be paid back. They CAN take your wages away to make payments, and that creates negative credit. You DON'T want that. If your loan payback has just began, you can apply for an economic hardship defermit, which will allow you a 3 year repreive, but understand that your interest WILL keep accruing.

If it is a different kind of loan through a bank, you might want to try calling the lender to see if you could work out a payment plan that is easier for you to handle. If the lender is unwilling to help, call a debt consolidator. These are people who specialize in putting all debt into a payment that you can afford easier.

I hope these things have helped. Good luck!

Answer 3

Yes, you do have to repay your private loans. If you're in financial dire straits, you can apply for a forbearance. If you don't repay in a timely fashion, you will DESTROY your credit rating and will therefore have to pay more money out of pocket when you buy a car and be faced with high interest rates.
I'm not sure if private loans can garnish wages, but your paycheck can be garnished if owe on federal loans. Also you won't be eligible for social security or tax refunds.

Answer 4

I would suggest talking to a credit counsellor in your area. Creditors can file a judgement for any amount over $100.00 and they can garnish wages up to 60% once obtained. A credit counselor can negotiate on your behalf to obtain a far more equitable payment based on your income and freeze your interest rate so you can get out of debt.

Answer 5

you do have to pay your private loan but you should know that since you had to sign a promisary note but it can't be taken out of your check but setup a payment plan.

Answer 6

no