2006-08-18 01:50:27 · 9 answers · asked by Alfalfa Sprout 3 in Business & Finance ➔ Credit
Well, you can still write them a cease and desist letter to stop them from contacting you. However, once they receive that, they'll just sell the debt off to another collection company who will buy it for a fee and perhaps take stronger actions to secure the debt, such as wage garnishment.
There are only two ways that the new law allows you to eliminate student loan debt. One is to become rated at 100% disability, or death.
This is totally unfair and something that I have been writing to Congress and Representatives about, but get no answer. If more people in this situation would do this, they may eventually get the message. Especially for people who are making less than minimum wage and have a student loan from 20 or more years ago. They need to reinforce the statute of limitations on this debt.
Also, if you can take the creditor to court and show that it would be an "extreme hardship" to repay the loan due to finances, it is possible that the loan will be written off.
Good Luck trying to consolidate. Not many companies out there who will do it for loans over a certain number of years.
2006-08-20 08:26:53 · answer #1 · answered by Big Bear 7 · 0⤊ 0⤋
Pay it! It's your debt. Why try to weasel out of it?
Some options to buy you some time:
Step 1 is to settle with them and do a repayment a little each month, whatever you can afford.
Step 2 if you can't keep ahead of that bill and others is to consolodate your debt. Talk to a credit counselor first! Your spending habits need to change. And don't take the first "debt consolidation" loan you find.
Step 3 if you still can't repay any loans and you're at risk of losing your home, bankruptcy will give you protections against some of their actions.
2006-08-18 02:01:57 · answer #2 · answered by Funchy 6 · 0⤊ 1⤋
Federally backed student loans are treated similar to child support. Even a bankruptcy filing cannot eliminate it.
Because the loan is in default, you no longer have the option to defer your payment.
I hate to be the bearer of bad news, but I do not know of any protections for it. However, if you are unemployed or cannot afford to pay, there may not be much that they can do.
Judgments are sometimes not pursued if the lawyers think that you are unable to pay.
2006-08-18 01:56:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think these articles might help you:
Student Loan Consolidation
http://www.askaquery.com/question/Student-Loan-Consolidation.html
Debt Consolidation Loan for Bad Credit
http://www.askaquery.com/question/Debt-Consolidation-Loan-for-Bad-Credit.html
2006-08-18 02:25:12 · answer #4 · answered by pied piper 1 · 0⤊ 0⤋
I was in the same situation. You can get your defaulted loans consolidated and handled with a service. The website I used is a good site that rates lenders who help people in your situation.
Check out http://lendersrated.com/index.htm#student
I hope this helps you.
Leafgreen
2006-08-18 02:21:17 · answer #5 · answered by PaymentKey.com 3 · 0⤊ 0⤋
No student loans along with IRS and child support are exempt from the SOL in your state. you need to workout something or else they will garnish there wages. Many times unsatisfied student loans will result in garnishment unlike credit card debt.
best of luck!
2006-08-18 17:26:50 · answer #6 · answered by sarah a 2 · 0⤊ 0⤋
regrettably, it would not. they could be waiting to disclaim on a NICS examine as a results of a individual being a FLAKE and/or freeloader. and human beings ask your self why the US government would not have any funds . . . .
2016-12-17 13:00:53 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Its debt and the best way is to consolidate your debts and clear them quickly:
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
2006-08-18 02:14:22 · answer #8 · answered by huh h 2 · 0⤊ 0⤋
you owe them......... they have a right to collect
2006-08-18 01:56:00 · answer #9 · answered by Anonymous · 0⤊ 1⤋