---My student loans has been send to two collection agencies.First one Is $1400, Second one is $11000. Both of them want me to pay the full amount. But the best I can do is to pay them each $200 a month.--- My Question is---1....If i keep paying them $200 a month what can they do?! ---2....One of the guy told me if not paying the full amount i will have to file for bankrupcy, is this what they want, or are they just trying to scare me. --- 3...if i only pay them each $200/mth. dose it effect my credit. or is my credit already bad when my file is send to them.---4... In what situation will they pass my file to another collection agency? ---------I'm willing to pay but with my job i can only pay so much.---please any one can help me out here. Thank you very very much.
2006-11-28 18:08:22 · 10 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Their cheating you, try to file up some contracts so that they will not or somebody not to try fooling or cheating you, if you are willing to pay for what you are currently loaning, try to register for bank account!
2006-11-28 18:11:52 · answer #1 · answered by Nouhime 4 · 0⤊ 0⤋
Yes, they are just trying to scare you. And even if you were suddenly able to pay in full, it wouldn't restore your credit rating. That will happen in due time after you get these paid off. Every time they call, just stay on-point and remind them they're getting $200 a month. Trust me, it's more than they get from a lot of people. One time the guy told me "If you don't pay in full, you're looking at EIGHT MONTHS!" So I said "8 months of what" and he said "Um, er, ah, 8 months to pay it back!" Then he called me a deadbeat and I hung up on him. It was a loooong time ago, so don't worry, things do get better. Just keep plugging away at it, and be very leary of credit for the rest of your life.
2006-11-28 18:17:55 · answer #2 · answered by Kacky 7 · 1⤊ 0⤋
They have no choice but to take as much or as little as you give them. As long as they're getting payments, they'll keep taking the payments. And there's absolutely nothing they can do to make you pay any more than you feel you can reasonably afford.
You don't want to live with a debt hanging over your head, so pay them as much as you feel Ok with. But don't listen to any of their threats. They can't do a thing.
Because this has been sent to a collection agency, your credit rating is already effected. So pay it off as you see fit... and if they threaten you, tell 'em they're gonna get what you give 'em... and if they don't like that... then tell them to take action. But there's no action they can take. They can talk... and that's all they can do.
2006-11-28 18:17:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They always ask for the full amount. They also LOVE to try and intimidate you! Don't let them. Fact is...they won't do anything if you are making an attempt...which you obviously are. If you can't get ahold of a pleasent person?? Get tougher with them. Tell them you are doing the best you can and to either leave you the hell alone or take you to court! Which they won't if you are paying.
2006-11-28 18:15:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They should allow you to forbear or settle with them in some manner....they cannot force you to file bankruptcy or claim any of your property unless you listed it as collateral on the loan. You are right, you only make so much and legally they can only take so much, so if you are trying to cooperate you should be able to work something out with them. Call the original provider of the loan, demand to talk to a manager, and try to work something out. Good luck!
2006-11-28 18:12:29 · answer #5 · answered by boomer sooner 5 · 0⤊ 0⤋
If they have been taking your $200 a month already, they have to keep taking that amount.
Your doing the best you can do.....can't get blood out of a turnip. Don't let them worry you. Just keep sending the money.
2006-11-28 18:20:12 · answer #6 · answered by ? 4 · 0⤊ 0⤋
tell those basterds to take what they get. don't let them be aggressive with you, yell at them. it will look good one your credit report paying them 200 a month. Thats crazy that you have to borrow money to go to school then they want it back before you can possible have it. The will say whatever they can think of to get you to pay more. they have no low that they wont go.
2006-11-28 18:12:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can pay and they will accept the payments. I suggest you set a payment agremment with them and stick to it. I know if you can make 6 months of payments they have companies that will refinanace it for less interest and stop the fees and penelaties.
2006-11-28 18:12:17 · answer #8 · answered by ML 5 · 0⤊ 0⤋
too late for ur credit, try calling student loan and see if they will take it back, you don't have to file BK, he is full of $hit, you may also be able to settle for lesser amount if you talk to student loan people..and ask to speak to supervisor next @sshole bill collector calls,tell him he advised u to go BK..
2006-11-28 18:14:03 · answer #9 · answered by snoogans 5 · 0⤊ 0⤋
Go to your bank and ask for an officer. They can give you guidelines and may help you combine the loans.
Good luck
2006-11-28 18:35:29 · answer #10 · answered by Nort 6 · 0⤊ 0⤋