Please share your experience, almost half of my $19,000 debt is fees and penalties. I want to avoid any wage garnishment but I can start making modest payments and want this off my credit report.
2007-01-03 09:47:19 · 5 answers · asked by johnking1972 1 in Business & Finance ➔ Credit
Refinance it. Then make your payments on-time. With damaged credit, it may be a stretch to do so. And it will be on your credit report for a least 7 years, if you take care of it NOW! It will not come off until 7 years after the last payment.
Get a part-time job and put all of the extra income towards the loans.
2007-01-03 09:51:49 · answer #1 · answered by Joe S 6 · 0⤊ 0⤋
If you have difficulties paying the loan contact the Dept. of Ed... request a hearing. They will mail you a form where you will have to disclose your gains and your expenses. They will put you in a payment plan that you can afford. The Dept. of Ed. is interested that you pay off you loan. After a 12 consecutive payments on time they will knock off the penalties.
Department of Education tel#
2007-01-03 18:05:49 · answer #2 · answered by Naemesees 2 · 0⤊ 0⤋
I had a loan in default once & I wasn't working at the time. I spoke with the loan company & we worked out a payment that I was able to make for 6 months consecutively on time & they brought it out of default. So maybe if you could talk & explore your options with them & explain to them what you can afford they might work with you. Sometimes you have to let them know that you are willing & want to get this taken care of.
2007-01-03 18:10:24 · answer #3 · answered by ndhlp28 1 · 0⤊ 0⤋
look , dude (sorry to call you that)
you really should have deferred it before the penalties
they just want to see that you WILL pay at some point
make a few payments on time and they will see that
then maybe talk to a bank
that sort of thing STAYS on your credit report for a decade probably
credit reports are there to tell banks who is or isn't a good risk to loan hundreds of thousands to, you can't really blame them for checking first to see if you pay loans back or don't
2007-01-03 17:52:23 · answer #4 · answered by kurticus1024 7 · 0⤊ 0⤋
Please discuss the problem and ask an advice from a loan officer at your local branch of a bank you do your regular banking, or the branch manager,they know you and they know the solutions to the problems with loans. Good luck.
2007-01-03 17:55:22 · answer #5 · answered by Anonymous · 1⤊ 0⤋