I got the loan over 15 yrs ago. Everytime I tried to enter the field, I was turned down because of inexperience even though I finished the school. Now Im stuck with a loan I cant pay back. My first daughter was born and I was forced to seek employment elsewhere. I cant afford to have my wages garnished and I cant afford to pay the loan on my on.
2007-07-13 07:34:55 · 3 answers · asked by Zman 1 in Business & Finance ➔ Credit
It's gonna be tough.
I'm reading between the lines....but was this loan for a student loan? Note that even if you file bankruptcy, federally backed student loans will not be discharged.
2007-07-13 08:41:53 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You're stuck. The creditor has gone to all the legal work of obtaining a judgment and a writ of garnishment in order to force repayment of your debt.
The fact that you are not able to find work in the field in which you paid for the education is rather irrelevant. You borrowed the money and now they want it back.
Of course, you could leave the state and move to another, but they will find you the same way, and add any additional charges incurred to what you owe.
Time to find a second job and start retiring your debt. There ain't no free cup of coffee out there.
2007-07-13 08:36:58 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
The ONLY way to "get out of the loan" is paying it or declaring bankruptcy!
My ex got $28,000 out of our divorce, but defaulted on his home mortgage loan (and he's an underwriter- DUH!). Now the government is seizing his assets, because he never paid the judgment!
You can't borrow money and expect the loan to "go away" because you can't pay it off- accept the responsibility and pay what is rightfully due!
2007-07-13 07:45:49 · answer #3 · answered by Anonymous · 1⤊ 0⤋