At the end of my rope,paying 3 student loans,one is in default.

[spaceman]

i know the easy answer is, get a better job etc.
i am currently paying down other student loans/rent/dentist bills/credit cards
i have one that is 19k,and is now defaulted..
the problem with this is that they are threatening my father with wage garnishment/fed return withheld since he co signed the loan.
i know there is no easy way out.but im am dangerously close to my budget limit as it now stands..
my father is getting harrased, as well as me...i wish he never co signed the loan for me, but the reality is what it is.
i cant find much in the way of options and the amount they want per month is more than i can bear(in more ways than one) right now unless i want to live under a bridge.

i dont really know exactly why im posting this, in retrospect i have no one to blame but myself.But i cant enjoy anything...i wake up with this,it skips around inside my head all day, and the only respite i get is from unconciousness.


has anyone had this happen to them?

 

[Freejack2]

I hate to say it, but consider bankruptcy. It won't do anything for your student loans but you can file chapter 13 I think and they'll consolidate all your loans into one easy payment that you can afford. If you can't afford anything you can try for chapter 7 but you have to be broke and unemployed usually to get that.

 

[Azraele]

Look into consolidation.

 

[Evadman]

If you thell the collection agency ( or whoever is calling ) to stop calling you point blank, they must by federal law. IIRC.

I was 7 months behind on my school loan at one point. The sad thing is that payments were only $50. it is paid off now.

I wish you luck. I don't really have any advice to offer besides telling them to stop calling.

 

[spaceman]

i dont know if i qualify for bankruptcy,even if i did...i am most worried about protecting my father.chapter 13 and a consolildated repayment...would this get them off my fathers back?

thats what is most difficult to bear, i feel as if im shaming my father..
i cant allow them to garnish his wages,id sooner die.

 

[iamwiz82]

I must ask how much your min. payment is and how much you make annually? Do you not have any money because of excessive spending or a low paying job?

 

[iam4u2nv]

Dude I am with you man. I am still paying mine off. I had one default too. Careful about bankruptcy because some school loans are not subject or at least that is what they told me. I called the default agency in my case that was Michigan Garuntee. I told them that I could not pay the whole loan at once, 10000 and I could not afford the payment they setup. They helped me get a payment I could afford and setup a payment plan. They also took my tax returns for 5 years but it was finally paid off. I hope that helps. I have 2 loans left and 2 years. I am getting there.

I can also feel your pain on loans. I borrowed all my loans from one bank because they told me that I would only pay one bill every month. They lied to me. They sold my loans every year and I ended up paying 5 places at over 550 per month. I made some deals with lenders and got my payments fixed. I would call them and see what they can do for you.

 

[klah]

Originally posted by: ncircle
has anyone had this happen to them?

After University I had an outstanding loan of ~$120K(US) with a private party as well as ~$20K in credit card debt.

So things could be worse.

 

[NetworkDad]

Bankruptcy might be an option...or I listen to Tom Martino on the radio frequently, an excellent consumer advocate. He frequently recommends consumer counselors both on his radio show and online. Check it out.

 

[spaceman]

Originally posted by: Evadman
If you thell the collection agency ( or whoever is calling ) to stop calling you point blank, they must by federal law. IIRC.

I was 7 months behind on my school loan at one point. The sad thing is that payments were only $50. it is paid off now.

I wish you luck. I don't really have any advice to offer besides telling them to stop calling.

if it were only that easy.they look at it as fine...theyll just call my father which is 100 times worse.

i appreciate the input people.i am in over my head and dont have anyone to speak with rationally about this.

 

[spaceman]

Originally posted by: iamwiz82
I must ask how much your min. payment is and how much you make annually? Do you not have any money because of excessive spending or a low paying job?

min payment on this is $200 per month.(for that one loan)
i work at a museum, and dont get a great deal of money..but have unique oppurtunities afford to me there that i cannot get anywhere else....if not in a monetary sense.

 

[iamwiz82]

$200 is not a whole heck of alot. At $10/hr you could definately afford that. Where is your money?

 

[NetworkDad]

Originally posted by: ncircle

Originally posted by: iamwiz82
I must ask how much your min. payment is and how much you make annually? Do you not have any money because of excessive spending or a low paying job?

min payment on this is $200 per month.(for that one loan)
i work at a museum, and dont get a great deal of money..but have unique oppurtunities afford to me there that i cannot get anywhere else....if not in a monetary sense.

Can you work a 2nd job, temporarily ? I was in a similar situation a few years ago, sucked it up and worked evenings for the post office during the busy holiday season. It caught me back up to ontime payments, and i've never regretted it. It was hard for for about 4 months, but well worth it.

 

[HappyPuppy]

Check out this guys web site, he has a lot of excellent info on how to deal with crditors. You will have to do some digging, but the info is there.

Ben Dover can help you screw over those who try to screw you!

The only association I have with this individual is that I listen to him on the radio and, after visiting his web site, I was able to get my son's creditors off his back with the information I was able to find.

Good luck.

 

[iam4u2nv]

Dude I was there. I lost everything. I hated the career field my degree was in or thought I hated it at least and I was making like 7 dollars an hour (in 94). My car burned up and I got a Reckless driving ticket on the new car I payed too much for, the ticket killed me in insurance not to mention fines. I tried the military but I could not get in because they found a heart problem which was most disturbing. I thought all was lost but I did make it through. You know what I did for a while. I sent them like 10 bucks.. 15 bucks, whatever I could. I at least sent them something. That did not keep them off of my back but it did keep them from legal recourse until I made a bit more money. I did finally get a job which has over time become a good paying job. Do not give up. You never know what is around the corner. I speak from experience.

 

[spaceman]

dentist:$1500 root canal(paying roughly 50 per month)
rent/utilities/food $400(girlfriend pays other half of siad utilities)
misc other student loans $180 a month
car insurance:$100 roughly
credit card bills:$150 a month
gas(80 minute commute total)roughly $180 per month
im sure there is more.

 

[db]

Talk to an impartial credit counselor--one who does not stand to profit from the solution they offer. Usually these are free.
And with bankruptcy, the part your dad co-signed for would still fall on him; IOW when one of two people can't pay, they go after the other one.

edit: usually if you call the creditor and explain (and you sound sincere and for real), and offer to make smaller payments, they will go for it. Why? B/c they lose less if you continue with smaller payments vs them calling in a collection agency which keeps a cut of what they collect.

 

[bizmark]

Originally posted by: HappyPuppy
Check out this guys web site, he has a lot of excellent info on how to deal with crditors. You will have to do some digging, but the info is there.

Ben Dover can help you screw over those who try to screw you!

The only association I have with this individual is that I listen to him on the radio and, after visiting his web site, I was able to get my son's creditors off his back with the information I was able to find.

Good luck.

Wow, I thought that you were being sarcastic and mean there. I can't believe the guy's actual name is Ben Dover! LOL

Hope you find a way out of this ncircle.... keep us updated... I might find myself in your same situation in about a year

 

[kranky]

I also recommend a credit counselor - having an uninvolved party look at the situation might reveal options you hadn't thought of yet.

But if I were in your shoes, and had to take immediate action...
(1) Tell the dentist that you're sorry, but you temporarily have to cut your payment back to $20/month
(2) Is the $150 credit card bill the MINIMUM payment? If not, cut it back to the minimum
(3) Use extra money from 1 and 2 above to pay towards your loan.
(4) Don't eat out and go cheap on that at-home meals
(5) Take a second job for a while, nights and/or weekends.
(6) Look very hard at all your spending, you can probably squeeze a little more out. Like - do you buy the cheapest gas?

The second job is going to be the easiest thing that will make the biggest impact.

Good luck to you!

 

[ReiAyanami]

yeah, u guys can join military to get free education and they turn u invincible there!

 

[Stark]

Originally posted by: Azraele
Look into consolidation.

or take some classes at a community college and get a deferrment.

 

[NeoSolo]

I feel your pain.
Not in pain any more right now, but been in similar situation.

First get rid of all the extra in life until you get back on track.
No Cable, save on electricity water... etc, find free internet, no long distance call, no ceullar phone.
No microwave food, No pizza.

good luck..

 

[FoBoT]

Originally posted by: iam4u2nv
Careful about bankruptcy because some school loans are not subject

yes, i think some student loans are exempt , so that might not be helpful

more info
CCCA is among the best consumer credit counseling agencies

 

[heartsurgeon]

sell your car

just insurance and gas will save you $280.00/ month - your spending nearly $10.00/day on riding around in the car!

take the bus or make arrangements for a ride/carpool

move back in with dad/mom - save rent

get a second job

tear up your credit cards - pay cash for everything - pay off your credit cards first (highest interest rate)

ask for a raise

 

[Cyberian]

Originally posted by: Stark

Originally posted by: Azraele
Look into consolidation.

or take some classes at a community college and get a deferrment.

How would this work?

(I never went to school, and thus never had any student loans)