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The interest rate on student loans is capped. There isn't a reason to pay for 10 years and not have the principle go down, nor pay for 30 years and still have a crushing debt. I would call again. How much did you take out?
??? The interest rate I am paying is 7 percent. There is also a 20% fee skimmed off the top of the garnishment, then the rest of it is applied first to interest. since I still owe some of the accrued interest, the principal is not yet being reduced. My current balance is around $12K.
??? The interest rate I am paying is 7 percent. There is also a 20% fee skimmed off the top of the garnishment, then the rest of it is applied first to interest. since I still owe some of the accrued interest, the principal is not yet being reduced. My current balance is around $12K.
That isn't much. I currently owe about $16K and by the time I graduate I will technically owe $35K. I need the credit the loans will give me.
I would still try and call them.
Also, bankruptcy and move - MI isn't good for jobs.
At the very least I would try to work at Costco or Sam's Club.
When they call you about the loans you obviously ignored them or they would have worked something out. I had to do this after getting hit by a car.
Why does that old cartoon come to mind. Ohhhhhhhhhh, the World owes me a livin la alalalal la la
sorry grasshopper it doesn't.
??? they don't work something out, they don't have to because they have superior collection powers and you can't bankrupt your way out of it. they said i owe x, they expect x, and that was it.
I went to college in order to get into law school. by the time I graduated, law school hhad become financially out of reach, and I was unwilling to either work three crappy jobs to work my way through law school (I've never heard of anyone doing that successfully) or borrow up to my eyeballs to pay for law school.
You should have stuck with it. Gone to the best state school (top 100) you could get in to. Private law schools are never worth it unless it's the big name top 10s.
I put myself through college (work and scholarships) AND law school (loans), and the vast majority of my 95k student loan debt is/was law school related.... but at least 30k of that could have been avoided looking back if I had chosen to live a simpler life in law school.
My student loans are $600/month, and while it sucks BIG TIME, I am making well over minimum wage so that it really doesn't affect my lifestyle too much. I also don't know when you graduated, but if you're 10 years out of college you're just a bit older than me, and the market was better for law jobs in the couple years before I got out.
Quote:
Originally Posted by freemkt
Fast food and retail are two things I don't enjoy and don't want to do, so I'm looking for some oter option.
You need to work to make money, and seek other options on the side.
Law isn't my favorite thing, which is why I also find time in my 60 hour work weeks for side projects that I hope will be a ticket out someday.
Just a hint - you're apparently mishandling these "debt scavengers." You can get this sort of debt off your credit report within just a few years - but it takes a bit of savvy.
The only thing that re-ages debt is if you make a payment on it to the new owner of the debt.
If the debt that these scavengers keep accruing is old credit card debt, then that goes away legally after four years. So credit card companies sell this debt to aggressive debt collectors for pennies on the dollar and they come after you. The only way that will remain your legal obligation to repay is if you ever make one payment to the new owner of the debt.
If you are contacted by a debt scavenger, demand that they give you their physical address. If you ask for it, they MUST give it to you. Tell them that you will report them to the FTC (Federal Trade Commission) if they do not immediately give you their physical address.
Then you mail them a letter telling them to stop contacting you, that they must sign for, to that address. You can find examples of the sort of letter you need to send on the FTC website I believe.
That should do the trick.
I had some random weird company contact me about ten years ago telling me that I owed $4000 on some credit card from 1995! For starters, I do not believe I ever had that credit card. I think I would have remembered defaulting on a $4000 debt. But regardless, the statute is four years to collect. We were well beyond that. I handled it as I described above and I never heard from them again. However, had I made one single payment (and they sounded so legit when they called that I honestly thought at first that I might actually owe this!) the cycle would have started all over again legally. Making that payment is admitting that you owe the debt, and it "reactivates" it - and then you have to pay it.
My credit report is now two addresses behind my current address, so I never actually hear from debt scavengers these days.
But my primary concern going forward is continuing to meet current obligations timely, and I believe that contacting the debt scavengers could impair my ability to meet current obligations.
Contacting the debt scavengers would update my credit report, which would wake up the judgment holders, and since I am collectable, they could take enough money to get in the way of paying current bills.
I went to college in order to get into law school. by the time I graduated, law school hhad become financially out of reach, and I was unwilling to either work three crappy jobs to work my way through law school (I've never heard of anyone doing that successfully) or borrow up to my eyeballs to pay for law school.
Fast food and retail are two things I don't enjoy and don't want to do, so I'm looking for some oter option.
You seem quite intelligent and knowledgeable, have a great deal of talent. Inquire, investigate, go to people you never would've gone to, do something to get back in school some way somehow.
My credit report is now two addresses behind my current address, so I never actually hear from debt scavengers these days.
But my primary concern going forward is continuing to meet current obligations timely, and I believe that contacting the debt scavengers could impair my ability to meet current obligations.
Contacting the debt scavengers would update my credit report, which would wake up the judgment holders, and since I am collectable, they could take enough money to get in the way of paying current bills.
If your credit is shot anyway bankruptcy is your nuclear option. If the debt is over 6 years old it is past MI's statute of limitations and they can't collect. The judgements are the only thing I would worry about because you don't want them garnishing your wages.
This heavily varies by state. The SOL on debt in MI is 6 years. If the date of last default was more than 7 maybe 7 1/2 years ago they are violating federal law by reporting and reaging it and can be sued for a couple thousand. Everything older than 6 years should drop off the following year.
True - thanks for pointing that out.
Regardless, no revolving debt should carry over for ten years. He must be starting up payments again with these "scavenger debt" companies.
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That'd be fun.
