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 Posted: Sat May 10, 2008 8:11 am Subject: Default and no income |
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What can you do if you are loosing a job and no other employment is on the current horizon, and you have a loan in default, what do you do in order to get the guarantor to work with you in either deferring payment until you can secure employment or work out a repayment plan where you pay a lower rate?  Another question, there are online organizations that profess to being able to assist you if you have a loan in default. Does anyone have any experience working with these companies, and if so, do they work directly with the lender?
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meircats
Joined: 07 Apr 2008
Posts: 53
Debtcc Points: 951
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| Posted: Sun May 11, 2008 3:23 pm Subject: |
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Once you default on a loan, all deferment and forebarance priveleges are no longer an option. When it comes to negotiating a repayment plan, you simply have to be open and honest with the guarantor or CA handling the account.
Online organizations.....waste of time and money. You can get your own loan out of default by consolidating or rehabbing. By using these companies, you would be telling the CA or guarantor you have money to burn.
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SOAPLADY
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