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 Posted: Thu Apr 10, 2008 2:50 pm Subject: Paying off Defaulted Student Loans |
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Does anyone know anything about paying off defaulted student loans? someone close to me had a loan that went into default last month. It is only for a small amt and they say that you need to have a checking acct to set up payments but this person does not have checking acct. they will not even accept debit or credit card payments. This person is overdrawn and acct has been closed. Will send payment by way of money order. Can someone please detail how to deal with a defaulted loan as far as payments and also, how it impacts your credit report?
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meircats
Joined: 07 Apr 2008
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| Posted: Sat Apr 12, 2008 7:10 am Subject: |
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Defaulted student loans end up being a double wammy on credit reports as they will report 2 negative tradelines...1 from the defaulting lender and one from the guarantor who paid the claim.
Your friend needs to be aware that they will be charged collection fees of up to 25% at 60 days post default, so that will increase their balance. If you dont have a checking account, you can pay by money order but the CA's dont really like it. They cannot refuse it though.
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SOAPLADY
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| Posted: Tue Aug 12, 2008 7:56 am Subject: default student loan |
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my student loan was discharge through bankruptcy chapter 7 because of financial hardship in 2001.the lender will not accept this,so i am agreeing to pay some but not all because it was discharge not dismiss.i want to set up some kind of payment plan,but how do i go by this.i can only afford 50-75 a month to pay.this has been going on long enough.the credit bureaus has deleted this account because they found that it was discharge.please help.
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sherip
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| Posted: Tue Aug 12, 2008 9:17 am Subject: |
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Did you have the extra hearing that is involved with discharging your student loan? If not, then your student loan was not discharged. With the hearing, the lender or an attorney for your lender/guarantor would have been present to raise objections. If you simply had the 341 hearing, then your loans were not discharged.
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SOAPLADY
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| Posted: Thu Sep 11, 2008 10:30 am Subject: defaulted student loan |
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what is the minimum monthly payment for a defaulted student loan
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mike t
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| Posted: Thu Sep 11, 2008 1:23 pm Subject: |
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There is no such thing a minimum monthly payment on a defaulted loan. When you default, your loan balance becomes due in full....any payment plan set up is strickly based on finances and are temporary.
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SOAPLADY
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