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russmills7

Two part question, first can wages be ganished in NC for credit card debt? Second I have a Sallie Mae personal private loan and can no one to considate this loan for me?Can I have my wages garnished for this loan?

Posted: Sun Nov 16, 2008 10:48 am Subject:

@ part one: No. North Carolina does not allow garnishment for consumer debt.

@ part two: Huh??? Sallie Mae is a student lender, as far as I know. Are you inquiring about a student loan?

Russmills · Posted: Sun Nov 16, 2008 3:04 pm Subject: Private student loan

I have a Sallie Ma private student loan and can no one to considate this loan for me?Can I have my wages garnished for this loan?

Posted: Sun Nov 16, 2008 5:07 pm Subject:

Hang on a minute... Lemme move this post over where it'll get more exposure.

Posted: Sun Nov 16, 2008 5:19 pm Subject:

On consolidation: It's my understanding that you have to have two or more loans in order to consolidate. Soaplady should be along in a bit. Listen to her advice, she's the resident SL expert.

On garnishment for a defaulted SL in NC: I know they can for a Federal loan, not so sure on a private loan, but I think yes. Student loans are tricky, and the rules are different. Again, hang tight. More help is on the way.

Posted: Sun Nov 16, 2008 6:37 pm Subject:

Are you sure it is a Sallie Mae Private Loan? Sallie Mae handles both private (alternative) loans and FFELP (federal loans)

If it is truly a private loan, then they would have to get a judgement first. And since you are in NC, they cannot garnish your wages on the judgement. However they can seize bank accounts and lien other assets.

russmills · Posted: Wed Nov 19, 2008 6:12 am Subject: private student loans

Thanks for your insight.

Daniella · Posted: Mon Dec 01, 2008 12:51 pm Subject: Sallie Mae

can sallie mae garnish your wages for stafford and private loans for creative education in California?

Posted: Mon Dec 01, 2008 1:10 pm Subject:

Government loans including staffords can garnish in all 50 states without a court order. Private loans must take out a judgement first.

John from Staten Island · Posted: Fri Dec 05, 2008 4:57 pm Subject: Sallie Mae private loans

I was inquiring about alternative (private) loans through Sallie Mae. My fiance took out federal loans and also private loans. She graduated from NYU and she had to take out about $60,000 in private loans through Sallie Mae. Is it possible to declare chapter 13 bankruptcy on ONLY the private loans? If not and we call to negotiate and they refuse us, would they consider negotiating with us if we default or would they just seek a court order for garnishment? Neither of us have any significant assets.

Posted: Fri Dec 05, 2008 5:10 pm Subject:

Private and federal loans are nondischargeable in bankruptcy. Private loans can be included in a chapter 13, however are not dischargable. This means when the BK is discharged, the balance will be updated with all the interest accrued over the 13 period.

If the loan is not in default, there is no negotiation. Once you do default, collection fees are added and the balance accelerated. They will negotiate a settlement then but maybe only 20% off of the balance or so for a one payment settlement.

Word of advise.....dont default. Work a second job, do something....but dont default.

Guest · Posted: Sat Dec 06, 2008 11:14 am Subject:

But doesn't chapter 13 allow for a repayment schedule? That is what I found when I looked it up. I don't want to default but I know later on in life when her and I have a house it will be VERY difficult to pay mortgage and private student loan debt.

Posted: Sat Dec 06, 2008 1:13 pm Subject:

yes it allows for a repayment schedule for the 3-5 years that you are in BK. However, BK will cause your private loan to default so when the BK is discharged, everything comes due in full.

Then you need to concentrate now on getting the private loans paid down now....some people work a second job to pay them paid down or out. You need to make sure when you take out a mortgage that you can afford the student loan payment.

Rickscott · Posted: Tue Dec 30, 2008 8:30 am Subject: Student loads

Have a student load that was sold to a collection company. I have one garnushment already. Can they ad another one? I live in NC.

Posted: Tue Dec 30, 2008 8:42 am Subject:

Student loans are NEVER sold to CA's, only assigned.

I believe NC is a non garnishment state except for federal debts like student loans and IRS and I dont know what the state maximum is these types of debts. Student loans garnish at 15% so it is quite possible that another one could come in bump your garnishment higher. Why not get into repayment to avoid another garnishment?

Rickscott · Posted: Tue Dec 30, 2008 9:29 am Subject:

That would be a good idea if I had the money. I know that in NY you can olny have 1 garnishment at a time. I just don't know about NC. I dont enough money for my bills now. 1 more would kill me. I may need to move back to NY.

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