NC garnishment law for credit cards and sallie mae private
 |
|
|
Thread Tools | Search this Thread | Display Modes |
|
#1
11-16-2008, 04:35 AM
|
|||
|
|||
NC garnishment law for credit cards and sallie mae private
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?
|
|
#2
11-16-2008, 09:48 AM
|
||||
|
||||
|
@ 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? __________________
Wulfisms: my blog The four 'no's of dealing with collectors: No validation? No payment. No way! No kidding!! Tellin' you all the zomby troof Here I'm is, the zomby woof [Frank Zappa, 1988 - R.I.P.]
|
|
#4
11-16-2008, 04:07 PM
|
||||
|
||||
|
Hang on a minute... Lemme move this post over where it'll get more exposure.
__________________
Wulfisms: my blog The four 'no's of dealing with collectors: No validation? No payment. No way! No kidding!! Tellin' you all the zomby troof Here I'm is, the zomby woof [Frank Zappa, 1988 - R.I.P.]
|
|
#5
11-16-2008, 04:19 PM
|
||||
|
||||
|
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. __________________
Wulfisms: my blog The four 'no's of dealing with collectors: No validation? No payment. No way! No kidding!! Tellin' you all the zomby troof Here I'm is, the zomby woof [Frank Zappa, 1988 - R.I.P.]
|
|
#6
11-16-2008, 05:37 PM
|
||||
|
||||
|
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.
|
|
#10
12-05-2008, 03:57 PM
|
|||
|
|||
|
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.
|
|
#11
12-05-2008, 04:10 PM
|
||||
|
||||
|
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.
|
|
#12
12-06-2008, 10:14 AM
|
|||
|
|||
|
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.
|
|
#13
12-06-2008, 12:13 PM
|
||||
|
||||
|
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.
|
|
#15
12-30-2008, 07:42 AM
|
||||
|
||||
|
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?
|
Linear Mode
