Ecmc

I have student loans that originally were 46,000 in 2001 but have grown to 61,000. In 2007 I had surgery that left me unable to work for a period of 1.5 years.The medical bills I had left me with a pile of debt that led me into bankruptcy. However that had no impact on my student loans.

And now want to find a job and even have several prospects. I do not want to get to the point of wage garnishment. ECMC has already contacted my last employeer which was my mother. Also my mother would loan me the money but she only has 30,000. In 2002 i paid texas guareenteed 1000.00 and again in 2004 I paid 1000.00. In 2008 they offset my IRS refund of 4500.00. Will the 30k get me anywhere and what is my best solution. Thanks

Will tell you the same information I told you yesterday.....They an old client of mine. They will take up to 100% of the collection fees off but will not waive any principal or interest. So you are nowhere near what you need. As I told you yesterday, consoldiate with Direct Loans.

if I paid them say 20k will they work with me any as far as the collections fees. Thanks so much for your response yesterday but you were to brief for my understanding of how this process works. I know I need to pay but need some bargining power on my side when i go to them.

$20k is simply a payment....it wont waive the collection fees. A settlement has to "settle out" the account in short order..usually 90 days or less. If a simple payment is made, it is applied to the collection fees first, then interest and then any principal. It really doesnt give you much bargaining power at all. And neither rehab or consolidation will waive the collection fees either.

So 46 k is my only barginning tool. That means 15k before I can walk away from this.

What will I be looking at if I did the consolidation or rehab?

Rehab requires you make 9 payments of 1% as a standard payment for 9 months...they will remove the negative tradeline from the current holder...but any prior tradelines remain. Consolidation to bring the loans current and out of default and you will automatically be assigned to the income contingent repayment plan....takes about 60 days. Use Direct Loans....is the Dept of Ed....url in the sticky section at the top of the student loan forum.

Ive been wage garnished on a student loan without any papers or anything of me knowing. Is that possible

Yup, it is possible. If they dont have a correct address for you and your 30 day notice was returned, they can still go ahead with the garnisment since it is your responsiblity to keep your guarantor/lender informed of your current address.

What are the chances of getting your offset returned to you? I've submitted a financial hardship to ECMC and they emailed me and told me that they would review and and let me know within 30 to 60 days.

As ECMC has said, it will take around 30 - 60 days to review the matter.