Check out the 5 financial tips for the last week of November 2012.Tip no 1 - Student loan defaulters who successfully pass the Brunners Test can have the outstanding balance discharged through bankruptcy.
Usually, student loans are not dischargeable in bankruptcy. However, this does not mean that students have absolutely no hope. They can discharge student loan debts after going through a series of tests such as Brunners Test. Students have to prove that their debts are creating undue financial hardship upon their families. The tests actually help the courts to determine the level of hardship of the students.
Brunner test is conducted to augment the financial future of students. The court has to believe that the students won't be able to get a job in future. Tip no 2 - Check the SOL period of your state before settling your debt.
Do you have a past due debt? Are you planning to negotiate with the creditors and settle your debt? If yes, then do check the SOL period in your state right now. This is because if the debt does not fall under the Sol period, then the creditor can't take you to court. If you don't pay off the debt, then also the creditor can't take legal steps against you. Morally, you'll still be responsible for the debt. The trade line will also be there on your credit report. It won't be fall from your credit report till 7 years and 180 days.Tip no 3 - Research every Internet site on which you might use your credit card, even ones you believe to be reputable.
Whenever you're giving your credit card information in any website, make sure you check the security settings carefully. Find out if the website is secured. Popularity of a website does not guarantee that your credit card details will remain secured. If the security setting is not good, then the scammers can steal the information and use it for making financial transactions. So if you've even 1 percent doubt about any website, then it would be better to not make any purchase through it. Avoid those websites which start with "http". Check if the website has received certification from trusted companies.Tip no 5 - If you love your job, then don't talk about the negative sides of the company.
Every company has flaws. You may not like certain rules and regulations of the company. However, this doesn't mean that you should talk bad things about the company in a public platform. Keep it in mind that you're very much part of the company. You represent the products and morals of the company. If your employer finds you creating negative impression about the company, then you can be very well in trouble. You can be instantly fired. If you can't say anything good about the company, then at least try to refrain from making negative comments.Tip no 5 - Student loan defaulters have a single shot opportunity of ‘rehabilitating’ their loans through paying 9 out of 10 consecutive, fully voluntary, timely monthly installments.
Student loan rehabilitation is only a single chance to pay off your delinquent federal student loan. If you can make timely installment for the specified time period, then you'll get another opportunity to qualify for federal student loan. In addition to that, the default may be deleted from your credit record. You may have to wait for as long as 3 months to get the default moved from your record though.
In case, you get delinquent on the loan, then you won't be able to take advantage of student loan rehabilitation for the second time.