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Need some honest advice

Date: Thu, 04/15/2010 - 18:53

Submitted by greedyfox
on Thu, 04/15/2010 - 18:53

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Total Replies: 3


I am in a bit of trouble here. I work but do not make much money. My main issue is student loans, as Sallie Mae for 4 months stopped sending me bills so my account is past due (though I have started payments again!) My loans in total are just over $10,000

In addition I have 2 credit card accounts. They are both around 3,000. So approximately $6,000 in Credit card debt.

So between 16,000 and 17,000 in debts in all.
That is a really scary thought for me. I just graduated college a year ago and this is not something to be up against right away.
My credit was always great until Sallie Mae reported me and now my credit is pretty much destroyed.

PROS: Have yet to miss a credit card payment for either account.
That is the only thing I can really say I have done right so far, and it has been hard work to do so.
However, I believe it'll only be harder and harder. I don't want to suffer the consequences of not paying the cards, because it is never good.

Therefore, I've discovered in my stress this site and these lovely forums with many experts and knowledgeable peoples, and I've come to ask for advice.

Based on the information I have provided what do you recommend for me? What is consolidation like vs. settlement? Anything I should know?
Any more information you need from me just ask.
Thank you for your time in reading and responding to this lengthy post!


I believe they are private loans, as they are through Sallie Mae. I moved and updated and still didn't receive bills. Then I got the letter from them saying I needed to call them immediately or else basically. A couple days later I got a letter saying it was defaulted, as of April 1st (I didn't receive this letter until 2 days ago!) I called and they told me I was like around $300 behind payments and needed to bring the account to date. I made a minimum payment because I couldn't pay them the 300. They said nothing about the account being in default. So I'm not sure I figured the people I spoke to would have told me that.
The phone person also confirmed my address with me and said they'd send an updated bill.


lrhall41

Submitted by greedyfox on Fri, 04/16/2010 - 04:47

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Sallie Mae is both a federal lender thru the FFELP program and a private lender. Private loans will default pretty quick if your are not making your full payment. When you moved, did you update Salliemae or just do post office forwarding?

Call them and find out what type of loan you have and any other details.


lrhall41

Submitted by SOAPLADY on Fri, 04/16/2010 - 05:23

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