charging off!!....to who knows where
Date: Tue, 09/14/2010 - 16:48
I've been behind on my student loans for several months with Chase. I called today to schedule a payment and catch up on my past due amount. The account manager for my loan (I was transferred twice) say it charged off on August 31. She wants me to settle my total debt in the next 48 hours (it's about 65,000). She says get someone I know to take it from their 401k or get a loan. I told her I could pay 600 dollars now and 300 dollars a week until I caught up and she said it was a no go (I'm probably about 2,800 dollars behind in payments). I just want to get back to making regular payments. Can anyone out there give me some help?
It you are charged off, you have defaulted. Only thing that will
It you are charged off, you have defaulted. Only thing that will help you now with a private loan is balance in full. Once you have defaulted, you cannot catch up...your balance has been accelerated.
Did some calculations...interest based on a 7% interest rate is $380 per month. They will more than likely refer you to a collection agency.
Quote:Originally Posted by SOAPLADYIt you are charged off, you h
Quote:
Originally Posted by SOAPLADY It you are charged off, you have defaulted. Only thing that will help you now with a private loan is balance in full. Once you have defaulted, you cannot catch up...your balance has been accelerated. Did some calculations...interest based on a 7% interest rate is $380 per month. They will more than likely refer you to a collection agency. |
I suppose the next step then is wage garnishment and the such? Because, they're definitely off their rocker if they think I can pay in full. Is there anything I can do now?
No, they will have to sue you first before they can garnish you.
No, they will have to sue you first before they can garnish you.
Quote:Originally Posted by SOAPLADYNo, they will have to sue you
Quote:
Originally Posted by SOAPLADY No, they will have to sue you first before they can garnish you. |
If I can't pay the full amount, then that's what they will do right? I would like to explore other avenues, but it sounds like either I pay a huge some huge lump sum, or I'm gonna get sued. Can a credit counselor help prevent this? If so who would be a good company to use.
p.s. I really appreciate the help. Thank you very much.
Quote:Originally Posted by SOAPLADYStudent loans cannot go thru
Quote:
Originally Posted by SOAPLADY Student loans cannot go thru credit counselling. |
Then could you possibly tell me the maximum allowable garnishment percentage for defaulted private student loans. I'm getting different numbers when I search articles online and use garnishment calculators the max rate is between 15% & 25%.
Federal student loan garnishment is 15%...judgment garnishment i
Federal student loan garnishment is 15%...judgment garnishment is whatever your state max is, most being at 25%. You could also be subject to a bank account levy at the same time too.