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Defaulted private loans now with lawyers

Submitted by tganon123 on Fri, 05/17/2013 - 18:01
Posts: 4

I defaulted on a sizable amount of private loans, i received a letter from a law firm hired to collect.

My main issue is that i am unemployed, have been out of steady employment for awhile. i usually get by tutoring and getting help from family, essentially as of right now there is no wage to garnish.

The second issue is that i plan on enrolling in grad school next year and i'll be without income for the next 5-6 years in the mean time i have a family member (not a cosigner) willing to help pay the bill if i could negotiate a reasonable monthly fee. Is it possible to even try and negotiate when lawyers are involved or do i wait to get sued and the collecting company/lawyers/guarantor wait several years before they can start receiving any payment?

Defaulted private loans will not negotiate affordable monthly payments....period. Once defaulted, they become due in full immediately. Does your cosignor know that a judgment may be comng their way? They will not only sue you but the cosingor.

How will you pay for grad school? You will be ineligible for Grad Plus loans due to bad credit.

Submitted by SOAPLADY on Sat, 05/18/2013 - 05:40


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