Help
Date: Fri, 06/08/2012 - 09:39
I took out a private loan to pay for college in 2006 and now the people are threatening to garnish my wages and take private collections. The loan was 10,000 and now they are saying I owe almost 19,000 I'm shocked and worried. I have two kids and I'm trying to provide for them. I would even try and get on a payment plan but they want me to pay almost 19,000 like yesturday. Who can afford that? Not me....Are they able to go into my account and get any monies that may be in there or take my car from me ? I wish I would have never had to do that. Please advise me on how to handle these people who are threatening the income of my family
Your loan has defaulted and your interest has been accruing and
Your loan has defaulted and your interest has been accruing and capitalizing since 2006. With a $10k loan, your payment would have been around $140/month for 10 years if you had started when you left school. The prom note you sign out stated that your loan would be due in full on demand in case of default.
Have they sued you yet? Do you have a cosignor on the account??? Once they get a judgment against you, they will be able to garnish your wages and levy your bank account. They do not want your car.
If you have any family that can help you, talk to them now.
