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Enormous debt

Date: Wed, 07/26/2006 - 06:55

Submitted by anonymous
on Wed, 07/26/2006 - 06:55

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have $200,000 in debt. $100,000 of it is in private student loans (these were unsecured, credit-based loans that required a co-borrower), $30,000 in credit card debt from 6 companies total, $56,000 in federal student loans, and another $18,000 in private loans through Wells Fargo, Sallie Mae, and Iowa Student Liquidity that I am the sole signer on. My net income each year is only $28,000 ($41,000 gross before deductions). What are my options other than bankruptcy (I cannot allow the loans to fall back on my co-signer because she makes half of what I do a year).


Your total debt includes unsecured as well as student loans. You can apply for forbearance on the student loan debts and pay in easy monthly installments.

Include your unsecured debts in the consolidation plan. Most of the late payment fees and the interest rates will be lowered down making the total amount affordable to you. You will be getting a call from the debt counselor of this site. Talk to him who will fix your payment plans.


lrhall41

Submitted by IncredibleHelp on Wed, 07/26/2006 - 11:49

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The word easy does not apply to repayment of my student loan obligations. Remember that I only take home $2800 a month. My bills exceed $3500 a month easily. Additionally, the co-signed private student loans from AES have gone through a full year of forbearance, and they informed me that an extension is not possible. That means I will have another $900 a month to shell out for those loans, which is impossible on my current income.


lrhall41

Submitted by on Wed, 07/26/2006 - 11:53

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I can understand your situation but since the student loans never go out of the SOL, you will have to pay them at some period of time. If possible, try to increase your source of income with a second job. You need to save some money at the end of the month for your daily necessities after deducting all these monthly payments. Talk to a counselor who may offer you some professional advice in such situations.


lrhall41

Submitted by IncredibleHelp on Wed, 07/26/2006 - 11:58

( Posts: 492 | Credits: )