Loan Rehab - 1% of debt or 15% of income?
Date: Tue, 11/24/2009 - 09:26
Since I am paid on commission, my pay changes every month. If Loan Rehab is based on my 2 most recent checks and locks me into that amount for 9 months, Wage Garnishment would actually a better deal for monthly payments, since it is 15% of each individual paycheck.
This just doesn't seem right.
Standard rehab payment is 1% of your debt. Try calling back and
Standard rehab payment is 1% of your debt. Try calling back and ask to speak to a "qualified manager", not some collector paying the role of manager. Take names and phone numbers. If they keep messing with you, you have grounds to call the ombudsman back and file a complaint
Thanks. They are definitely saying that it is 15% based off of m
Thanks. They are definitely saying that it is 15% based off of my 2 most recent checks. I asked, 'is there a way to have it based off of my debt'? She said 'no', since I was approved for Wage Garnishment on October 22nd.
She has a lot of trouble telling me the exact date that they stopped allowing me to be considered for payments based on debt rather than the last 2 checks. Basically, I'm looking at paying $400 every month, rather than $160. No good.
I'm working with the Ombudsman to get some answers.
Higher Education Act defines the payment as your loan amortoized
Higher Education Act defines the payment as your loan amortoized over 120 months or approx 1%. Plus you are also entitled to reasonable and affordable payments. This is the law...