sued for keybank private student loans
I finally got better as did my daughter that was born preemie but couldnt find a job for almost a year. went back to work. couldnt afford the payment they wanted called they assested me and the man said " you dont make enough for that payment, ill note your file and you just send what you can" this was 6 months ago... so I did what i was told then this past friday out of the blue this nasty A of a man called me from a collection agency and told me to get legal advice cuz they will be taking me to court unless I can come up with the last of the 16,000 dollars by the end of January. The man then decided to talk about my father who was the co-signer on my loans. calling him a bad joe shmoe father who shoulda paid my loans off and new i was irresponsible; He told me they are going to garnish my wages and take my income tax checks for the rest of my life.... But if they are private bank student loans are they able to do that? Anyone have a problem like this? I dont know what to do. Should I try to get some free legal counceling or let it play out for now?
Private loans are NOT able to garnish income tax returns. They
Private loans are NOT able to garnish income tax returns. They can garnish wages of both the borrower and the cosignor but only after both parties are sued in court.
Bottom line....private loans loans are nasty. Forberance is almost nothing. There are no hardship plans. You default the balance becomes due in full and they will sue the borrower and cosignor even if payments are being made. You personal circumstances are not their problem.
HOWEVER....they have broken the FDCPA by lying by degrading and threatening to taken action they cannot take. They cannot take tax returns and even if they could, they could not take them for the rest of your life Personally I would highly recommend that your father write down what was said to him verbatim and then get it notorized. Then find an attorney, try at NACA.org
Keybank is doing the same with me. I took a student loan out and
Keybank is doing the same with me. I took a student loan out and that started off bad because it too 3 months into school to get a check for living expenses, so my credit went in the toilet. The next semester they denied me a new loan to continue school. I couldn't find work for a long time. When I finally did, they were minimum wage jobs, and couldn't even pay my bills. Now this collector is calling demanding $45,000 in a single payment or they are taking me to court. I have heard all the terrible things that they can do and I am frightened. I'm not worring about my credit, the economy destoried that already. They claim they can ganish all of my wages, take what little I do have in my bank account. I made sure they can't do anything to my wife, so incase I decide to no wake up tomorrow she will be safe.
All I wanted to do was go to school, expand my education and have a better life (at least thats what they tell us).
What type of school where you attending? Did you not have/apply
What type of school where you attending? Did you not have/apply for federal aid? Did you apply late?
I went to one of the biggest Film Schools in the country in Orla
I went to one of the biggest Film Schools in the country in Orlando, FL. They are also one of the most expensive. I received a little Federal Aide but when 1 Semester is $40,000, the little bit of Federal Aide doesn't even put a dent in it.
Luckily the Bank too for ever getting me my living money, which took 3-4 months into being in school, so my credit went to crap because I fell behind on bills. So when the 2nd Semester begin I could't get approved to continue. So I was removed from school.Plus when your a student there, you have teachers there tell you that could can never put the school's name on a resume because no one will hire you since its considered a party school for rich kids. Over 90% of the students there have parents who paid for their tutition in cash. Biggest mistake I ever made. Techincally I probably should have never been approved for such a loan. I was 19 with practically no credit. It was definitely a subprime loan, one of the type of loans that got the american economy in this current situation to begin with.