Student Loan questions PLEASE respond
I have Private student loans (WF, Campus Door, Loan to learn etc)
I am doing my best to keep current with them, but I just need to know a few things in case my situation worsens and they go into default.
I have no income, but will be receiving old age social security at 62 in a few years.
Can these lenders garnish these wages? I understand that if they are federal they can, but I am unclear on if they are private?
I have no job, and no assets, no home, no car. I am supported by my significant other of 25 years. We are NOT married. I do earn money on the side selling Avon and some other side line 1099 work.
I have 8 loans. If I am understanding correctly, that if they can garnish my wages it can be up to 25% of my disposable income, once they gain a judgement. So if one loan gains a judgement, and is awarded the 25% garnishment, can the other 7 gain any kind of judgement and garnish more? I believe that you can only be garnished up to 25% and once the 1st loan takes this, until its paid back the other 7 cant do anything until this garnishment falls off? Is this right?
Currently these lenders are wanting $1500 a month from me. I have no more deferrment or forebarence available to me, and I have already used up the MGRs payment plan they offer me. My social security will be around $1800 a month, so I am just wondering if they can come after 25% of it?
I know I might be crazy, but I can actually survive just fine, if they garnish my wages, because the amount that can be taken is actually much less than what the true payments are.
Soaplady, since you worked in the business... can you tell me if I would still be harrassed by the other loans, if one is already being garnished and they can see they have no other way to get any money? again, I am just weighing out what I am in for, should these loans got to default..
??? :rolleyes:
Private loans cannot garnish your social security and that incom
Private loans cannot garnish your social security and that income would be exempt if they sue you. They may choose to sue you put other than levying any funds in your bank, there is not much they can get.
am I hearing you correctly?
In reading all the posts, I think this is the first time you answered SoapLady with a comment indicating that maybe there isnt anything these lenders can do... I share my bank account, with my significant other,, its totally in his name. I am glad to learn that there just might not be much that they can do.. thanks!
If it is a private loan, they can sue you which could result in
If it is a private loan, they can sue you which could result in a bank levy...if you "share" the account, does that mean your name is on the account? If so, they can levy the whole balance.
no I do not share the account. I use it and write our bills fro
no I do not share the account. I use it and write our bills from it. It is his... we do NOT mingle our accounts.. so it sounds like they can get it.
I meant to say CANT get it,, its a checking account only in his
I meant to say CANT get it,, its a checking account only in his name.