Sallie Mae private loans

Date: Thu, 04/09/2009 - 18:48

Submitted by anonymous
on Thu, 04/09/2009 - 18:48

Posts: 202330 Credits: [Donate]

Total Replies: 3

I have a good amount of private consolidated loans with Sallie Mae. My monthly payment is ridiculous and I take full responsibility for it. I have no other debt but have 200k in private loans and my credit is great. The problem is I can't reconsolidate because my debt to income ratio wouldn't allow it and really wonder how the heck Sallie Mae approved me. I have talked to a lawyer and he thinks a chapter 13 would atleast buy me some time to where I could be making more money in 5 years. My payment now is 1700 a month. Yikes!!! He said I could do a payment plan in Ch 13 where it could be like 400 a month and interest stops accruing over the 5 years. Has anyone done this or have any insight? Thanks!

o and my payments are in forbearance right now for 3 more months

Interest doesnt stop accruing...it doesnt get applied to your ac

Interest doesnt stop accruing...it doesnt get applied to your account during the bk but once the bankruptcy is discharged, all the interest is brought back up to date so you are potentially in a worse situation. Also bankruptcy can cause private loans to be declared in default.

lrhall41

Submitted by SOAPLADY on Thu, 04/09/2009 - 19:03

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My lawyer did not notify me that interest is up to date after th

My lawyer did not notify me that interest is up to date after the bk. Are you 100% positive? also, my lawyer stated that under bk it cant be declared default because its a court judgement of a payment plan? any more insight. thanks for your fast response

lrhall41

Submitted by anonymous on Thu, 04/09/2009 - 19:07

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I have seen happen many times....a bankruptcy filling on a stude

I have seen happen many times....a bankruptcy filling on a student loan is grounds for default. And on the interest, yes it updates as it is an undischargable debt.

Call and talk to SM.

lrhall41

Submitted by SOAPLADY on Thu, 04/09/2009 - 19:19

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