NC garnishment law for credit cards and sallie mae private

@ part one: No. North Carolina does not allow garnishment for consumer debt.

@ part two: Huh??? Sallie Mae is a student lender, as far as I know. Are you inquiring about a student loan?

I have a Sallie Ma private student loan and can no one to considate this loan for me?Can I have my wages garnished for this loan?

Hang on a minute... Lemme move this post over where it'll get more exposure.

On consolidation: It's my understanding that you have to have two or more loans in order to consolidate. Soaplady should be along in a bit. Listen to her advice, she's the resident SL expert.

On garnishment for a defaulted SL in NC: I know they can for a Federal loan, not so sure on a private loan, but I think yes. Student loans are tricky, and the rules are different. Again, hang tight. More help is on the way.

Are you sure it is a Sallie Mae Private Loan? Sallie Mae handles both private (alternative) loans and FFELP (federal loans)

If it is truly a private loan, then they would have to get a judgement first. And since you are in NC, they cannot garnish your wages on the judgement. However they can seize bank accounts and lien other assets.

Thanks for your insight.

can sallie mae garnish your wages for stafford and private loans for creative education in California?

Government loans including staffords can garnish in all 50 states without a court order. Private loans must take out a judgement first.

I was inquiring about alternative (private) loans through Sallie Mae. My fiance took out federal loans and also private loans. She graduated from NYU and she had to take out about $60,000 in private loans through Sallie Mae. Is it possible to declare chapter 13 bankruptcy on ONLY the private loans? If not and we call to negotiate and they refuse us, would they consider negotiating with us if we default or would they just seek a court order for garnishment? Neither of us have any significant assets.

Private and federal loans are nondischargeable in bankruptcy. Private loans can be included in a chapter 13, however are not dischargable. This means when the BK is discharged, the balance will be updated with all the interest accrued over the 13 period.

If the loan is not in default, there is no negotiation. Once you do default, collection fees are added and the balance accelerated. They will negotiate a settlement then but maybe only 20% off of the balance or so for a one payment settlement.

Word of advise.....dont default. Work a second job, do something....but dont default.

But doesn't chapter 13 allow for a repayment schedule? That is what I found when I looked it up. I don't want to default but I know later on in life when her and I have a house it will be VERY difficult to pay mortgage and private student loan debt.

yes it allows for a repayment schedule for the 3-5 years that you are in BK. However, BK will cause your private loan to default so when the BK is discharged, everything comes due in full.

Then you need to concentrate now on getting the private loans paid down now....some people work a second job to pay them paid down or out. You need to make sure when you take out a mortgage that you can afford the student loan payment.

Have a student load that was sold to a collection company. I have one garnushment already. Can they ad another one? I live in NC.

Student loans are NEVER sold to CA's, only assigned.

I believe NC is a non garnishment state except for federal debts like student loans and IRS and I dont know what the state maximum is these types of debts. Student loans garnish at 15% so it is quite possible that another one could come in bump your garnishment higher. Why not get into repayment to avoid another garnishment?

That would be a good idea if I had the money. I know that in NY you can olny have 1 garnishment at a time. I just don't know about NC. I dont enough money for my bills now. 1 more would kill me. I may need to move back to NY.

Student loans work on federal laws which trump state laws in this case.

Hi there, I had a student loan of about $50K, that with interest and such has grown to $120K in 3 years (fair? no, but that's another story). Long story short, Sallie Mae charged off my private loans last year. I sent them a letter twice requesting validation, they send me back unsigned notes. There is no record of me agreeing to the terms and conditions of the loan. I got a call today from GC Services, a collection agency; trying to collect on the loan. She threatened garnishment; can they do this?

You bet

Perhaps you'd be interested in some sort of debt consolidation service? It's almost criminal to give people the shaft like that, but once you're in a situation like that, there's only so much you can do... =(

Try debt consolidation

Best of luck!

Student loans cannot be included in any type of debt consolidation services or debt management plans.

I was told that if they cannot validate with a record of agreement of terms and conditions with your signature then Sallie Mae and any companies they charge off the private loans to cannot collect and they have to leave you alone.

My uncle co-signed for a private student loan for me. I graduated a year ago. I've only been able to make a couple of payment due to the fact that I only work two days a week. My uncle just received notification that the account has now be referred to a collection agencie. And they will now start either garnishing his checks or taking his taxes. He is unemployed we tryed explaining this to them they could care less. My uncle also tryed explaining to them that he never received this information before. Why are we just receiving a phone call? My question is if I only work two day out of the week and bring $ 120.00 and my uncle is completly unemployed can they still take his money? I would rather for them to take my little money then for them to touch his. He was trying to help, I dont want this to happen to him and his family. They are going through enough already. Please let me know what can be done to stop this.

sw

My uncle co-signed for a private student loan for me. I graduated a year ago. I've only been able to make a couple of payment due to the fact that I only work two days a week. My uncle just received notification that the account has now be referred to a collection agencie. And they will now start either garnishing his checks or taking his taxes. He is unemployed we tryed explaining this to them they could care less. My uncle also tryed explaining to them that he never received this information before. Why are we just receiving a phone call? My question is if I only work two day out of the week and bring $ 120.00 and my uncle is completly unemployed can they still take his money? I would rather for them to take my little money then for them to touch his. He was trying to help, I dont want this to happen to him and his family. They are going through enough already. Please let me know what can be done to stop this.

sw

My uncle co-signed for a private student loan for me. I graduated a year ago. I've only been able to make a couple of payment due to the fact that I only work two days a week. My uncle just received notification that the account has now be referred to a collection agencie. And they will now start either garnishing his checks or taking his taxes. He is unemployed we tryed explaining this to them they could care less. My uncle also tryed explaining to them that he never received this information before. Why are we just receiving a phone call? My question is if I only work two day out of the week and bring $ 120.00 and my uncle is completly unemployed can they still take his money? I would rather for them to take my little money then for them to touch his. He was trying to help, I dont want this to happen to him and his family. They are going through enough already. Please let me know what can be done to stop this.

sw

from new york

Your uncle as the co-borrower signed a prom note which outlined the terms and conditions of the loan. As with any private loan, once you default, they will send you to a CA. If not paid, it will be sent to an attorney and then you will both be sued. Since this is not a federal loan,they cannot touch taxes. Once a judgement is rendered however,they can garnish wages and seize bank accounts.

As this is referred as a private loan and most of the student's loans interest rates are reasonable,you need to find out some other resources to pay for the debt.It is true that you have lower waging hours but surely you could find some of the other assignments over a week.Are you still a student?

I hope someone out there knows what to do. I'm a graduate in NC this May but I'm in repayment on all my loans because I only need 3 hours dropping me below part time status. I'm desparetly looking for private loan consilidation companies to buy up all my loans. So who and where do I find these companies?

Try the ones at the bottom of the list. Last time I checked the first two were dead.

http://www.finaid.org/loans/privateconsolidation.phtml

i had a collector that buys old loans call me about a loan i had in 1996.forom nations credit . they said they had a judjment against me and was going to garnish my bank. can they do that?

Is this a student loan? Wondering why you would hijack this thread.....

I live in North Carolina and have $105,000.00 in private student loan debt that is broken up into 4 individual loans through American Education Services(AES).
I am in default and have exhausted ALL options as far as repayment plans, forbearance, deferment etc. I have been turned down for consolidation with every lender I have approached.
My question is how much of my wages are the loans going to be able to garnish and how long will they be able to garnish them?
Please help I just don't know what other options I have I just can't come close to they payments that they're asking for!:confused:

If these are private loans, they have to sue you to garnish. North Caarolina is a non garnishment state so they cannot garnsih you. They can however freeze your bank account.

thanks for your reply....I was under the assumption that because they are private STUDENT loans they could still be garnished for the 15% of my wages if they were to take me to court and sue....is this untrue?