student loan interest
Date: Fri, 01/30/2009 - 14:26
student loan interest
i have been paying on a student loan for almost eight years now,the original amount of loan was 5800.00,after eight years it has went down to only 4800,i paid on this up to jan 2007 untill things went bad for me and my family,no job,wife became disabled,one thing after another. i am now being sued by a lawfirm,,there is no doubt that i owe the money but now they are sueing me for a little over 9000.00,they tell me it is interest,but they dont know for sure,,i dont even know who i owe this money to,it started out with a place that went bankrupt,then went to wells fargo,they gave it to someone else,the lawfirm tells me they cant give me that info,i also have a cosigner on this which she was notified yesterday by the sheriffs department,wanting her to come down and sign some papers,i then called the lawfirm,they then told me they were trying to get to me(didnt have my address or phone),they want 20% down and then payments which i cant do the 20% thing ,sorry for the rambling,does the 4800 to 9000 dollar thing sound correct :?: thank you
Simple interest and collection costs do add up quickly.
Simple interest and collection costs do add up quickly.
It depends on the interest rate, and how much you were paying.
It depends on the interest rate, and how much you were paying. Suppose the interest was 10% ... on $5800 that's $580/year in interest. If you were only making $50 payments per month (x12 = $600/yr), then barely any of your payments touched the principal.
The lawfirm should be able to tell you who retained them to file suit against you, after all they are the plaintiff. Whoever is suing you would be who owns the account now. You should be able to request a ledger accounting of the debt, which will show how your payments were applied to principal vs interest.
