hopeless

Date: Tue, 10/14/2008 - 14:19

Submitted by anonymous
on Tue, 10/14/2008 - 14:19

Posts: 202330 Credits: [Donate]

Total Replies: 7

hopeless

i am dealing with NCO right now. i had a private student loan go into default after making timely payments for 4 plus years... just a couple of missed payments and it went to collections. i have been treated just as badly as apparently a lot of other people have been treated by NCO, including threats of inprisonment. i want to pay the loan back but i cannot afford what they are asking (a common theme for many of us). i have talked to every lawyer within a 100 mile radius and everyone of them tell me i am screwed and that there is nothing i can do.

so now i am sitting day by day getting deeper into depression awaiting to be sued and for my wages to be garnished. i make minumum wage so whatever they collect wont even come close to covering the interest and therefore while my wages are being garnished my loan will go higher and higher as the interest piles up. before long it will get to the point of six figures and then god knows what...

so someone... anyone... tell me please... is this my plight in life? to be royally screwed by a student loan that was takin out for just 3 semesters????? is there no hope at all?!?!?!

Yes there is hope Ronald017. You just hang in there. You have

Yes there is hope Ronald017. You just hang in there. You have come to the right place. We are all here for you, but there is an amazing person called the SoapLady and she is the Wizard of Student Loans. I believe she will find your post here soon. Its going to be ok.

Luke

lrhall41

Submitted by Lukeskywalker on Tue, 10/14/2008 - 16:56

( Posts: 1909 | Credits: )

This is the fall back of private student loans. They will sue y

This is the fall back of private student loans. They will sue you regardless of payments being made. The only thing you can do is increase your income by changing jobs or working a second job. There just isnt any other options for private loans.

lrhall41

Submitted by SOAPLADY on Tue, 10/14/2008 - 17:29

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" including threats of inprisonment" You have proof of that stat

" including threats of inprisonment" You have proof of that statement? Scare tactics...IMO..and, I believe illegal to threaten

lrhall41

Submitted by anonymous on Tue, 10/14/2008 - 17:44

( Posts: 202330 | Credits: )

private student loans are the end of your life

well if soaplady says there is nothing that can be done than i KNOW there is nothing that can be done... i am starting a second job and will be making more money but im still stuck with the problem that the collection agency NCO still will not agree to allow me to pay monthly... how is that fair????

ill pretty much pay whatever is needed... its not like im only willing to pay a couple of hundred a month... what am i suppossed to do when they will not agree to allow me to pay because they want it ALL up front?!?!?!

lrhall41

Submitted by anonymous on Wed, 10/15/2008 - 03:51

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A note on the violations.....if they are implying imprisionment

A note on the violations.....if they are implying imprisionment or legal action other than suing you, make sure that you record all calls!! If the abuse has been an ongoing problem, I would get a tape recorder and record the calls and then let them break the law. Let them pay your student loan bill!!

lrhall41

Submitted by SOAPLADY on Wed, 10/15/2008 - 05:09

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Also file a complaint with the FTC.

lrhall41

Submitted by wssu92 on Wed, 10/15/2008 - 08:28

( Posts: 510 | Credits: )

hopeless

Remember......this is a civil matter and you CAN'T go to jail over a civil matter. Don't let those SOB's scare you into going to jail! They are violating the law by saying those things. You should find an attorney that deals with these type of people so that he/she can advise you on what to do next. A judge will not let these people take everything you have. You must be able to continue to eat, have a roof over your head, have transportation, etc. Your assets (if any) will be reviewed, they will look at how much you make, etc. Before they can collect any money from you, a determination will be made as to how much money you will need to pay for the basic necessities in life....i.e. food, housing, transportation, etc. A judge can't allow this company to garnish your wages and take every last dime you have leaving you with nothing to live on.

lrhall41

Submitted by jtboger on Wed, 10/15/2008 - 08:52

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