Reducing Monthly Payment?
Date: Thu, 05/14/2009 - 18:47
Reducing Monthly Payment?
Any one have experience with NCO collections out of NJ?
My loans are large = 100K. I am in the process of loan rehab. My loans are through Direct Loans. My question is, can they make me really pay 50% or 60% of my monthy income in a monthly payment? What is reasonable?
My loans are large = 100K. I am in the process of loan rehab. My loans are through Direct Loans. My question is, can they make me really pay 50% or 60% of my monthy income in a monthly payment? What is reasonable?
Under the HEA you are entitled to "reasonable and affordable".
Under the HEA you are entitled to "reasonable and affordable". However, affordable to you may not be reasonable based on your balance. A standard payment would be $1000. How much are they asking you to pay??
Reducing Monthly Payment?
With my monthly income I can't afford $1,000 a month. A $1,000 is 50% of my monthly income. I stand to loose my house and everything. They are asking for $1,300.00 but that is without doing a review of my financial documents, which I am in the process of submitting.
