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i needs some advice....legal advice


Forum: 2011 Playroom

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  #1  
May 26th, 2011, 01:06 PM
Mega Super Mommy
Join Date: Mar 2011
Posts: 1,069
This is extra personal but i could use some advice....

I have student loans running out my ears....I think its time to lawyer up and do something about them. With twins on the way, i dont think i can keep pay my mortgage size payment.

I need some advice about this in general and i need some advice on what kind of lawyer i should contract.

Oh, they are private student loans, not federal loans.
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  #2  
May 26th, 2011, 01:33 PM
missy123's Avatar Platinum Supermommy
Join Date: Nov 2005
Location: Savannah GA
Posts: 13,418
Do you own your house or rent? Do you own your car or lease? Are the loans secured or no?

Did anyone co-sign on the loans?
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  #3  
May 26th, 2011, 03:03 PM
Mega Super Mommy
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rent but will own lease. secured and i do have a co signer. btw, i live in tx so some of our laws are different. Any info is great!
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  #4  
May 26th, 2011, 03:18 PM
**Linda**
Join Date: Aug 2010
Posts: 1,075
I don't really have much advice, but I can tell you that if default on a student loan, even private, it will ruin your credit, nearly for life. It is also very hard to default on them. They hunt you down and make you pay.

However, it is my understanding the repayment rate is directly related to your income, and dependents. So if you have two dependents that might help you reduce the size of the monthly payment, but not the overall debt.

Good luck!! I live in Texas too.
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  #5  
May 26th, 2011, 03:38 PM
missy123's Avatar Platinum Supermommy
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Quote:
Originally Posted by Sassy9679 View Post
I don't really have much advice, but I can tell you that if default on a student loan, even private, it will ruin your credit, nearly for life. It is also very hard to default on them. They hunt you down and make you pay.
Ditto and not only will it ruin your credit for the next 7-10 years but that of the co-signer as well. If you do not pay, they will go after the co-signer for repayment.

If you own your home, you may end up with liens against it if the banks choose to go that route. If you are in the process of buying it, the bad marks on your credit can prevent you from doing so. If you chose to go the bankruptcy route in some states the loan could default to the co-signer (check into the TX law).

Unfortunately having babies does not forgive our debts - I wish it did! I think your best bet is calling the loan companies, explain your situation and see if you can work out a lower payment plan with them.

If you want to try the lawyer route, call a few different types. Their secretaries will sometimes let you know on the phone if that office can help you or not.

Keep me updated on this. I find it an interesting scenario.
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Pregnancy Loss April 2009, September 2010
CP 10/2008, 1/3/11 {missing my babies every single day}Mommy to 4 Children - 3 boys ages 22, 21 and 18 & baby Scarlett
After 2.5 years TTC with 4 losses our Family was given the gift of Miss Scarlett
.
Do not ever give up hope...




Miss Scarlett... Our miracle girl still brings happy tears to my eyes.



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  #6  
May 26th, 2011, 03:41 PM
Mega Super Mommy
Join Date: Jan 2011
Location: AZ
Posts: 2,044
Pretty sure that student loans are the only debt never forgiven...If you owned a home you could think about refinancing and rolling your student loans into the mortgage. If you ever file bankruptcy, student loans will remain no matter what.
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  #7  
May 26th, 2011, 06:58 PM
Mega Super Mommy
Join Date: Feb 2011
Location: Grand Rapids,MI
Posts: 1,680
Student loans are never forgiven. I tried myself a few years ago and let's just say I had to "settle" with them and then we had to claim the money on our taxes that we ended up not having to pay as earned income. Long story short the tax idiot never filed it and we ended up owing the IRS for it too........ I would see if they can work with you on lower payments and maybe extending your loan if they can.
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  #8  
May 26th, 2011, 08:49 PM
..Jessica..'s Avatar Platinum Supermommy
Join Date: Jun 2007
Location: Canada
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I too suggest calling the repayment department of the loan company. Set up a much more affordable repayment plan, and explain to them the situation. The babies might not (probably won't) have an impact on them, but they could possibly put it in the notes on your account. In the long run, the interest will still build and the principal might not drop all that much, but at least you're not defaulting on it.

I used to work for OSAP, the company that dispurses student loans for Canada, federal and provincal. When payments didn't go through or were missed or dodged we had to make A LOT of phone calls to the student, we didn't have co-signers. If the student went 9 months or 260 days without repayment, the CRA (Canada Revenue Agency) was then put into the mix as well, and all tax returns were sent directly to OSAP for the loan repayments, and the government took it into their own hands to deduct from the persons wages as well. It's an all around crappy situation, and I hated calling people for their money!
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  #9  
May 27th, 2011, 03:49 PM
Six in the City
Join Date: Jan 2010
Posts: 803
I would look into the Income Based Repayment Program. Its IBRinfo :: Help is here! and see what you qualify for. There your payment is based on your loan amount and then if you work in certain fields it will be forgiven after 10 years. It's worth taking a look at! Good luck.
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