SERIOUSLY!!! Defaulted Studen Loan! - What Can I do and What can they do?
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You are in a bad position. They can do whatever they want to collect, including garnishing your wages and any bank accounts you have. Call them and see if they have financial documents you can fill out and show them what your current bill situation is and let them know you can only afford $100 per month. Student loans are not dischargeable through bankruptcy so you cannot threaten to file bankruptcy. You have to show them that you cannot afford more than $100 per month. Once they have proof of your income and bills they will be forced to accept the $100, as a little is better than nothing.
SERIOUSLY!!! Defaulted Studen Loan! - What Can I do and What can they do?I suggest you work with the collection agency and see if you can work out a more agreeable payment each month. Any possibility of you getting a better paying job?
Also, I suggest you meet with a caseworker at Human Services to see what assistance they can offer you and your family, if you have not yet done so. There is a lot of help available.
If all else fails, send them the $100 per month. You can do what you can do.
Best wishes.
SERIOUSLY!!! Defaulted Studen Loan! - What Can I do and What can they do?Most loan services will reduce the amount of your monthly bill if you can prove that $320 is more that 25% of your monthly gross income, contact CFS Suntech Loan Services and see if they will handle your case. Sounds like the collection agency is not the best fit, good luck.
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