oh everyone. please talk me out of a nervous breakdown. i had $30,000 due and now the debt collectors have it up to $49,000. i have barely been surviving the past 3 years. almost homeless this summer because i was unemployed for 6 weeks. almost lost my little rented bungalow. i finally found a $10 an hour job but i can barely make rent and pay bills. some days i do not eat. now the collectors say that they are going to garnish my wages and i have 30 days to respond. i am 56 and feel like i have no future. if i really give in to my despair i feel like killing myself. i have no house, no savings, no credit cards, no real physical possessions. my children are still finding their way, going to school, etc. i cannot depend on them for support. they do not have any money anyway. and here i am. completely alone and SCARED TO DEATH. i have sent letters to the governor, the president, and my ombudsman with all of my bills and my tiny paycheck. waiting to hear. please write to me someone and tell me that my life still has meaning. thank you.
I am in the same situation as all of you, drowning in about 112,000 of student loan debt. I haven't been in default just yet, but unless something is done and FAST, it is going to get ugly!I've been denied IBR 3 times now! My poor husband who served this country, pays 75% of his Veteran's retainer pay to an ex-wife who doesn't need it, yet takes it anyway for spite and has been out of work for 3 years since tech jobs were outsourced. I have a job, but it doesn't pay anything and I HATE it. We can barely afford our place to rent in the ghetto and two old cars to get to and from work. I am hoping that when my husband gets to 66 (8.5 years to go), we can take his social security and flee the country! Then if I default, they can't do anything to me! We argue everyday over the student loans and the totally worthless degree!! It really makes it tough on everyone. Please know that you are not alone and if we work together, we might be able to get the Congress to do something about this problem.
Lois,
Smile I have a solution for you..
First, figure out how long the collection agency has been servicing your account(s). Typically, they are unable to garnish until 60 days have passed since they received your account.
Second, DO NOT WAIT FOR THE HEARING! DON'T LET THEM SUBMIT YOU FOR A WAGE GARNISHMENT! Send THem an amount that is "Realistic and Affordable" TO YOU!.... (Once you send ANY amount, the garnishment is out the window, this is considered a gratuitous payment)
SHHHHH that's just between me and you.. hahahah
Third, START SAVING SOME MONEY! I know it sounds tough but you need to get the loan out of default ASAP...The Gratuitous payment will not keep them from going forward with legal actions..... So... Save your money.... Calculate your minimum monthly payments and Start making standard payments on a formal arrangement ASAP...
To your Freedom,
Mr. K
Rogue Student Loan Collector
Freedom Blog:
Http://www.studentloanfundamentals.com
My Free Report "Confessions of a Student Loan Collector"
Http://www.freestudentloanstuff.com
PS: If you write a "Cease and Desist" Letter that might be considered a Refusal to resolve your debt.. WATCH OUT ;) Answer all of the calls or return calls promptly...
Don't despair dear.. you CAN fight back. I was in your boat just a couple of years ago.
First of all, they CANNOT garnish your wages as you have been out of work in the last 12 months.They will send you a 'request a hearing' form. Fill it out and return it. You can have a phone hearing and you just tell them you have been unemployed in the last 12 months and its over. There is nothing they can do, that's the law..
Secondly, never, ever tell them where you work. You don't have to tell them. Remember, they are a collection agency only, they are NOT a government office calling you.
Also, tell them not to call you anymore.. they can write if they like but NO PHONE CALLS. They are much less controlling and intimidating in writing :)
Once you come to the realization that they DO NOT have you and that you CAN fight back, you will be surprised how much better your view will be.
You sound like you might be the one in a million that could file bankruptcy on them based on hardship... its worth a look.
Also, claim more dependents on your payroll.. that way if they do get your taxes, it wont be for much.
Hey, you're not alone. there are plenty of people in this sea of red, and maybe, just maybe with enough voices we can get some change, literally, legislatively, and fiscally. I just took inventory of my rental flat. Everything in it except for the televisions and two out of the three computers in here have been handed down, donated, bought used, or gifted. That includes everything from the dining room set to the Bedroom set, to the living room set, to the silverware, and even to my wardrobe (unless I make it myself). Even the car I drive is the result of a lot of help from friends and family. Even my wedding ring was my mother's and my dad bought my husband's ring. That's just the way things are for me, and it will be until I stop drowning in red.
I am just over $100,000 in school debt, and I am not in default -yet- but unless things change quickly, things will be bad. We're all with you (as far as I can tell that's why we all came to this site) and we bleed red too. You have an incredible advantage in that you are in the same generation as a lot of the people that we are trying to reach. You bear their face; you share their history. It has been so incredibly easy for this nation to neglect and ignore the younger generation when it comes to real policy, even though the young suffer and die for this country, and we sacrifice and shoulder uphold the dream even in the wake of gross mismanagement and oppression, and in the face of the orders of old generals sucking down cigars from their armchairs.
You are one of the blessed voices in this movement and in this crisis, and that is all the more reason to continue until they can no longer sleep for the sound of weeping and shouting.
You've already written, but don't stop! go to your state and federal senators and also house members (if you have a state house). Innundate their inboxes and mailboxes. Hey, and as long as you are hooked up to this site, send them a link to this place so that they can read and understand.
Can you live with family or friends for awhile while you find a job? Im thinking you can put those loans into forebearance for a few years before you have to escape into another country:)And perhaps we can garner enough support during these next few years so that something can be done to help us.
