Fucking Student Loans...I'm Fucked.

[Young]

Besides wasting four years of my life I now have $16,000 in a defaulted loan.

I contacted this fucking company (ACS) numerous times to tell them of my address change, they made no attempt at contacting me to let me know the loan was going to be sent to collections. Fucking thieves. Now I'm basically fucking screwed. I'm too young (no pun intended) and own a small business so I can't even think of filing bankruptcy. My credit was ok until this bomb was dropped on it. Now I have $35k in a car, $5k in Federal loans, $2k in credit cards on there so another loan is out of the question.
The $16k for Student State loans are due immediately. I don't think any debt consolidation is going to deal with defualted loans.

Any suggestions would be appreciated. This fucking sucks.

[brand0n]

did merch sol pay you?

[cool1]

Bummers, I went through the same type of thing..

Maybe you can sell your car

[xlogger]

if anything, one thing i learned from my parents is how to manage my $

[GTS Mark]

Check into grants and forgiveness loans available through your state or federal government. Go and speak to a financial advisor about your situtation and see if he/she can help you get your situation improved. Banks and finance companies don't want to write off bad loans, they are 99.9% of the time more than willing to work out some kind of payment plan to help you get the loan paid off.

Just my 2 cents, good luck!

DH

[Young]

Originally Posted by xlogger

if anything, one thing i learned from my parents is how to manage my $

Dude this has nothing to do with money management. I admit I don't have 20k put away so I could just pay this thing off, but I had more than enough to handle the monthly payments. They fucked me over they made no attempt at contacting me which is illegal.

[Kick Ass Chat]

You're fucked

[Young]

Originally Posted by DrinkingHard

Check into grants and forgiveness loans available through your state or federal government. Go and speak to a financial advisor about your situtation and see if he/she can help you get your situation improved. Banks and finance companies don't want to write off bad loans, they are 99.9% of the time more than willing to work out some kind of payment plan to help you get the loan paid off.

Just my 2 cents, good luck!

DH

Thanks for the advice

coolone no way I'm selling my car. I'd take a huge hit.

[Young]

Originally Posted by GirlsFreePics

You're fucked

Can always count on GFY to make you feel better

[brand0n]

Originally Posted by brand0n

did merch sol pay you?

????????

[TheFrog]

Originally Posted by brand0n

did merch sol pay you?

they didnt pay me. did they not pay you either ?

[Fatalspeed]

gdamn that's fucked up, good luck man I hope everything works out for you...

[brand0n]

na lol. i didnt get paid eather.

[Wiggles]

damn that sucks, i owe like $30k, not looking forward to paying that off.

[MickeyG]

just get another student loan. I think they call them loan consolidators, I was way behind on my student loan too and they refered me to another company who just took over the loan and gave me a new one at 5% interest - 10 years.

dont worry you'll get it worked out. There are millions and millions of people who default on student loans.

[Raven]

Originally Posted by Young

Besides wasting four years of my life I now have $16,000 in a defaulted loan.

I contacted this fucking company (ACS) numerous times to tell them of my address change, they made no attempt at contacting me to let me know the loan was going to be sent to collections. Fucking thieves. Now I'm basically fucking screwed. I'm too young (no pun intended) and own a small business so I can't even think of filing bankruptcy. My credit was ok until this bomb was dropped on it. Now I have $35k in a car, $5k in Federal loans, $2k in credit cards on there so another loan is out of the question.
The $16k for Student State loans are due immediately. I don't think any debt consolidation is going to deal with defualted loans.

Any suggestions would be appreciated. This fucking sucks.

It's not their obligation to contact you, especially for non payment. A registered/certified letter from you would have provided proof that you attempted to change your address. Also, most payments to credit type institutions have space on the coupon for you to change your address.

Having said that, if it's in collections, call the collection agency. They would rather collect money from you than write it off as a bad debt or incur the legal fees to take you to court.

[grumpy]

35 in a car??? Do you have your priorities straight?

[NoCarrier]

You can always sell a kidney on the black market.

But make sure they only take one. So try to stay awake during the operation.

[Manowar]

Originally Posted by brand0n

na lol. i didnt get paid eather.

i assumed they werent the best company in the world from the threads about them.

[sickkittens]

See if there is a student loan authority that can take over the loan where you can pay them something like $100-$200/month.

[Young]

Originally Posted by grumpy

35 in a car??? Do you have your priorities straight?

like i said i make more than enough.

[ShaneRyale]

You can take more classes and then file for an additional loan deferrment.

[Young]

Originally Posted by Raven

It's not their obligation to contact you, especially for non payment. A registered/certified letter from you would have provided proof that you attempted to change your address. Also, most payments to credit type institutions have space on the coupon for you to change your address.

Having said that, if it's in collections, call the collection agency. They would rather collect money from you than write it off as a bad debt or incur the legal fees to take you to court.

Actually they are contracted by the state and they are required to notify you. I was on their website. I guess I'm going to have to contact the collectors. Any tips in dealing with them? Are they going to want money up front?

[NoCarrier]

Originally Posted by Young

Thanks for the advice

coolone no way I'm selling my car. I'd take a huge hit.

WTF?! Sell your car and buy a cheaper one. Jesus..

[Fred Quimby]

why would you buy a 35k car if you were 20 k in debt already?

[Veterans Day]

Merchant Solutions didnt pay? Who would have thought and to think people are gonna sign up with them and hope they get paid

[NoCarrier]

Originally Posted by Young

like i said i make more than enough.

Then what's the purpose of this thread?!

[Young]

Originally Posted by NoCarrier

WTF?! Sell your car and buy a cheaper one. Jesus..

In all honesty I've considered this more than once. The car is a year old and I'm looking at a big hit from depreciation. I'd probaly end up screwing myself over even more by doing so.

[cool1]

Originally Posted by Young

Thanks for the advice

coolone no way I'm selling my car. I'd take a huge hit.

Ok I can understand that.
Well I hope everything works out for you.

[Young]

Originally Posted by ShaneRyale

You can take more classes and then file for an additional loan deferrment.

The loan has already defaulted. I am "not entitled to any more deferrments".

[Raven]

Originally Posted by Young

Actually they are contracted by the state and they are required to notify you. I was on their website. I guess I'm going to have to contact the collectors. Any tips in dealing with them? Are they going to want money up front?

If they operate like most collection agencies....or even the IRS...it's not out of the realm of possibility they will put you on a payment plan.

They will most likely use scare tactics to get you to pay immediately, using the threat of legal action.....be brave and polite and you might make it through.

[Screaming]

Originally Posted by DrinkingHard

Check into grants and forgiveness loans available through your state or federal government. Go and speak to a financial advisor about your situtation and see if he/she can help you get your situation improved. Banks and finance companies don't want to write off bad loans, they are 99.9% of the time more than willing to work out some kind of payment plan to help you get the loan paid off.

Just my 2 cents, good luck!

DH

that sounds like the best advice

[Peaches]

You took out a loan, they (and when I say "they", I mean the taxpayers who funded your loans) want their money back. Pay them. End of problem.

And no, they aren't responsible for contacting you. You knew you had the loan. You didn't pay it. What did you think had happened, it just magically disappeared?

[bitchy]

Go Here Credit Boards - Student Loan Forum

[thePelican]

go back 2 school.

[mindoza]

Is ACS the same as AES? If not go there they will help you out...they took over SLSC...AES

Here is a hint..even though it is their resposibility to deal with the address change you should always cover your ass..next time a bill does not come contact them and handle it the first missed month...Student Loans are big default loans so if you are willing to work with them and get in their face they will work with you...Student loans do suck I have been paying mine for 10 years and I still have $4,000 left

[Napolean]

Originally Posted by NoCarrier

WTF?! Sell your car and buy a cheaper one. Jesus..

hrm, i was thinkin the same thing

swallow the pride, sell the car.. you can get a dependable car for less than $2k

[wdsguy]

Originally Posted by Young

In all honesty I've considered this more than once. The car is a year old and I'm looking at a big hit from depreciation. I'd probaly end up screwing myself over even more by doing so.

You shouldn't have bought an expensive car in the first place when you're young, its a huge depreciative asset. People buy a nice car thinking they can afford the monthly payment ASSUMING that their monthly expenses doesn't change until something unexpected hits. You're better off selling this car and finding alternative transportation for now until you get this problem solved.

[BlueQuartz]

you are living way beyond your means

you have all those things and cant afford to pay anything back??? so typical of days consumer monster. BUY BUY BUY - must have good car!!!!!


take a good look at life boy - its not all about what sort of car you drive

[Young]

Originally Posted by wdsguy

You shouldn't have bought an expensive car in the first place when you're young, its a huge depreciative asset. People buy a nice car thinking they can afford the monthly payment ASSUMING that their monthly expenses doesn't change until something unexpected hits. You're better off selling this car and finding alternative transportation for now until you get this problem solved.

Alot of good advice. This loan actually defaulted back in September but I was still hurting from the loss of my fiance so I'm only now doing something about it.

Peaches. Its their responsibility...trust me. No need for googly eyed Smileys.

Bitchy thanks for the link

Raven the scare tactics was there first course of action. I don't go for that shit though so I told him I'd call them back when I figured out what I wanted to do.

mindoza I'm going to check out that link you sent me.

I just contacted SaliMae. They deal with some defaulted loans...they are going to get back to me regarding my situation. I was going to look into refinancing my car but thats out of the question figuring I have 16k in big red letters on my credit report. Whats the best way to go about selling it? Private sale? I heard about CarMax.com but they don't have on in MA.

[Young]

Originally Posted by BlueQuartz

you are living way beyond your means

you have all those things and cant afford to pay anything back??? so typical of days consumer monster. BUY BUY BUY - must have good car!!!!!


take a good look at life boy - its not all about what sort of car you drive

I'm not living beyond my means. My school loan payments were $150 a month. I just should have been more responsible regarding the address change.

[mech]

Let's get this straight, you're $23k in debt so you decide to go out and buy yourself $35k vehicle!?!? Talk about living beyong your means. Sell the car and take the hit on depreciation because at this point you're low on other options.

[jimmyf]

Originally Posted by Young

Can always count on GFY to make you feel better

yep that's what do, when feeling bad.... come 2 GFY

[Raven]

Unfortunately, they can and will take legal action. Collection agencies can do that.

At this point, it's irrelevant to discuss what you should have done.

Since you are not hurting for money, seek legal advice. Have your lawyer contact them to offer recompense in the form of payments.

This way, you will also have it in writing that, once you've paid off the defaulted loan, they will take the big red X off your credit report.

[strobi]

Sell the car, problem solved. And don't give me the depreciation bullshit. Cars are moneydrains even if you sell at the right time.

[jimmyf]

Originally Posted by NoCarrier

You can always sell a kidney on the black market.

But make sure they only take one. So try to stay awake during the operation.

two funny

[BlueQuartz]

this guy is a stupid fuck


he think he is not living beyond his means LOL

and it is there responsiblity to contact YOU???

you need to read the contracts you sign



now less work on your silly sig and more on getting a clue huh

[FTVGirls]

I came out of dental school with $250,000 in student loans. Thanks to FTV, I managed to pay it off. If I had continued with dentistry, it would have taken 25 years to pay it off.

[Young]

Originally Posted by BlueQuartz

and it is there responsiblity to contact YOU???

you need to read the contracts you sign



now less work on your silly sig and more on getting a clue huh

A company that handles State or Federal Loans must by contract....make dilligent attempts at contacting you regarding your loan payments being late. And must make dilligent attempts in contacting you before they can place it in default. We are not talking bank loans....we are talking State and Federal loans provided to students. You get a fucking clue. I know what I signed.

[Young]

25 helpful + 25 dickheads

50

I even fucked up the 50