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 my wife has debt....plz help!!!

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Posted on 04-15-10 8:27 AM     Reply [Subscribe]
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Mero budhi ko tanna debt chha....graduate  school janda tuition tirna sakina ra school jana man nalagira school quit gari dyo....so usle usko graduate school ko paisa ni tirna sakina..u university lai saat hazaar owe garche ...ani usko about 3000 $ pani debt chha....bichara usle kam pani payeko chaaina ani mero salary is not much that i can take her debt as well....aba usle debt default gari rakheko chha.....maile uslai bhane ki credit score ko chinta nagara because ill get you everything you need.....credit score bahek aru kehi problem hunchha uslai.........please give me your valuable suggestion.................
 
Posted on 04-15-10 8:44 AM     Reply [Subscribe]
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kei hudaina! 7 barsa kurna parcha tyati ho. for renting or getting loans you would have to co-sign for it, be sure not to mess up your credit history though. she should use ur bank account once she starts earning. once significant savings have been accumulated she can negotiate with the banks directly to pay off or just wait for 7 years time to be up. 10 thousand dollars bhanya dherai debt hoina....although it may appear so because she is not working at this time. goodluck to you and her.
Last edited: 15-Apr-10 08:45 AM

 
Posted on 04-15-10 8:56 AM     Reply [Subscribe]
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Well No other consequeses like Cylegend said other than Get any other line of credit, Like Mortgage,Credit card,Car loans...She will have to Co-Sign if you want it done jointly so that may create issues .Gotta wait 7 years before they go away!!  You can also Call The bank and ask them to put you in a special Program , they will try and adjust your payment to a lower monthly min citing Finalcial difficulties .


And one more thing...Some companies do credit check before they give you a Job offer , i don't know why but they think it shows credibility..Not fair but thats what they think..Not all of them do it though..Good Luck!!!


 


 
Posted on 04-15-10 9:00 AM     Reply [Subscribe]
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thanks cyberland.


 


..usko CC company sanga ko debt ta sirf 3000 marti chha ...tyo pani 3 card ma divided chha.....so about 1000 +- each.....ani usko tution fee ko default chai 8000 chaa..school le tyo debt collection ma pathai sakyo.....ma uslai natira bhanchhu bceause usle na degree liyo na to university ma usko kehi progress bhayo...usko in state tuition bhayeko bhaye 2000 matra hunthyo hola which is managable........tara scholarship ko asha ma ra status maintain garne chakkar ma first sem jassari bhaye pani garumla bhanne thenko ma later they said there is no chance of scholarship or GA....so kam nagari kasari tyo amt tirne haina sathiharu.....so usle school choodnu paryo......


mero research anusar CC company le court ma laijana saakchaa........we both want to clear it off tara ahile financially possible nai chaaina...........k garne hola............tyassaile mero "naam nai aaba" k garne cha


 
Posted on 04-15-10 9:10 AM     Reply [Subscribe]
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College sanga negotiation garna mildaina ra? Talk to the president or vice-president and or other powerful persons. Sometimes they consolidate on half of what she owes.
 
Posted on 04-15-10 9:11 AM     Reply [Subscribe]
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And, tyo credit card ko chahi tirnu hola la, Tyasari aru ko paisa khanu hudaina.... self-esteem ko kura pani ta aauchha ni..
 
Posted on 04-15-10 9:11 AM     Reply [Subscribe]
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aaba ta usle tyo school nai chodi sakyo...u think they will still help out??
 
Posted on 04-15-10 9:28 AM     Reply [Subscribe]
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screw the credit cards...i would rather pay college tution fee than those blood suckers...but then to each their own, since your wife's college tuition fee has already been sent to collection agency there is very little that can be done. make sure you change her phone number as well because they will start harassing her with their calls if they have not done so presently. continue making payments to those credit card accnts and close it once they are paid of. at least she will have something to hold on to.  if her name is on the house lease or anything make sure she changes it to POBox address so that the collection notices don't come to your home address.
Last edited: 15-Apr-10 09:30 AM

 
Posted on 04-15-10 9:54 AM     Reply [Subscribe]
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Never screw up with student loan. Even if it is private, they have right to garnish her pay check . Student loan are different than credit cards loan.So it is better to send the letter of financial hardship to them so they will adjust the minimum payment for sometime. I am assuming it as a private loan.Once you are in a default they will charge you lots of interest and fees. Student loan company don't need to take your wife to court for garnishment.Changing   phone number don't work for student loan.
Last edited: 15-Apr-10 09:59 AM

 
Posted on 04-15-10 10:03 AM     Reply [Subscribe]
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ss74k its not a loan....she just couldnt pay the school and they didnt let her register the next sem...
 
Posted on 04-15-10 10:17 AM     Reply [Subscribe]
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Then call her University and make sure they don't garnish her paycheck even if it is not a student loan. It is better to be safe than sorry.In this country never screw up IRS, money related to school or child support.

There is higher chances the college will send the defaulted tuition fees to IRS. So don't ignore them, call them ASAP.
Last edited: 15-Apr-10 10:28 AM

 
Posted on 04-15-10 10:23 AM     Reply [Subscribe]
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Know what to expect if you fall behind on student loan payments.

The government has powerful tools to use against borrowers who don't make student loan payments. Here's what you can expect if you are in default on a student loan.

Tax Refund Offsets

The IRS can intercept any income tax refund you may be entitled to until your student loans are paid in full. This is one of the most popular methods of collecting on defaulted loans, and the Department of Education annually collects hundreds of millions of dollars this way.

You can challenge a tax refund offset. To learn more about acceptable reasons to challenge offsets and how to do so, see the National Consumer Law Center's Student Loan Borrower Assistance website at www.studentloanborrowerassistance.org.

Your Paycheck Garnished

The government can take ("garnish") a limited portion of the wages of a student loan debtor who is in default. It can take up to 15% of your disposable income. However, it cannot take more than the equivalent of 30 times the current federal minimum wage.

As with the tax refund offset, you can object to a wage garnishment. To learn more about the reasons for objection and how to object, see the National Consumer Law Center's Student Loan Borrower Assistance website at www.studentloanborrowerassistance.org.

Another way to avoid wage garnishment is to contact the holder of your loan and negotiate a repayment schedule. For more information, see Nolo's article on Student Loan Repayment Options.

Your Federal Benefits Taken

The government can take some federal benefit payments (including Social Security retirement benefits and Social Security disability benefits, but not Supplemental Security Income) as reimbursement for student loans.

The government cannot take any amount that would leave you with benefits less than $9,000 per year or $750 per month. And, it cannot take more than 15% of your total benefit.

For example, if Doug receives monthly federal benefits in the amount of $900, the government may take either $150 (the amount of Doug's $900 benefit that is over $750) or $135 (15% of Doug's total benefit of $900), whichever is less. So, in this case, the government can take only $135 each month.

You Get Sued

The government and private lenders can sue you to collect defaulted student loans. Unlike other debts, there is no time limit on suing to collect student loans -- you can be sued indefinitely.

For information on various defenses to student loan collection lawsuits, see the Student Loan Borrower Assistance website at www.studentloanborrowerassistance.org.

Where to Get Help

If you need help with a defaulted student loan, contact the Department of Education's Ombudsman at 877-557-2575 or visit its website at www.fsahelp.ed.gov. But first you must take steps to resolve your loan problem on your own (there is a checklist of required steps on the website), or the Ombudsman will not assist you.


 
Posted on 04-15-10 10:32 AM     Reply [Subscribe]
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Cyberland


will it be considered student loan ..we didnt apply for a student loan ...


 
Posted on 04-15-10 10:40 AM     Reply [Subscribe]
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It doesn't matter if it is a student loan or not. Since it is related to
school, they will use  any method to get money from your wife. If it is
a State University unpaid tuition fees, chances of sending the defaulted
student loan  to IRS is high. 

The scary thing is the University don't need to take you to court for garnishment. So
don't ignore them and call them.
Last edited: 15-Apr-10 10:45 AM

 
Posted on 04-15-10 11:00 AM     Reply [Subscribe]
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okay, here's one advise. don't under any circumstances put her credit card loan or any loan into your credit card or  account. if you are thinking of long term relationship with your girlfriend. make sure one of your credit history is in solid state.  if the debt is too much to handle right now, do debt settlement and you'll good relief from it. it will hit her credit history and may lower it to 500 range but in next 2 years, it will spring back up.


good luck.

 
Posted on 04-15-10 11:04 AM     Reply [Subscribe]
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Dolphin


how to do debt settelment plans?Can you please kindly explain? This is really bothering both of us...its my wife..not GF so its a long haul thing


 
Posted on 04-15-10 11:13 AM     Reply [Subscribe]
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i would suggest talkin to your College administrator directly to come up with an affordable payment plan, if it you already have not done that, rather than resorting to a 3rd party debt consolidation company. 3rd party debt consolidators, more than likely, make matters worse than what it already is please refrain from ever taking that avenue for solution if you can.
Last edited: 15-Apr-10 11:15 AM

 
Posted on 04-15-10 11:29 AM     Reply [Subscribe]
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Okay,
go through this

http://en.wikipedia.org/wiki/Debt_settlement

basically a third party agency will negotiate your debt with creditors and if they negotiate it will be somewhere around 40-50 cents on a dollar. which means your debt will be reduced by more than half. since personal bankrupty has risen more these days, you might get better deal. but in return, you have to make a mandatory monthly payment to the remaining of the debt until it clears off your account. and until and unless you pay off entire netotiated debt, the whole mess will be still attached to her name. so make sure you pay off  the remaining of the balance.  of course, third party will charge some commission for doing all these work.  you might get better deal if your debt is more than 10K. i don't know what kind of loan have you taken from university. is it secured loan or unsecured loan. are you given loan by university or through university by third party creditor like banks.

basically google these debt settlement agencies and give them a call and tell them your situation on loans and get some ideas.

 
Posted on 04-15-10 11:40 AM     Reply [Subscribe]
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Thankyou all for your help!! i really appreciate it guys...
 
Posted on 04-15-10 2:29 PM     Reply [Subscribe]
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relax, 10-15 k is not a big amount , if both of you work it only takes few months to pay off. I know a friend of mine U.S citizen who filed a Bankruptcy for 154 k few weeks ago. First of all what's her status in the usa now? does she have to go to a school again. if she does then she definately needs to pay that before they release the hold to transfer or register. Since the amount of the loan is not that huge i would say try to talk to the university and try to come up with a pay plan, pay minimum payments to the credit cards. if not whatever, you gotta eat and live too, stop worrying and change your phone number. for wage garnishment it takes about 9-12 months , cuz they have to take you to court. if you can make money in 9-12 months then it's ok.


 



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