rude awakening today

[Anonymous]

wells fargo student loans decided it would be nice to reach out and notify me that i have a balance due the day after discharge + 200 dollars in late fees accrued over past couple months, (received no notice of any of this due to the chapter 7 automatic stay)

now they are saying i owe 450 by tomorrow or i receive late fees on top of this, and my automatic stay just ended today.

theres simply no way i can come up with this money.

i guess its back to just being in debt and unable to pay stuff again.

the chapter 7 at the end of the day didnt solve too much i guess, im back in a hole.

[Anonymous]

Try not to let your loan go into default, or if it is in default as about a rehabilitation program. Let them know you are just recovering from your bankruptcy and would like to know what your options are for a forbearance or income based repayment plans.  Usually, once you've completed the rehab steps, they will remove late payments etc.

There are numerous options available when it comes to student loan repayments and I've found that they're generally pretty helpful as long as you stay in contact with them.

Don't get discouraged.  

[Anonymous]

yeah they didnt want to help at all. they just said pay tomorrow or i will get additional charges and fees.

[Anonymous]

I know it's a pain in the rear, but call back and speak to someone else.   Let them know you're trying and if you feel like you've hit a dead end, politely ask to speak to someone else. Ask to speak to a supervisor.  Ask about consolidating loans.  Ask for help. 

Wells Fargo was initially one of my student loan vendors as well.  Another thing I remembered is that if they do a forbearance they can also make it retroactive.

You got a fresh start with your BK - make the most of it.

One thing I've learned and am learning from my BK is to not be so lackadaisical about credit which has long term implications.  I know what you're feeling - "I just don't have the money, so why bother?"  or "Ugggghh, I have to wait on the phone for 30 minutes and I keep getting transferred".  

You want to own a home in the future? You want a reasonable interest rate on any loans you may have to take out?  Take the steps now and it will pay off later.  

Sorry, I don't mean to preach, but trust me I think everyone on this board has been in your shoes.  I was feeling defeated about a recent drop in my credit score due to my student loans showing back up on my credit report too.  Then today, I got the notice that my new consolidation loan was opened.  

Look, tomorrow's a new day.  Start fresh.  

[Anonymous]

called again and they said since i have a cosigner on the loan that im SOL and am stuck paying all those fees plus the loan by tomorrow even though there was no written notice sent out.

so in less than 48 hours i have to pay like 500 dollars when i have 200 dollars to my name

[Anonymous]

Does the co signer care/can that person help?

[Anonymous]

Yeah did the co-signer get a heads up about the BK
Did they NOT think to protect themselves, did your attorney NOT address the issue of the co-signer's as being in the wind....

You see this with ex-spouses all the rime, someone gets remarried and 'they' seek BK protection conveniently leaving the original co-signer ( ex) in a lurch IMO a good lawyer at least ASK hey holla at this other person, cause if 'we' duck you know the punches go there, right?

[Anonymous]

yes, its a family member and we are still on good terms.

due to the chapter 7 they did not give any written correspondence and didnt charge any late fees until the day after chapter my discharge.

they put all 4 together and called me saying that even without a paper bill my due date is still TODAY. less than 72 hours from discharge or i get penalties and late fees and my credit hit.

shes extremely upset with wells fargo and we are looking to either refi or settle or something.

ive read a lot of complaints about them online and never thought a company could be so shady, but its true.

they couldnt legally charge the late fees during the automatic stay so they just tacked them on at the end of the automatic stay and demanded them paid with a full payment in less than 3 days.

[Anonymous]

normally the payment is around 230, which is manageable. but they want double that right away and they are treating me like im a criminal or something.

[Anonymous]

Any assets you can sell quickly to come up with the balance to pay it?

The loan company isn't there to be nice, they're there to be paid.  That's just a fact of business.  The fact that you have a cosigner on the loan means they're going to get paid regardless of your ability to pay.

It's annoying, but it's also allowed under the contract you signed.

If you can sell something to come up with the $500, do that today.  If you can't, ask the cosigner if they can float you until you can pay them back.  Their credit is at risk, too.