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8 open trade lines have just flipped on the RED ALERT switch.

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Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Well there is a possibility that some of the loans can be expunged by the DOE under special circumstances and I need to talk to them instead of the creditor.  The condition that I had at the time would have and can still prevent me from receiving a medical license.  This condition was discovered during the time I was in school and I receivied treatment for it and I withdrew from school for medical reasons that are documented.  I was not dismissed for academic reasons. I have no plans to go back to medical school.  I would have to do all 4 years again and take out more loans.  It was my dream to become a doctor and then it turned into a nightmare.  Drinking, drugs, loneliness, the whole 9 took over after I left and right before due to depression.  Now I have a new career path and goals but this 9 year part of my life is like a permanent albatross around my neck.  Thanks for letting vent.  Sorry. 
Message 11 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Lando, first there are many of us on this board that have defaulted on student loans. I was young and dumb, and didn't realize the implications of defaulting on them, put I eventually payed back the money through payments.
 
1)Do not get down on yourself. We are here to listen and to help and do not give up.
 
2) Student loans do not fall into SOL's and there is no way to just not pay them.
 
3) Yes, call them up and see what they have to offer, and on top of it all, just set up a payment plan. Mine were not private and they were through the state agency, I dont' really remember the terms as  it was a long time ago, but I know that they let me make payments and they took the whole thing off my history. I think I do remember that they wanted more than I was able to pay, I and I just told them "Look- I can't pay more than XX- and they agreed to that."
 
4)Trust me, you will be very relieved once you set up a payment plan and begin paying. It make take a while, but a burden will be lifted as you will not be dodging this issue.
 
Let us know.
Message 12 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Thanks for the support NetPanther and I will report back when I know more about my options.  The rep wants me take an option over the phone, but I think I need to request these options from them in writing.  She did say the phone call may be recorded.  I think I might need a lawyer.  I just dont know.
Message 13 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Lando, if the group that holds  your loans of if the DOE is willing to dismiss your loans because of med. documentation, then that is up to you. I am unaware of anyone who has been able to have their loans dismissed, but that doesn't mean that you can't or that there haven't been people.
 
However, in the event that you can't have them dismissed, I would suggest that you be ready to accept a  payment plan, with payments very small but that you make for a while. I think mine were as low as 50 or 75, again it was  quite a few years ago.
Message 14 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Lando, you are correct in your assumption that you should request anything in writing. Do not be pressured to make an agreement over the phone.
 
I personally don't know that you need a lawyer yet, but first of all, are your loans w/ a state agency, bank or  private lender? That will tell you the direction you need to go, because a state lender has certain guidelines, wheras, a private or bank lender you will need to treat like any collection agency and try to negotiate a settlement, w/ payment plans. But like you said, all in writing first.
Message 15 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

The loans are Federal and private.
Message 16 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.



landocalrissian wrote:
The loans are Federal and private.


Ok, because they are private you will have to deal w/ them like any other collection agency, read up on how to deal w/ collections in the 101 threads. But, because they are Federal, you will have some benefits for rehab offered to you- I am not sure, but I think that both state and federal loans (again I am not sure but this is coming to mind for some reason) have the possibility to be rehabbed. It is when they are 100% private or by banks w/ no state regs. that one can run into trouble- because there often is no way to negotiate w/ them unless they want to.
 
If I were you I would google or ask.com the circumstances for settling/and or making payments on Federal private loans.
 
Let us know.
Message 17 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

I just rehabed a sl, granted it was only $4000, but it was originally funded by US bank and then to USDOE. Just got a letter yesterday stating that my default would be erased from my credit etc... definitely explore your options because rehab can be very helpful. If you are fortunate enough to get even SOME of the loans forgiven, rehabing the rest could be the answer to helping credit AND avoiding garnishment, etc. Good luck to you.
Message 18 of 31
Anonymous
Not applicable

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Well, I talked to people at West Asset Management and they offered me the rehab program but I cannot afford the 1400 dollars per month that they want me to pay for the next 9 to 12 months--the rep even wanted me to come up with 2800 dollars next month; I was brutally honest with them about my history--they really don't care, they just want the money.  I think that I might need to deal with the Department of Education directly to see if I can get some of the loans forgiven then go from there.  Has anyone here dealt with the DOE directly??


Message Edited by landocalrissian on 01-15-2008 05:08 PM
Message 19 of 31
WhirledPeasPlease
Moderator Emeritus

Re: 8 open trade lines have just flipped on the RED ALERT switch.

Are you teaching in a teacher shortage area/subject shortage area?  There are debt forgiveness programs out there for up to 17.5k of SL debt depending on what kind of loan you received.  I didn't end up qualifying even though I teach in a low-income area (as deemed by the DOE), but you might look into it.  Every little bit helps, right?
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 20 of 31
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