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Private Student Loan

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Anonymous
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Private Student Loan

Hi All, Any help is welcome... I have defaulted on private student loan. I've learned I received ill advice and didn't respond to any court letters nor attend any proceedings. It is near judgment if not already done (will find out Monday). Is there anything I can do to save this? I've talked with law firm suing and they say at this late juncture, they won't take payments and want full amount of 13k. The loan cannot be consolidated as it is private and very far along in judicial proceedings. Thanks.
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Private Student Loan

You should talk to an attorney.  Courts don't like default judgments.  You may be able to get it set aside or vacated.  If not, there are forms of post-judgment relief that ensure that your exempt assets are protected. 
Message 2 of 5
Anonymous
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Re: Private Student Loan

Thank you!
Message 3 of 5
Anonymous
Not applicable

Re: Private Student Loan

Does anyone have contact points for attorneys in this kind of matter?
Message 4 of 5
treschic
Frequent Contributor

Re: Private Student Loan

You can consolidate private.  Not sure who told you that you couldn't.  You just can't consolidate both federal and private student loans into the same consolidation loan. Depending on who your lender is, they may charge you an upfront fee.  But, you should talk to the lender directly, to try to work something out.  I'm sure if the judge sees that you actually want to pay, they will be more willing to work with you.  because regardless of if they issue a judgement, if you don't have the money, you don't have it.  private consolidation loans are credit driven.  so, you have to have usually atleast 630+ to qualify on your own, you can get a co-signer though if you have bad credit, but they have to have very good credit.  hopefully, this will help you out.  but, get this done ASAP.  Good luck!!
Message 5 of 5
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