I really need some help with this. I have student loans that were in default due to divorce, bankruptcy and being laid off. once i got back to work i wanted to set up a payment plan for the loans and was told to fill out information and how much i could pay. i did so and heard nothing for 6 months until i received a letter from a collections company. i responded to the collection company and wanted to set up a payment plan and was told that i must pay a certain amount per month $650.00, which i stated i could not afford to pay or else i would have a garnishment for 15%. Well I was not able to make $650.00 payments and now I am set for garnishment. Is garnishment a totally unrecoverable spot on my credit and if i pay off any other collections will i be able to qualify for any type of loan with a garnishment on my credit? has anyone experienced this and if so, is there anything that can be done to try and get the student loan payments for a reasonable amount? thanks
