Okay I have a student loan that came out of deferrment in 2004. I have not been able to make any payments, no job...it has gone from Texas Guarantee to different collection agencies and back to Texas Guarantee. I really want to get this right but the collection agency told me that I couldn't pay less than $360 a month ("payment must fit the loan size" )
The newest collection agency (General Revenue) that has my loan will not send me anything in writing. I took a call and told her she MUST send me something in writing and she said: "we do everything by phone because information changes daily". I again told her to send me something in writing and she would hear back from me....she said ok. That was over a week ago...nothing in the mail but she has called again numerous times. One time I answered and very quickly said you must send me something in the mail and she said she did and I said great, when I get it you will from me. She's call twice since then and I didn't answer and still nothing in the mail.
I took about $20000 in loans and now with interest and fees she said I owe 56000. There is no way in the world I can pay this. No way. I am married and my husband just recently rehabbed his much smaller student loan and it was bought by a Credit Union. We are trying to get our debts under control and HONESTLY want to pay things but there is just no way I can make payments on 56000!
So my question: is there any chance that the Credit Union that bought my husband's loan would consolidate mine with his? My husbands' fico scores are 512-578.
Is there anything I can do immediately to get this under control? I will be sending a certified letter to the CA stating not to call me again and to send things in writing. At this rate, I will never get caught up on these loans...the payments are just too high! I feel completely overwhelmed and deflated about this! We are very actively trying to get stuff cleared up for my husband but this just makes it feel like it is pointless.
ETA: I want to say that I am working in real estate now...but no income in this tight market. However I feel certain that I can succeed, given time, and can eventually pay off my debts but it is during the mean time...what do I do? I also would much rather pay the Dept. of Education or even Texas Guarantee directly than ever give money to a jerky Collection Agency but don't know if it is possible to do that now....again, any help is great appreciated!
Message Edited by raisingmyfico on
05-23-2008 09:18 AM