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Need help with my loan ASAP

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Need help with my loan ASAP

Hello!....I am in the process of starting a rehabilitaion program, and this is my situation. Pioneer Credit Recovery has my loan is trying to force me to pay $343 a month. I told them this was too expensive for me.. ....they are telling me that if they were to put me on a program where Im paying anything lower than $343, (even 200-250), that it really wouldnt count towards anything and that I would  be in default....they also said that it would affect me in the future, because the new company that buys my loans would jack my payment up to like 600-700 this true??...or are they getting over on me?......I'm really confused on if I should go ahead and pay the 343 OR pay what its more affordable........I have to let them know a definite answer by monday....Please Help!!

Message 1 of 4
Moderator Emeritus

Re: Need help with my loan ASAP

OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".

Message 2 of 4
Regular Contributor

Re: Need help with my loan ASAP

I just dealt with a different CA for my student loans. 


Did they walk you through your income and monthly expenses? (rent, utilities, gas, food, etc)


They have guidelines to follow.. Some percentage (15%?) of your expendable income. Not sure how much your expenses figure into this, or if it's just your take home pay minus some point of the poverty line. But my payment ended up just under $200.


Is your original loan private or federal? Did you consolidate multiple loans?


With a federal loan, you will be able to set income-based repayments after you are rehabilitated and your debt is purchased. Unless you make a ton of money, it likely won't be that high. There are student loan calculators out there.


I think they're trying to push you to pay more. When I called the CA, they asked me if I could pay 50% of the debt, then 25% of the debt, and I told the lady that I couldn't pay ANY percent of my debt and she backed off. 


I hope you get more responses from folks that have been through a more similar situation. It stinks, I know!!

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
Message 3 of 4
Valued Contributor

Re: Need help with my loan ASAP

Are these federal student loans mozilla?


If so, I reccomend you visit this website:


It'll give you a lot of detail about your options, and you'll noticed that the lender needs to offer you affordable payments for the rehabilitation.  Keep pressing them to do so, and to take into account your expenses and other debt.  If they won't budge, you can file a complaint on that site.  Be sure to document everything and keep good notes.  Also, be willing to work the CA and accept a reasonable payment as long as you can afford it.


In the future, your payments will depend on the repayment plan you select, and you will be able to choose an income-based repayment plan that will reduce your payments if you don't make enough money to cover the full payment.

Message 4 of 4