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since
06-19-2008
12-29-2018
shalane85
Frequent Contributor
320
Posts
29
Kudos
02-07-2009
01:50 PM
Okay this post was pretty helpful since I am in a similar situation. Now my husbands loan is private also and they are asking for 120 a month. If we pay 60 a month for 10 consecutive months will the CA agency have to take us out of rehab even though this is a private loan?
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02-07-2009
01:08 PM
If you were in school why did they go into default?
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02-07-2009
01:06 PM
This is actually a private loan. I dont know why they have to be so rude. What is the difference b/w private and federal student loans as to what they can legally do to you? Can they do everything the feds can do?
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02-07-2009
12:19 PM
I just cleaned up my husbands credit and then this happens. I know I should post this under student loans but this forum is more populated. We recieved a phone call last night from a Regional Adjustment Bureau saying that he has student loans that are now in default as of January 29, 2009. The loan was for 6000k but with the ocllection costs they say he owes $8441. That to me seems excessive for collection costs. Then they say he has to pay 120 a month to get out of default status. We struggle right now to pay the mortgage, car note, and daycare cause I was laid off. We cant afford to pay that and they are so unwilling to negotiate with us. I dont know what to because they say they will garnish his wages and if they go that route we wont be able to afford to live, let alone pay bills. The CA was so rude that one lady hung up on me but not before she told me that we shouldnt have took out the loans if we couldnt pay it or that we shouldnt have bought a car if we cant afford to pay other bills. I dont know what to do. What rights do we have? Has anyone had any experiences like this? And is it ever possible to negotiate the payment amount if you are trying to get your loan out of default?
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02-07-2009
10:53 AM
I have a student loan that just went into collections as of Jan 09. The CA say they want 120 a month for 8-9 months to get it out of rehab. I cant afford that. I barely have 100 dollars left over after I pay all my bills. I offered to pay half of that but they refused saying that if I dont voluntary comply with their offer they would garnish my wages, which means I may not be able to pay rent, daycare, buy food, etc... I dont know what to do. Does anyone have any suggestions? The CA was so rude with me as if I'd stole money from them. I know they are doing their job but they dont have to be rude. One lady got so irratated with me b/c I said I couldnt afford the payment that she hung up on me. What can I do? What are my options? Im a single mom of three and I feel helpless at this point.
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02-07-2009
10:40 AM
I have an orchard card and in my opinion they are better than premier. Try for an unsecured orchard card if you need it but they aren't too good about raising the credit limit. Depending on whats on your credit report you Cap 1 has a card that is good for rebuilding credit. And I like Cap 1 because if you pay your card on time for 3 months they automatically raise your limit.
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02-05-2009
04:25 PM
I was dealing with a collection company that was willing to settle bu they said that it was against the law for them to delete the info from my credit file. I didnt believe what they were saying since every collection I've ever had in the past would delete from my report without me having to ask. So what I did was contact the OC and told them that if I pay off the account would they delete the file. They assured me they would and sent it in writing. So that may not work with every OC but its worth a try.
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01-28-2009
12:57 PM
2 Kudos
I just want to say that I do feel pity for a lot of people that lost their money with Madoff. Alot of those people who put all their eggs in one basket were in their 70s and 80s and probably weren't as knoweledgable about investments as some of you are. One guy who was 76 and had worked his whole life to provide a comfortbale retirement for him and his 74 year old wife now has to find a JOB b/c he lost everything to Madoff. That was his hard earned money and you all should feel pity for him and his family. Everyone who lost their money with Madoff werent greedy trying to earn a quick buck. Just remember it could happen to all of us.
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01-28-2009
12:30 PM
1 Kudo
To me it sounds like you have very little to worry about. They don't always pull your report a second time and if they do in your case as long as nothing drastic has changed, like a new collection, a new open account, you are fine. If they tell you to shop for homeowners insurance go ahead and do it. This is a stressful situation but it will be okay. I was in the same boat a few months ago just like you but when its all over and you have those keys in your hand its like a breath of fresh air. Just so you know I got my insurance through allstate for $360 a year. Not bad huh?
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01-25-2009
06:17 PM
But it will improve my score if they delete it from my credit report. Wont it?
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01-25-2009
04:37 PM
The apartment sold that account to the collection company. The CA have had that account since Aug 06. Every year around tax season they offer to settle the account for less but I don't want to pay them if they wont delete it from my credit report. I'm not one to avoid paying my debts but it will hurt my already low score of 510 if I pay them off and it still shows on my reprt. I think I will send them a PFD and see where it goes.
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01-24-2009
06:46 PM
If the SOL for Georgia is 4 years what does that mean for me? Does that apply to collection accounts on your credit report or does it apply to paid off debt. I thought that every state had a SOL of 7 years? Does the SOL mean that they have 4 years before they have to remove negative debt from my report if I live in GA?
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01-24-2009
06:41 PM
I broke my lease from this apartment June 06 and Aug. 06 they reported that I owe $2600 for breaking the lease. I want to either pay it off or settle, but one representative for the CA told me it would be illegal to delete the account from my credit report. Should I even try to pay this off if they wont take it off my report?
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01-22-2009
04:18 PM
Has anyone been in a similar situation before? If so, what was the outcome?
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01-22-2009
03:25 PM
So before I agree to pay anything should I request that they agree to delete the account from my credit file if paid in full?
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01-22-2009
03:17 PM
I have an account in collections from an apartment where I broke the lease on. The account was opened Aug. 08. I contacted the CA and told them I would pay off the balance but I want the account removed from my credit report. The rep for the CA stated that it is illegal for her to remove the acct from my report even if it is paid off. Is that true or does it sound like they just don't want to remove it. And if that is the case whats the point in paying off old debt if its going to hurt my score; (1) my score will drop if I pay it b/c it will be listed as a new acct. instead of old. Does anybody have any advice or suggestions?
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09-06-2008
04:42 PM
I was approved for a loan with Opteum mortgage. They are offering me a fixed rate of 5.5% or 4.875% if adjustable. Now I'm terrified of ARMs because of what happened to alot of people. However my loan officer stated to me that if I go with the ARMS and payed my mortgage on time for 12 months at the end of the 12 months my rate would become fixed. Has anyone ever heard of this. It sounds to good to be true. He said he would give it to me in writing. Any advice?
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09-01-2008
04:52 PM
The rate is 4.875% if I used the builder's preferred lender, Opteum Mortgage. I thought it was a pretty good rate too. So I should disclose the new auto loan. How long can my student loans be deferred before they have to be included in my DTI ratio. Right now they are deferred for 6 months. Is that long enough for me to not have to include it in my DTI?
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08-30-2008
05:51 PM
I put a house under contract today. The builder and their preferred lender are offering a 4.875% fixed rate, pay all closing costs, taxes, insurance, and HOA fees for the rest of the year. Only $500 dollar earnest money which will be refunded at closing. Sounds like a good deal. My only issue is that my fico score is 627 and I'm hoping and praying that I get approved for this FHA loan. I haven't had any lates in over a year and half and I have 3 things in collections which are at least 2 years old. My other issue is that I just bought a car this month and I'm afraid it will affect my DTI. I dont make the first payment until October so its not on my credit report. Should I be concerned?
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07-07-2008
07:05 PM
I just co-signed for my husband to get a car. My score is 615 and his is 558. The loan is for 48 months with 24.99% rate. Can I refinance this loan now even though we just bought this car last month or do I need to wait? I'm sure I can refinance at a lower rate w/o my hubbie b/c his credit is worse than mine and I've had 2 other cars payed off on my credit. Anyone have any advice?
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06-30-2008
08:35 PM
My current auto loan is with Capitol One at 17.95% for 60 months. I pay $266 a month for a Malibu which is only worth $4k trade in value. I'm upside down on this loan b/c I owe $7,990. At the time my credit score was really bad, low 400s. Now my mid score is 580. Would it make since to try and refinance or should I stick with it and pay it off now that I have 36 months left in the loan? Can I refinance with these low credit scores?
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06-30-2008
07:06 PM
If I were you I'd wait until the 7 year mark and see if it falls off. Don't pay it if its going to fall off your credit file anyway. However some CA will sell your account to another CA right before its supposed to fall off and then the 7 year mark starts all over again, so be aware of that.
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06-29-2008
02:31 PM
I'm in the process of buying a house with NACA. It really is a good program-no downpayment, no PMI, no closing costs. I have several friends that have went through it and loved it especially at the end when you close your agent gives you 3% to 6 % back to buy down your interest rate. The only thing bad I can say about NACA is that depending on your counselor you have to turn a lot of paperwork. At times you may get frustrated b/c they may ask 4 the same documents more than once but if that means having a less affordable mortgage for more house its worth it. Just save whatever they tell you to save and try not get any overdraft fees or use overdraft protection on your account. That can push you back. But other than that the program will benefit you greatly.
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06-29-2008
12:13 PM
It is true that they give you that commission to buy down your interest rate. Thats why everyone who closes with NACA always closes with an interest rate well below the market. They also pay all closing costs. The only thing you come out of your pocket to pay is taxes and insurance on the house you choose to buy.
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06-26-2008
07:24 PM
If I want to pay under $1000 a month, including taxes, pmi, mortgage insurance, and with an interest rate of 6.25% what is the price range I should be looking for?
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06-26-2008
06:32 PM
Has anyone been approved for any type of loan FHA, Conventional, etc.. that have low credit scores. If so can you post what interest rate you were given, terms, etc...
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06-26-2008
06:10 PM
I told my loan officer that I had a couple of overdraft fees from April and he told me to write an explanation. I hope I'm not shooting my self in the foot by doing that. I just know its frowned upon.
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06-26-2008
03:34 PM
Has anyone been denied a loan because of overdraft fees or overdraft protection applied showing on your bank statements?
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06-24-2008
08:00 PM
If the bank accepts the offer on a house that is a foreclosure is it possible that you can negotiate them to pay the closing costs?
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06-24-2008
01:48 PM
I think closing cost depends on the value of the home. Like between 3% and 6%.
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