Ready to call guarantor for rehab: Checklist. Please help.

[jimjimbk]

1. I will ask for rehab. I am asking for .5% for 12 months based on expenses which I can demonstrate. Just emerged from no-asset BK, so hoping the will be understanding.

 

2. They will ask me all sorts of info: Do I HAVE to give them everything, including name of current employer?

 

3. Need to ask them for total payments and IRS offsets they have on record. Can I trust them to be honest?

 

4. Would like to ask if it's possible to settle for cash payment at some point since there is small chance may come into $$ soon. (Total loan is app. $7000 principal and $9k interest and lates -- altogether $16k.)

 

Anything I'm missing?

[LynnInMN]

1. I will ask for rehab. I am asking for .5% for 12 months based on expenses which I can demonstrate. Just emerged from no-asset BK, so hoping the will be understanding.

 

If it is assigned to a CA, you will have to go thru them. Also, rehab is going to 9 months.

 

2. They will ask me all sorts of info: Do I HAVE to give them everything, including name of current employer?

Yes...more than likely you will have to provide a pay stub.

 

3. Need to ask them for total payments and IRS offsets they have on record. Can I trust them to be honest?

Ask for a payment history. If dealing with a CA, ask for the guarantor payment history.

 

4. Would like to ask if it's possible to settle for cash payment at some point since there is small chance may come into $$ soon. (Total loan is app. $7000 principal and $9k interest and lates -- altogether $16k.)

While you are in default, yes. They will settle on some or all of the collection costs. Once your loan is rehabbed, no. Settling will do nothing for your credit plus you will be 1099'd on the settled portion.

 

Anything I'm missing?