Ging into rehab

[jackdaw]

so they finally caught up with me. FAMS called yesterday and has threatened to garnish my wages.

 

I owe with penalties around 94,000. they told me first they wanted 930 a month. I said I couldnt do it.

 

Then they came back with 600 month for 9 months after which time I would go off rehab and my loan would go back to dept of ed and I could reconsolidate under another bank and work out payent options for a 30 year loan. they also said they would remove about 18,000 from the balance which would erase the penalty fees i guess.

 

Im actually looking forward to finally taking care of this, but I want to find out if I have any other options. I dont mind paying 600/month, but is it poissible to get a lower payment, an if so, how?

 

Also, they mentioned that garishing would only take 480 a month... so why is it not better to let them garnish anyway?

 

They also are telling me that I have to come up woith the first payment by the end of the month in order to take their deal... is this the case or do I have more time? I can only afford to send them the money on the 6 th of may. they also say I have to decide today whether to take their deal.

 

if anyone has any advice I'd greatly appreciate it!

 

Seth

[LynnInMN]

so they finally caught up with me. FAMS called yesterday and has threatened to garnish my wages.

 

I owe with penalties around 94,000. they told me first they wanted 930 a month. I said I couldnt do it.

 

Then they came back with 600 month for 9 months after which time I would go off rehab and my loan would go back to dept of ed and I could reconsolidate under another bank and work out payent options for a 30 year loan. they also said they would remove about 18,000 from the balance which would erase the penalty fees i guess.

 

Im actually looking forward to finally taking care of this, but I want to find out if I have other options. I dont mind paying 600/month, but is it poissible to get a lower payment, an if so, how?

 

If you can afford the $600, you should be paying it. Payments for rehab less than the standard amount which for you was the $930, should be reasonable and affordable. If you can afford the $600, it is therefore reasonable.

 

Also, they mentioned that garishing would only take 480 a month... so why is it not better to let them garnish anyway?

If they garnish you, you cannot rehab unless you make the $930 payments on top of the rehab amount, nor can you consolidate. Basically with a $480 garnishment, you would spend your entire life paying off interest....your balance would not go down.

 

They also are telling me that I have to come up woith the first payment by the end of the month in order to take their deal... is this the case or do I have more time? I can only afford to send them the money on the 6 th of may. they also say I have to decide today whether to take their deal.

 

Talk to a supervisor.

 

if anyone has any advice I'd greatly appreciate it!

 

Seth