hi,
i was able to buy a house, and next thing you know, wham-o from a ca regarding my student loans that are about 10 years out. i now owe 41,000.
i have tried repeatedly to talk to people thru the dept of ed, but never got anywhere. today, the woman read back all the info i sent in, so it got there.
they want to get financial info from my to set up payments, and say that im close to getting my wages garnished.
i asked for a verification of debt, which they seem to be hesitant about giving me, saying it will impact my offer, payment options, etc.
i was really nervous and told them i still rent, even tho its not true..
here's my question - i have a great job with a good salary. do i have to give them this info? im afraid that they will slam me with huge payments. i didn't want them to put any kind of lien on my house, and sheesh, i haven't even had the first mortgage payment yet!!!!!!
what do i do? i want to start getting this under control..what am i obligated to tell them? how do i negoiate payment?
here's their offer so far :
pay 33,000 in 3 monthly payments
one-time offer of 26,000
or give them my financial info to negoiate payments...
oh yeah - they said they have a lien on my social sec number. what does that mean?
any help would be appreciated!!!
miss phoenix
Full Version: collection agency question - they want $ info
QUOTE(miss phoenix @ Oct 13 2005, 05:38 PM)
hi,
i was able to buy a house, and next thing you know, wham-o from a ca regarding my student loans that are about 10 years out. i now owe 41,000.
How were you able to purchase a home with a government claim on your CR?? Most mortgage lenders specifically ask about government claims. I hope you did not lie on an FHA application, as there are consequences.
i have tried repeatedly to talk to people thru the dept of ed, but never got anywhere. today, the woman read back all the info i sent in, so it got there.
Once assigned to a CA, the DOE forwards all information to them.
they want to get financial info from my to set up payments, and say that im close to getting my wages garnished.
If you are 10 years out you are probably pretty close.
i asked for a verification of debt, which they seem to be hesitant about giving me, saying it will impact my offer, payment options, etc.
They are seeing this as a stall, as you have already communicated with the DOE about this debt.
i was really nervous and told them i still rent, even tho its not true..
Your credit report probably has mortgage inquires all over it...plus a simple call to tax assessor for your city will verify your ownership.
here's my question - i have a great job with a good salary. do i have to give them this info? im afraid that they will slam me with huge payments. i didn't want them to put any kind of lien on my house, and sheesh, i haven't even had the first mortgage payment yet!!!!!!
what do i do? i want to start getting this under control..what am i obligated to tell them? how do i negoiate payment?
here's their offer so far :
pay 33,000 in 3 monthly payments
one-time offer of 26,000
or give them my financial info to negoiate payments...
Technically the contract that you signed stated they have the right to demand payment in full upon default. Unless you provide a financial statement,they are under no obligation to offer you a payment plan. If they are close to garnishment as they state, they will be looking for payments that are in line with the 15% garnishment, particularly when you have made just made a property purchase.
oh yeah - they said they have a lien on my social sec number. what does that mean?
The DOE has already placed this lien against state and federal tax returns. Common practice.
any help would be appreciated!!!
miss phoenix
i was able to buy a house, and next thing you know, wham-o from a ca regarding my student loans that are about 10 years out. i now owe 41,000.
How were you able to purchase a home with a government claim on your CR?? Most mortgage lenders specifically ask about government claims. I hope you did not lie on an FHA application, as there are consequences.
i have tried repeatedly to talk to people thru the dept of ed, but never got anywhere. today, the woman read back all the info i sent in, so it got there.
Once assigned to a CA, the DOE forwards all information to them.
they want to get financial info from my to set up payments, and say that im close to getting my wages garnished.
If you are 10 years out you are probably pretty close.
i asked for a verification of debt, which they seem to be hesitant about giving me, saying it will impact my offer, payment options, etc.
They are seeing this as a stall, as you have already communicated with the DOE about this debt.
i was really nervous and told them i still rent, even tho its not true..
Your credit report probably has mortgage inquires all over it...plus a simple call to tax assessor for your city will verify your ownership.
here's my question - i have a great job with a good salary. do i have to give them this info? im afraid that they will slam me with huge payments. i didn't want them to put any kind of lien on my house, and sheesh, i haven't even had the first mortgage payment yet!!!!!!
what do i do? i want to start getting this under control..what am i obligated to tell them? how do i negoiate payment?
here's their offer so far :
pay 33,000 in 3 monthly payments
one-time offer of 26,000
or give them my financial info to negoiate payments...
Technically the contract that you signed stated they have the right to demand payment in full upon default. Unless you provide a financial statement,they are under no obligation to offer you a payment plan. If they are close to garnishment as they state, they will be looking for payments that are in line with the 15% garnishment, particularly when you have made just made a property purchase.
oh yeah - they said they have a lien on my social sec number. what does that mean?
The DOE has already placed this lien against state and federal tax returns. Common practice.
any help would be appreciated!!!
miss phoenix
lynn,
thanks for the replies...no, i didn't lie on any applications, so im ok there
so what do i do next? im really scared at this point. i want to do the right thing, its really scary to be here, right now.
im open to input!!!
ms phx
thanks for the replies...no, i didn't lie on any applications, so im ok there
so what do i do next? im really scared at this point. i want to do the right thing, its really scary to be here, right now.
im open to input!!!
ms phx
Is there any option to rehab this?
QUOTE(CargoJon @ Oct 17 2005, 03:18 PM)
Is there any option to rehab this?
yes, this is part of that option..im just nervous about turning over financial information. im afraid they will think i can afford to pay WAY more than i can per month. any advice or ideas? they are faxing me the financial paperwork as we speak
ms p
A standard payment to qualify for rehab is around $400/month. To get a reasonable and affordable payment they will need your financial statement to justify what you can afford if you want less.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.