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
Full Version: Ging into rehab
QUOTE(jackdaw @ Apr 12 2007, 05:15 PM) 
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
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
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