Last year, my tax refund was offset... so was my $600 stimulus check. I estimated my balance to be $3500 at this point. Okay. This year $1501 was sent to them courtesy of IRS offset, no surprise there.
I want this over. I am unemployed, no job in sight and no more unemployment. I called Financial Management ( the CA) they told me my balance was $4,561!! He said the way this is set up, I accrue interest daily. I explain to him, no job, no more unemployment, no house, no car, not even life insurance to cash in. He proceeds to tell me that I can make a settlment of $3305 with monthly installments of $1100 for three months, with a $60 down payment by the 27th. HELLO? Did you not just hear what I said??????
Then he says this is on its way to litigation and they will TRACK my SS # to see if I own property, cars, get any SSI or unemployment, etc., etc. I do not. I own 2 tvs that are over four years old and a laptop that is just as old.
I have two bank accounts all totaling less than $150 in both accounts together. Should I worry they can freeze my accounts? And when I get a job, will they find me as soon as I get it and garnish wages?
I really, really want to pay them off, but I would like to know the answers to the above two questions.
Can't wait to really be a "millionairess"!!!!!!!!!!!!!!
Full Version: Loan in Default
QUOTE (Millionairess2 @ Mar 20 2009, 04:11 PM) 
Last year, my tax refund was offset... so was my $600 stimulus check. I estimated my balance to be $3500 at this point. Okay. This year $1501 was sent to them courtesy of IRS offset, no surprise there.
I want this over. I am unemployed, no job in sight and no more unemployment. I called Financial Management ( the CA) they told me my balance was $4,561!! He said the way this is set up, I accrue interest daily. I explain to him, no job, no more unemployment, no house, no car, not even life insurance to cash in. He proceeds to tell me that I can make a settlment of $3305 with monthly installments of $1100 for three months, with a $60 down payment by the 27th. HELLO? Did you not just hear what I said??????
Then he says this is on its way to litigation and they will TRACK my SS # to see if I own property, cars, get any SSI or unemployment, etc., etc. I do not. I own 2 tvs that are over four years old and a laptop that is just as old.
Pure lies. They only sue on accounts in excess of $100k when the borrower is self employed. And the ony SS tracking they do is via yur credit report. Unemployment they cannot touch and the CA cannot touch the SSI....the guarantor can garnsh SSI but the CA has no part in that.
I have two bank accounts all totaling less than $150 in both accounts together. Should I worry they can freeze my accounts? And when I get a job, will they find me as soon as I get it and garnish wages?
I really, really want to pay them off, but I would like to know the answers to the above two questions.
Can't wait to really be a "millionairess"!!!!!!!!!!!!!!
I want this over. I am unemployed, no job in sight and no more unemployment. I called Financial Management ( the CA) they told me my balance was $4,561!! He said the way this is set up, I accrue interest daily. I explain to him, no job, no more unemployment, no house, no car, not even life insurance to cash in. He proceeds to tell me that I can make a settlment of $3305 with monthly installments of $1100 for three months, with a $60 down payment by the 27th. HELLO? Did you not just hear what I said??????
Then he says this is on its way to litigation and they will TRACK my SS # to see if I own property, cars, get any SSI or unemployment, etc., etc. I do not. I own 2 tvs that are over four years old and a laptop that is just as old.
Pure lies. They only sue on accounts in excess of $100k when the borrower is self employed. And the ony SS tracking they do is via yur credit report. Unemployment they cannot touch and the CA cannot touch the SSI....the guarantor can garnsh SSI but the CA has no part in that.
I have two bank accounts all totaling less than $150 in both accounts together. Should I worry they can freeze my accounts? And when I get a job, will they find me as soon as I get it and garnish wages?
I really, really want to pay them off, but I would like to know the answers to the above two questions.
Can't wait to really be a "millionairess"!!!!!!!!!!!!!!
I would recommend contacting the student loan ombudsman and file a complaint. Plus you might want to look into Direct Loan Conasolidation to get this out of default.
QUOTE (LynnInMN @ Mar 20 2009, 05:09 PM)
QUOTE (Millionairess2 @ Mar 20 2009, 04:11 PM)
Last year, my tax refund was offset... so was my $600 stimulus check. I estimated my balance to be $3500 at this point. Okay. This year $1501 was sent to them courtesy of IRS offset, no surprise there.
I want this over. I am unemployed, no job in sight and no more unemployment. I called Financial Management ( the CA) they told me my balance was $4,561!! He said the way this is set up, I accrue interest daily. I explain to him, no job, no more unemployment, no house, no car, not even life insurance to cash in. He proceeds to tell me that I can make a settlment of $3305 with monthly installments of $1100 for three months, with a $60 down payment by the 27th. HELLO? Did you not just hear what I said??????
Then he says this is on its way to litigation and they will TRACK my SS # to see if I own property, cars, get any SSI or unemployment, etc., etc. I do not. I own 2 tvs that are over four years old and a laptop that is just as old.
Pure lies. They only sue on accounts in excess of $100k when the borrower is self employed. And the ony SS tracking they do is via yur credit report. Unemployment they cannot touch and the CA cannot touch the SSI....the guarantor can garnsh SSI but the CA has no part in that.
I have two bank accounts all totaling less than $150 in both accounts together. Should I worry they can freeze my accounts? And when I get a job, will they find me as soon as I get it and garnish wages?
I really, really want to pay them off, but I would like to know the answers to the above two questions.
Can't wait to really be a "millionairess"!!!!!!!!!!!!!!
I want this over. I am unemployed, no job in sight and no more unemployment. I called Financial Management ( the CA) they told me my balance was $4,561!! He said the way this is set up, I accrue interest daily. I explain to him, no job, no more unemployment, no house, no car, not even life insurance to cash in. He proceeds to tell me that I can make a settlment of $3305 with monthly installments of $1100 for three months, with a $60 down payment by the 27th. HELLO? Did you not just hear what I said??????
Then he says this is on its way to litigation and they will TRACK my SS # to see if I own property, cars, get any SSI or unemployment, etc., etc. I do not. I own 2 tvs that are over four years old and a laptop that is just as old.
Pure lies. They only sue on accounts in excess of $100k when the borrower is self employed. And the ony SS tracking they do is via yur credit report. Unemployment they cannot touch and the CA cannot touch the SSI....the guarantor can garnsh SSI but the CA has no part in that.
I have two bank accounts all totaling less than $150 in both accounts together. Should I worry they can freeze my accounts? And when I get a job, will they find me as soon as I get it and garnish wages?
I really, really want to pay them off, but I would like to know the answers to the above two questions.
Can't wait to really be a "millionairess"!!!!!!!!!!!!!!
I would recommend contacting the student loan ombudsman and file a complaint. Plus you might want to look into Direct Loan Conasolidation to get this out of default.
Gee, this guy had me fooled. He even said he would say a prayer for me when I told him my story. Wow. But CAN they freeze my accounts or garnish wages if I am unable to do a consolidation? I supposed I would have to have a job to set up a payment arrangement.
QUOTE
Gee, this guy had me fooled. He even said he would say a prayer for me when I told him my story. Wow. But CAN they freeze my accounts or garnish wages if I am unable to do a consolidation? I supposed I would have to have a job to set up a payment arrangement.
There is no reason why you wouldnt be able to consolidate....google Direct Loan Consolidation and the Income Contingent repayment Plan.
They cannot freeze your account without a judgement....and they are not going to sue on your low balance. They can however garnish wages without a court order.
QUOTE (LynnInMN @ Mar 20 2009, 05:58 PM)
QUOTE
Gee, this guy had me fooled. He even said he would say a prayer for me when I told him my story. Wow. But CAN they freeze my accounts or garnish wages if I am unable to do a consolidation? I supposed I would have to have a job to set up a payment arrangement.
There is no reason why you wouldnt be able to consolidate....google Direct Loan Consolidation and the Income Contingent repayment Plan.
They cannot freeze your account without a judgement....and they are not going to sue on your low balance. They can however garnish wages without a court order.
come to think of it, I think this loan was consolidated with another one about 10 years ago when the balance was WAY higher. Can it be done again??????? Is it too late to get a transcript of all that has transpired since I took out this loan........back in 1984.......yes, that long ago.
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