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  1. 3 people in this thread have given me false info. All except LynnInMN--hodap2001 gave me great info in the beginning until I asked him to support his comments with evidence. Me stating what is actually happening doesn't make me antagonistic, it's making me truthful. The federal government can not garnish wages on private loans (as hodap2001 and IndyPoolPlayer stated), they will not garnish government funding in cases of private student loans (which the federal website states) and the government does not guarantee private loans from private entities (which LynnInMN also corrected from Breeze)? So explain to me how stating that the information I received is incorrect was being antagonistic?
  2. yup, a private student loan through a bank is the same as any other loan, nothing to do with the federal government. According to what I've read they don't specifically take into account your bills, when I say living expenses they don't garnish dependent upon how much you make in comparison to the state minimum wage, which as I said before the STATE determines the wage garnishment because the STATE determines minimum wage, there is no federal minimum wage. My federal loans are okay, I'm not worried about those in the least bit...which is why this post is specifically about private loans...not sure why everyone is so gung-ho to include the federal government in this thread. I hope to learn a lot in this process to help others with private loans because obviously most people commenting are giving false information. So what happens when the SOL expires, what does that mean?
  3. Okay. So I still wait 7 years? Yes I'm sure, I had to check and double check. It could be between 1 and 2 years defaulted and they may be offering the settlement because it's close to the SOL? Not sure, not sure what that means.
  4. Oh this is an official website of the United States Government. Thanks hodap2001 for encouraging me to do more research.
  5. http://www.consumerfinance.gov/askcfpb/667/how-might-private-student-lender-collect-payments-me.html http://www.consumerfinance.gov/askcfpb/673/what-happens-if-i-default-private-student-loan.html http://www.consumerfinance.gov/askcfpb/1439/can-debt-collector-garnish-my-bank-account-or-my-wages.html http://www.consumerfinance.gov/askcfpb/1157/can-creditor-garnish-my-social-security-benefits-pay-debt.html These are a few of the sites where I've done research. From what I've read when dealing with Private Student Loans, collection agencies have to sue you in court in order to garnish wages. At that point they have to comply with the wage garnishment laws of that particular state, some states protect more than even the federal government but for sake of us saying that the federal government can trump that the federal government does not allow the garnishment of federal benefit payments such as Social Security, etc. The agency can ONLY garnish a certain percentage of your wages, not your living expenses. So again I ask, WHERE should I look and WHAT should I research that tells me that the federal government will garnish my wages, etc. for a PRIVATE student loan?... I'll wait.
  6. Also, Georgia follows the federal laws for wage garnishment. Highly doubt the Feds are getting involved on a loan from Citibank.
  7. No dispute their, however, please provide the info that states that private loans that are completely separate from the federal government will lead to the government garnishing my wages above insolvency, they won't do that and my google search has supported that. Now I need to know where the veterans have their info because if the google search and what they're saying conflicts I need to know if there is something else I need to look at. Do you guys come here to help people or to throw around your knowledge? Because if it were the former you would provide a means by which those who ask questions can do in depth research instead of saying....I don't need to provide proof, tuh! Every question isn't an insult to your knowledge and Ego!
  8. I actually started another because I asked two separate questions. The first question was posted before I received a settlement letter which was asking about options. This question is specifically about a settlement letter, if you read my posts in detail as opposed to finding a reason to have something negative to say you would realize that these posts are indeed two separate posts
  9. Okay and I've done my research, you don't know what you're talking about.
  10. You provide proof thatthe federal government will begin to garnish my wages , although I would be considered insolvent, to the point that I would not be able to pay my living expenses. You provide me that info.
  11. How many times can I say...the federal government has NOTHING to do with private loans. My federal loans are good and it's still unlawful for them to garnish wages greater than your living expenses, or if you're insolvent. Where do y'all get this bogus info?
  12. I would be declared insolvent in this case
  13. They aren't going to do that for a private loan...
  14. The federal government doesn't get involved with private loans in that reguard first off, secondly it's illegal to do all of the above because of state laws. It's illegal to garnish wages etc up to a certain amount past minimum wage.

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