Members hangwire Posted July 1, 2008 Members Share Posted July 1, 2008 Seems over 4 years ago when I combinded all my student loans from grad and undergrad school, 1 loan never was accepted or processed into that huge sum I pay down collectively every month... never got an extra monthly bill or anything... until about 2 months ago. I have researched and disputed, but it looks like this debt is real... a {censored} up that I have to now clean up asap... it was actually 37,000+ with fees and interest... but they went down to 26,185, which has to be paid "in a timely manner" and all at once... NO PAYMENTS WTF! So, now I have to figure out a way to get that... and I guess my credit was hit hard, so just getting a credit union loan might not be an option The thing that sucks, is that EVERYTHING else I have owed has been paid off with no issues... except one other time last year where a medical bill never got paid by my insurance 3 years ago, and my insurance had changed 3 times yearly and the original company was consolodated and wouldn't own up... so I ended up paying this stupid $1000-ish bill that I found out about when it was field for court and is on my criminal record... so my need to vent is over, and I have 2 points left to address: 1) shouldn't there be some type of consumer protection where companies have to be active in letting you know they have money that needs to be paid back, rather then wait up to 4 years and then freak you out all the sudden by demanding a full sum out of the blue? 2) what are REAL options to get that $26,185 asap besides trying to get a bank loan? Please, no funny stuff about gigilo or whatnot, not in the mood... Link to comment Share on other sites More sharing options...
Members Belt Posted July 1, 2008 Members Share Posted July 1, 2008 that sucks Link to comment Share on other sites More sharing options...
Members RoboPimp Posted July 1, 2008 Members Share Posted July 1, 2008 ooooo ooooooooo witchy woman, see how high she fliiiihiii hiiiiighssss Link to comment Share on other sites More sharing options...
Members Flying_Milkman Posted July 1, 2008 Members Share Posted July 1, 2008 If they added any interest over the last 4 years then I believe they are responsible for sending you statements regarding that interest. Otherwise I'm not sure about the laws. Link to comment Share on other sites More sharing options...
Members rileykill Posted July 1, 2008 Members Share Posted July 1, 2008 Ohhhhhhh ... damn dude that sucks ... your current loan company won't help you out? Shop around and make some calls. I'll bet someone will consolidate that debt into one payment. Link to comment Share on other sites More sharing options...
Members Burningleaves Posted July 1, 2008 Members Share Posted July 1, 2008 Is this a collection agency or the original company you got the loan from? Link to comment Share on other sites More sharing options...
Members hangwire Posted July 1, 2008 Author Members Share Posted July 1, 2008 Is this a collection agency or the original company you got the loan from? collection Link to comment Share on other sites More sharing options...
Members SonicVI Posted July 1, 2008 Members Share Posted July 1, 2008 How did you not know about it is what I can't help but wonder. That's a pretty big loan to have lost track of. I think you'd probably be better off consulting with a finiancial advisor than the HCFX forum. Best of luck. Link to comment Share on other sites More sharing options...
Members hangwire Posted July 1, 2008 Author Members Share Posted July 1, 2008 I'll bet someone will consolidate that debt into one payment. that is something I'll try Link to comment Share on other sites More sharing options...
Members onyxrhino Posted July 1, 2008 Members Share Posted July 1, 2008 Man, that sucks. I really feel for you. I'm lucky that my parents paid for school, but we're still paying off my wife's student loans. I'd hate to get hit with something like that. Unless you have a really high-paying job, I don't know how you can raise $26K immediately. But, I'd be shocked if they wouldn't let you pay in installments. You may have to pay the full $37K or more if you did it that way, but at least that would get them off your back for the time being. They might be able to get liens on your property though and screw up your credit, so you might want to look at declaring bankruptcy. It will destroy your credit, but that will recover eventually and it might take care of a lot of your debt. Best of luck, and remember, even though this is a tough thing to deal with, we don't have debtor's prisons anymore, so you're going to be all right eventually, you'll just have more bills to pay for awhile. Link to comment Share on other sites More sharing options...
Members Flying_Milkman Posted July 1, 2008 Members Share Posted July 1, 2008 collection So they gave it over to collection without contacting you first? You didn't recieve a letter that they would be submitting this loan to collection? I'm pretty sure they are required to tell you it's going to collections before they submit it. Link to comment Share on other sites More sharing options...
Members hangwire Posted July 1, 2008 Author Members Share Posted July 1, 2008 How did you not know about it is what I can't help but wonder. That's a pretty big loan to have lost track of. I think you'd probably be better off consulting with a finiancial advisor than the HCFX forum. Best of luck. the total student loan when combined was way way more, been paying for 4 years and the balance is still over 5x that "missed" loan amount... but when I got the first contact 2 months ago, I thought the same thing and I sent them proof of payments and letter of consolodation and payment, all that stuff, and it was just a big {censored}up that I am now stuck with and hcfx is for venting and real world advice... I have an appointment at my credit union too Link to comment Share on other sites More sharing options...
Members Flying_Milkman Posted July 1, 2008 Members Share Posted July 1, 2008 Do not declare bankruptcy without talking to a qualified professional first! Link to comment Share on other sites More sharing options...
Members hangwire Posted July 1, 2008 Author Members Share Posted July 1, 2008 So they gave it over to collection without contacting you first? You didn't recieve a letter that they would be submitting this loan to collection? I'm pretty sure they are required to tell you it's going to collections before they submit it.nope... same thing with the medical bill last year, poof gone, and bamd here I am years later with no trail to send me in between, but they have the stuff to back it up and it looks legit Link to comment Share on other sites More sharing options...
Members hangwire Posted July 1, 2008 Author Members Share Posted July 1, 2008 Do not declare bankruptcy without talking to a qualified professional first! not going that route, wife is heading to mdical school soon, and she need loans Link to comment Share on other sites More sharing options...
Members skitzy Posted July 1, 2008 Members Share Posted July 1, 2008 i can't wait til i have to pay my student loans sorry to hear that man, best of luck Link to comment Share on other sites More sharing options...
Members Flying_Milkman Posted July 1, 2008 Members Share Posted July 1, 2008 not going that route, wife is heading to mdical school soon, and she need loansGood Link to comment Share on other sites More sharing options...
Members hangwire Posted July 1, 2008 Author Members Share Posted July 1, 2008 thanks, I actually feel better getting that out... I am sure I can get the credit union to help, been with them or over 12 years now... just a crappy situation... Link to comment Share on other sites More sharing options...
Members TweedBassman Posted July 1, 2008 Members Share Posted July 1, 2008 not going that route, wife is heading to mdical school soon, and she need loans if you are married, and she needs loans for school soon, i'd HIGHLY recommend some professional help to sort this. sounds like a sticky situation. did you move a lot in the past few years? a lot of places just try to mail you and if you're not easily available, they don't try too hard and blammo... sent to collection. Link to comment Share on other sites More sharing options...
Members Flying_Milkman Posted July 1, 2008 Members Share Posted July 1, 2008 nope... same thing with the medical bill last year, poof gone, and bamd here I am years later with no trail to send me in between, but they have the stuff to back it up and it looks legit I just wonder about the correspondence issue. If you weren't contacted then you might be able to fight it, AFAIK it's illegal to send accounts to collections without informing the account your posting them to an agency.Good luck getting this sorted out. Link to comment Share on other sites More sharing options...
Members RoboPimp Posted July 1, 2008 Members Share Posted July 1, 2008 sell crack Link to comment Share on other sites More sharing options...
Members onyxrhino Posted July 1, 2008 Members Share Posted July 1, 2008 Do not declare bankruptcy without talking to a qualified professional first! Obviously, I wasn't suggesting that he do it himself. Of course you would get legal advice on that kind of action. Link to comment Share on other sites More sharing options...
Members jay3265E Posted July 1, 2008 Members Share Posted July 1, 2008 Outside of a major fire sale of your gear/electronics/etc., you could look into any type of 401K program or IRA that you may have through work. You're allowed to pull that money out early (at a penalty of course). Or you can use it then replace it without penalty. When you borrow and repay the money, they'll give you a payment plan but generally it's still a pretty short turn-around. A few months but it would buy you some time. Otherwise you can eat the penalty. Link to comment Share on other sites More sharing options...
Members Crxsh Posted July 1, 2008 Members Share Posted July 1, 2008 That SUCKS dude..... sorry. Link to comment Share on other sites More sharing options...
Members Lanefair Posted July 1, 2008 Members Share Posted July 1, 2008 Tell em you want to pay it off but it won't be all at once. I'm not sure how far you got last time, but keep escalating it on the phone till you get to someone that can do something for you. Link to comment Share on other sites More sharing options...
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