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Lawsuits 'n student loan garbage
bowen
Sup?Registered User regular
Sup?Registered User regular
So, I posit a question to you fine folks here in PA.
Let's say that I've exhausted all my options in dealing with a dirty lender (private school loan). Let's also say that the lender does not have a local branch here. Is it legal for them to sue me in, let's say, California and have me travel to California or do they have to sue me in my state because they made it possible to lend where I'm from?
Meaning, would they try to get the case dismissed because I wasn't able to travel to where I was summoned to court? Is this even a thing? Or are they pretty much restricted to my local area?
Let's say that I've exhausted all my options in dealing with a dirty lender (private school loan). Let's also say that the lender does not have a local branch here. Is it legal for them to sue me in, let's say, California and have me travel to California or do they have to sue me in my state because they made it possible to lend where I'm from?
Meaning, would they try to get the case dismissed because I wasn't able to travel to where I was summoned to court? Is this even a thing? Or are they pretty much restricted to my local area?
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
bowen on
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For a few hundred dollars? Sure. For tens or even hundreds of thousands? Hell no.
That is not my call, I just cannot afford them anymore. I'm hoping I'll have more luck with the judge especially since I've tried to work with them but everytime I call it's basically, and I'm paraphrasing, "lawl sucks to be you fuckface, go suck a dick."
I hate to say it, but this has been my experience as well. Luckily I've been able to afford my payments, but there was a time I had to choose what bills to pay or not pay, and my student loan company was very unwilling to work with me at all. They told me that they weren't going to lower my payments at all, and that if I didn't make my payments I would go into default and they would sue me for the full amount. I know they want to get their money, but they really need to be a little more reasonable considering the state of the economy right now. Suing people isn't going to get their money any quicker. Good luck.
If you do not show up, the Plantiff will receive a default judgment. The judgment will be used to obtain an Income Execution Order which is used to garnish your wages.
Also, note that it may be possible (IANAL) that the judgment can carry a higher interest rate than your loan and may include some legal fees. (IANAL)
If I were you I would make sure this doesn't go to court. Consolidate, Forbearance, anything. Call them like they owe you money.
I have literally tried everything imaginable to get them to work with me. Everytime I call about the above? Their response is, I am not shitting you, "I'm sorry, there's nothing we can do for you. Pay us $X."
I will not skip out on going to court though, if it comes to that. Today is the very last day I have available so let's see what I can do. I've already called once and got hung up on on my break.
I defaulted on my student loans.
They took it to court and now they get 15% out of my pay check.
I find this arrangement entirely satisfactory as they are getting more than I probably would have been paying anyway by a bit and I still have enough money to live on. Another couple years and the whole thing will be done and I'll feel like I'm getting a pretty great raise. An interesting side effect is that on weeks where I get extra hours or overtime, they get more money which shortens the length of repayment.
While I can't recommend defaulting as a great strategy, it's not the end of the world. One consideration to keep in mind is that you will likely get stuck with some more fees and whatnot due to the default.
It sucks that they aren't willing to work with you at all. I assume you've tried talking to more than one person and/or a supervisor with the lender? Is there any other place you might get a loan with better terms to pay off your current loan?
we also talk about other random shit and clown upon each other
Otherwise, there's no obligation to modify your debt or payment. If the debt amount is right, there's really nothing you can do about that. Your assets (paycheck, bank accounts, car, house, whatever you own) will now be subject to being used to pay back that debt. It may be a bad business decision for them to sue you instead of work with you, but that's their right, and that's where you're going to end up at this point.
Really? Because I'm fairly certain this is similar to how that housing/economic crash thing started, which forced the government to make changes in the financial industry.
They probably won't bite, but if you go to court it will at least show that you're not some petulant kid yelling "it's not like they can suck the knowledge back out of me!" but are instead willing to make an effort while the school has refused to work with you.
It didn't, and the government barely made any real changes to financial regulation- particularly not of the speculative kind that had the worst effects.
That's the current payment, what you can afford, 10% of your monthly wages, or the difference between 2 of those 3 things?
The difference, sorry, I missed the middle part.
I can probably afford $200 a month, maybe $250 if I cut things down a bit. That amount is the difference between 10% of my annual salary (divided monthly) with the amount they're asking a month.
The reason is because I went with Sallie Mae and they were no different. Extremely low rates in the beginning, and they were polite, and then I started having money problems and used up my forbearance and before I knew it they were coming at me wanting like $200 a month instead of $75.
I'm only saying this because if you were thinking of going to Sallie Mae it's no different, they're all the same. They'll give any one a loan with the assumption that six months after a person gets out of school they'll have a job that can afford whatever payment they might want. It's a shitty system that a lot of people have been trapped by.
And I wish my payments were $200.
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