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Archive for February, 2010
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February 28th, 2010
Loan Modification?
February 28th, 2010Hi I’m still up to day payment with pay min. require to lender. Is it easy to call lender to ask for Loan Modification to get lower rate and fix term or should I pay to law office and pay certain fee to deal with lender. Because I heard it not easy to get loan modification unless I didn’t make payment for couple months otherwise I had to know how to prevent to convince the lender to accept it.
Thanks
Can someone explain the new rules regarding student loan rehabilitation?
February 27th, 2010I have been paying off a student loan for the past 10 years. I started many years ago, but the company stopped taking payments from my bank when they sold the loan and didn’t tell me until many months had passed and the loan was defaulted. When I tried to reestablish payments, I was told I couldn’t because I did not have a large “good faith down payment” to send them, and I was only looking to set up $100/month, which was and is all I can afford.
I then a few years ago finally was able to start paying again after going through many, many people, and was told that I could rehabilitate the loan and get it off my credit when it was paid in full.
I now have about $650 left to pay, and I got a call the other day from the loan people saying that the rules had changed and the government would not let them rehabilitate it when it was paid off.
My questions are these: how will the loan affect my credit when it’s paid off completely but still sitting on my credit report, and how long will it be there?
And what changed in the laws that they are now able to go back on what they told me almost 3 years ago. I’ve been working diligently for many years to fix my credit, and this was something I was looking forward to getting resolved finally.
Debt Collection Help?
February 25th, 2010I have a past due debt and Collector called me (collector is calling from a law firm), they want to set up a payment plan with me, but the amount they are asking per month is too much. I told them the amount I can afford to pay per month and they said it’s too low. They are asking for atleast $100 but I can only afford $30 per month due to other outstanding bills. I am only making enough to pay some bills and I have been getting a pay day loan every pay day just to get by. My hours at work have been cut and I can’t afford a baby sitter for my 1 yr old so I can’t work full time. Well, the collector said that if we can’t agree on a payment then they will have to resort to something else. Can’t remember what he said but from what I understand is that some legal action will take place. I don’t understand why they can’t just accept what I can give them. He’s also asking for a lump sum but i can’t give him a lump sum more than $50 right now, my car is broken i have to find a way to get that fixed too! Can someone give me advice, I want to pay this debt off, I know I owe it, but cannot give them more than $30 per month, I have a baby to feed, can’t even afford rent! I’m really broke I don’t know what to do I don’t want to get sued, can they sue me if they refuse to accept my offer?
I checked the law firms website, looks pretty legit, his name is Marvin S. C. Dang, got his resume and everything…didn’t speak to him but someone else that works there. They specialize in this stuff…does this mean anything? Do They have any control or should I go thru a debt settlement company? I check the statues of limitation in my state and it has not expired yet.
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