Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

New loan servicer changed terms?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • New loan servicer changed terms?

    My old government loan servicer had me on a 25 year repayment plan, things were good. It got transferred to a new company, SAF. SAF changed the repayment term to 10 years, thus dramatically increasing my monthly payment. Is there anything I can do about it? I can't afford the new payment, they claim it was that way all along but according to the original promissory note it stated 25 years. Can I do anything about this?

  • #2
    Update: Got the real story - IBR will change your loan from 25 to 10 year repayment based on some formula that is based on your income. You can't change it back to 25. They claim that I can now afford a higher monthly payment because I made $2k more money last year from the previous year, even though that means a more than double monthly repayment. So tired of this stupid student loan game where I always lose.

    Comment


    • #3
      Additional update: I did my own research and found that they (SAF Montana) offers an "extended repayment plan" It's a flat 20 year payback, monthly amount based on principal and interest rates. Of course even when I asked if I could lower my payment they said there were no options.....I tell them about this plan and she was like "Oh, yeah, I forgot about that...." Anyway, it did lower my payment per month and extend the term but here's the BAD news - it forced a re-capitalization of the loan! Loan started in 2003 at $30k. I've been paying $175 every single month for almost 10 years, after the capitalization, the principal is now $31k!
      ALSO, you know that B.S. Obama was saying about "you pay on your govt. loans for 25 years and the rest is forgiven" Well that's a bold-face lie because in changing my payment terms, the clock reset on the 25 years and now next month I start paying at month 1 all over again.
      I believe that these loans are more of a ticking time bomb than the housing bubble crisis ever was and as soon as most people wake up and understand how unfair all of this is, there will be many angry people in this country. For me anyway, this loan payment guarantees that unless I land a miracle job suddenly making double my salary I will never be able to save up a down payment on a house and become trapped into lifetime renting, probably this 900 sq ft piece of crap apartment with no parking, no yard, all the while watching my neighbors living off welfare, ssi, and fake disability having way more disposable income than I will ever have.
      Sorry for the rant.....so frustrated. I should have never gone to college for my worthless degree in chemical engineering.

      Comment


      • #4
        Originally posted by gml120 View Post
        Additional update: I did my own research and found that they (SAF Montana) offers an "extended repayment plan" It's a flat 20 year payback, monthly amount based on principal and interest rates. Of course even when I asked if I could lower my payment they said there were no options.....I tell them about this plan and she was like "Oh, yeah, I forgot about that...." Anyway, it did lower my payment per month and extend the term but here's the BAD news - it forced a re-capitalization of the loan! Loan started in 2003 at $30k. I've been paying $175 every single month for almost 10 years, after the capitalization, the principal is now $31k!
        ALSO, you know that B.S. Obama was saying about "you pay on your govt. loans for 25 years and the rest is forgiven" Well that's a bold-face lie because in changing my payment terms, the clock reset on the 25 years and now next month I start paying at month 1 all over again.
        I believe that these loans are more of a ticking time bomb than the housing bubble crisis ever was and as soon as most people wake up and understand how unfair all of this is, there will be many angry people in this country. For me anyway, this loan payment guarantees that unless I land a miracle job suddenly making double my salary I will never be able to save up a down payment on a house and become trapped into lifetime renting, probably this 900 sq ft piece of crap apartment with no parking, no yard, all the while watching my neighbors living off welfare, ssi, and fake disability having way more disposable income than I will ever have.
        Sorry for the rant.....so frustrated. I should have never gone to college for my worthless degree in chemical engineering.
        I don't see how the capitalization made the loan bigger. The $175/mo should have been paying down the principal a bit. Are you sure there were no fees for missing a payment?

        As for Obama's "B.S.", that program is for going forward - previous time does not count. And if you are struggling financially, your payment is low (can actually be zero), and at the end of 25 years, it gets discharged - it can't get much fairer than that (thank your deity that you do not have a *private* loan.)

        As for watching your neighbors on welfare, if you can get in the same financial situation as them, you can get the same welfare. After my BK, for the first time in nearly 2 decades, I did not have any liquid assets (i.e., outside of retirement accounts), and was able to get SNAP benefits (i.e., food stamps), and had I not been a homeowner, I could have gotten Section 8 as well.

        And as for being mad about folks on disability, let's hope that you remain healthy enough to not have that option. With that said, I think that the current welfare system is arbitrary and does have some folks defrauding it. I think that a guaranteed income program would serve the purpose of being welfare for those who truly need it, a way to eke out student loan payments for folks stuck in a low paying job, and a general boost to other folks in low paying jobs, as a way to redistribute the money that the wealthy have stolen (ethically speaking) from the working class.

        Comment


        • #5
          There were no missed payments - After much calculation on my part, I figured out that when I applied for the IBR, they capitalized. Then when I had to switch to the extended, they capitalized again. It added $1800 to the principal in one week. Also, my loan was bought by SAF I got some letter telling me that my old servicer "forgot" to capitalize my interest many years ago so they added an additional $1k to the principal. Even though I had all my records from the old company it didn't matter to the new one. I believe they said something to the effect of "we can only work with what THEY told us, sorry". I can't even talk to my old servicer because I don't have an account with them any more. I think the Obama program is BS because in 25 years I will be 61 years old. Gee thanks for the break.. But it only works if you are on the IBR program. If the loan company decides that your IBR repayment schedule only lasts 10 years...you don't have the option to have it forgiven in 25.

          The real problem here is that the IBR takes both mine and my husband's salary from our married filing jointly and though if I filed on my own, my payment would be 0, filing with him makes my payment $190 ish and also his payment $190 ish. I did the math on married filing separately but that was bust too - he got totally nailed with taxes that way > than the current loan payments.

          We are struggling financially but looking at our incomes most people would think that we're sitting pretty (we make about $68k a year together). Mostly because sadly we both have private loans in addition to the federal ones. All the payments added up per month equal just over $900 a month for all loans. That's a damn fine house payment right there. The reason I don't work right now is because of the cost of daycare. Shortly after my son was born I quickly realized that it cost me more than 100% of my income to pay for daycare and gas, I've tried to find work for over $10/hr and have turned up nothing. And there's no one in my family that is willing to watch him for free. My husband travels so much for work and the trips aren't announced too far in the future that I've lost more jobs I can count due to missing work because he is not home to watch the baby for me to leave.

          But you're right, the privates are also ridiculus. I've been paying on a $8000 loan since 2003, no deferments, no graduated payments, just straight $100/month but due to the variable intrest I've paid $7500 off and still owe $5500. It never ends.

          Comment

          Unconfigured Ad Widget

          Collapse
          Working...
          X