After receiving notice today that HSBC sold off my GM Card to a collection agency who then sold it to a lawyer (without even letting me know they had taken over my account!) I've decided to take the plunge. I'm a n00b so bear with me!
I have private student loans through GMAC that are at 50k+ and now over 9 or 10% interest
My Dad co-signed these loans as it's money he gave me and then decided he wanted it back. It covered my tuition, townhouse, purchasing a car, etc. Since it is a private unsecured loan should I be able to use it in my case?
I have about 6 credit accounts totaling approx 15-16k. One is now 60 days past due but I cannot afford to send them any money, however they haven't even so much as called me about it (PayPal Buyer Credit) and the rest except for HSBC I am making my payments I have negotiated via phone call or Care One.
I have been using Care One Credit Counseling for about a year now. I had everything paid down to about 9k while I was working 40+ hours a week until my mother died Christmas 05. I missed one payment by just a couple of days and the CC put me into default rate and then the rest of them one by one did the same since I was late that one time. I called them the next month and explained "hey my mom died, i'm clinically depressed can't make it to work which is 400+ miles away helping my dad ..." and basically they didn't care. Well I had bills that needed paid and my Dad yelled at me every time I asked for money so stupidly I turned to the cards while I was still working part time. So like I mentioned earlier I signed up with Care One because they said they could save me so much money. Well unbeknown to me most of my creditors didn't accept Care One's offers so I just paid what the Care One said to and went along with this for 4 months or so until I moved back in with my Dad. Then I found out that most of my cards were now over limit, past due, and most if not all of them had interest rates of 32.xx%
So here I am nearly a year later and all of the card companies except HSBC lowered my rates to under 10% however I cannot find a job. Then today I get the mail and the phone calls from this lawyers office in NY / NJ (somewhere up there) saying they are going to sue me unless I can come up with the 4700. Sad thing is at least 50% of that is interest!
Oh lord I need to get off of my soap box. I don't have anyone to talk to this about as I find it terribly embarrassing. I have no assets other then clothes, a laptop that needs a power cord, a desktop that needs a graphics card and that's it. So all in all I am approx 75k in debt including federal student loans (which I know are not able to be used in BK) and no way of paying for it anymore as my Dad has said after next month he's done because he wants to start working on his old car again, but he is willing to pay for the BK.
I'm still in college full time and I am wondering if BK will effect my pell grants, seog grants, and federal loans. Because honestly I'm not sure I will file if it will. I've got about 2 years left and I have been in school already for 5 off and on and I will not take anymore semesters off until I am done.
I have private student loans through GMAC that are at 50k+ and now over 9 or 10% interest
My Dad co-signed these loans as it's money he gave me and then decided he wanted it back. It covered my tuition, townhouse, purchasing a car, etc. Since it is a private unsecured loan should I be able to use it in my case? I have about 6 credit accounts totaling approx 15-16k. One is now 60 days past due but I cannot afford to send them any money, however they haven't even so much as called me about it (PayPal Buyer Credit) and the rest except for HSBC I am making my payments I have negotiated via phone call or Care One.
I have been using Care One Credit Counseling for about a year now. I had everything paid down to about 9k while I was working 40+ hours a week until my mother died Christmas 05. I missed one payment by just a couple of days and the CC put me into default rate and then the rest of them one by one did the same since I was late that one time. I called them the next month and explained "hey my mom died, i'm clinically depressed can't make it to work which is 400+ miles away helping my dad ..." and basically they didn't care. Well I had bills that needed paid and my Dad yelled at me every time I asked for money so stupidly I turned to the cards while I was still working part time. So like I mentioned earlier I signed up with Care One because they said they could save me so much money. Well unbeknown to me most of my creditors didn't accept Care One's offers so I just paid what the Care One said to and went along with this for 4 months or so until I moved back in with my Dad. Then I found out that most of my cards were now over limit, past due, and most if not all of them had interest rates of 32.xx%
So here I am nearly a year later and all of the card companies except HSBC lowered my rates to under 10% however I cannot find a job. Then today I get the mail and the phone calls from this lawyers office in NY / NJ (somewhere up there) saying they are going to sue me unless I can come up with the 4700. Sad thing is at least 50% of that is interest!Oh lord I need to get off of my soap box. I don't have anyone to talk to this about as I find it terribly embarrassing. I have no assets other then clothes, a laptop that needs a power cord, a desktop that needs a graphics card and that's it. So all in all I am approx 75k in debt including federal student loans (which I know are not able to be used in BK) and no way of paying for it anymore as my Dad has said after next month he's done because he wants to start working on his old car again, but he is willing to pay for the BK.
I'm still in college full time and I am wondering if BK will effect my pell grants, seog grants, and federal loans. Because honestly I'm not sure I will file if it will. I've got about 2 years left and I have been in school already for 5 off and on and I will not take anymore semesters off until I am done.
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