top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Wells Fargo!!!

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Wells Fargo!!!

    I was recently discharged (chap.7) in 9/08. I have about 100K in Sallie Mae and 20K in WF. The MOMENT i was discharged, WF wanted payment in full OR $700 a month!!!
    Ques:

    -I was told by my WF contact they CANNOT negotiate a payment plan or lower the amount I owe. Is this true?? It was defaulted when I filed bankrupcty so I would think they would try to recover what they can. Is she just playing hardball??? I was hoping i could negitiate and pay .50 on the dollar and pay that off monthly..=(

    Sallie mae is cool they are allowing me to defer 1 year while I get back on my feet.
    Tags: None
    #2
    I thought you were discharged. Am I missing something? Why would you have to pay them anything?

    Comment

      #3
      What are the debts for? I would guess that the Sallie Mae is a student loan. Is the WF also a student loan? If so, you will have to pay (or default), as student loans are generally not dischargeable in BK. If these are student loans, then you have some decisions to make. You can default on both and hope the most they can get in the future is 15% garnishment of takehome pay, or you can attempt to arrange some kind of payment plan that will allow for rehabilitation of the loans in the future. If these are "private" (non-guaranteed student loans,) then you might be screwed. I'm not sure how the rehab program works with "private" loans.

      If the WF loan is just an unsecured debt that you did not include in your BK, then you could be in for a fight when they attempt to collect. I think we need a bit more information, please.

      Comment

        #4
        By the way, if the loans are "Guaranteed," then it is extremely unlikely you will get $0.50 on the dollar. Why? The Fed's guaranteed the loans for full repayment.

        Comment

          #5
          wells fargo student loan

          Originally posted by treehugger1 View Post
          By the way, if the loans are "Guaranteed," then it is extremely unlikely you will get $0.50 on the dollar. Why? The Fed's guaranteed the loans for full repayment.
          yes they are private loans! I owe $20K but they said they would take $17K..so in a way they are already trying to settle. I just wonder how far down they can go if I continue to stick it out. I am willing to pay $300 a month but they claim they need full payment!! I was hoping when I came out of bankruptcy they would agree on an amount and allow me to pay monthly on it.

          Comment

            #6
            wells fargo student loans

            Originally posted by treehugger1 View Post
            What are the debts for? I would guess that the Sallie Mae is a student loan. Is the WF also a student loan? If so, you will have to pay (or default), as student loans are generally not dischargeable in BK. If these are student loans, then you have some decisions to make. You can default on both and hope the most they can get in the future is 15% garnishment of takehome pay, or you can attempt to arrange some kind of payment plan that will allow for rehabilitation of the loans in the future. If these are "private" (non-guaranteed student loans,) then you might be screwed. I'm not sure how the rehab program works with "private" loans.

            If the WF loan is just an unsecured debt that you did not include in your BK, then you could be in for a fight when they attempt to collect. I think we need a bit more information, please.

            yes they are private loans! I owe $20K but they said they would take $17K..so in a way they are already trying to settle. I just wonder how far down they can go if I continue to stick it out. I am willing to pay $300 a month but they claim they need full payment!! I was hoping when I came out of bankruptcy they would agree on an amount and allow me to pay monthly on it.

            Comment

              #7
              I'm not sure if private student loans will qualify, but the US Department of Education has a "direct loan consolidation program" where they can put your loan on an "Income Contingent Repayment Plan." It can be quite reasonable. If your income is low enough, below the poverty level, your monthly payment is $0 per month, and it won't be considered in default.

              Google their website and find their phone number and ask if your loans qualify for a "direct consolidation loan".

              Otherwise, be prepared to have 15% garnishment of your wages and your tax refunds will also be seized if you can't pay them back.
              The world's simplest C & D Letter:
              "I demand that you cease and desist from any communication with me."
              Notice that I never actually mention or acknowledge the debt in my letter.

              Comment

              Previous template Next

              bottom Ad Widget

              Collapse
              Working...
              X