Credit card question

[pl8er]

I can't find this answer online.

Lets say you owe 60,000 dollars in student loans and the monthly bill is 525 dollars. You cannot afford this so you send them 5 dollars a month. Does this keep it from going to collection?

[hoss]

I would imagine they could send it to collection since you are in breach of the agreement. However, if you were to contact them and set up an agreed upon payment plan they would probably accept, as long as you show good faith that you intend to pay off the balance and are not simply trying to skip out on the loan.

[dman4486]

if they set you up on a minimum payment then yes it will go to collection......and your interest will be added to the principal

[pl8er]

More of the story. A good friend of mine's wife just graduated from OSU and she did not get into pharmacy school. So her school days are pretty much done. She owes 56k. The monthly is going to be 525, which they do not have. Any options?

[Spider Monkey]

I can't find this answer online.

Lets say you owe 60,000 dollars in student loans and the monthly bill is 525 dollars. You cannot afford this so you send them 5 dollars a month. Does this keep it from going to collection?

Wait, is this a credit card question or a student loan question?

Make up your mind cuz dey be different.

[Metalgear222]

http://lmgtfy.com/?q=student+loans+for+dummies

[pl8er]

Wait, is this a credit card question or a student loan question?

Make up your mind cuz dey be different.

where did I say it was a credit card question? If I did, my bad...its a student loan.

[Spider Monkey]

where did I say it was a credit card question? If I did, my bad...its a student loan.

In the thread title.

[pl8er]

http://lmgtfy.com/?q=student+loans+for+dummies

Not exactly helpful, but thanks. I can look at Fafsa online, but I'm looking at the collection aspect. I don't think they will have a list of what they do based on how little or much you pay.

[pl8er]

In the thread title.

I'm one step away from retarded today (sorry). yeah, student loan.

[Spider Monkey]

I'm one step away from retarded today (sorry). yeah, student loan.

HAHAHA! Owned.

I added the word 'card'. ;)

[pl8er]

HAHAHA! Owned.

I added the word 'card'. ;)

I just lol'd.

Kudos to you sir. +1 on that

[Metalgear222]

yeah i was only kidding...
i lol'd when someone first posted that on me.
but i would just make a call about it dude.

[hoss]

More of the story. A good friend of mine's wife just graduated from OSU and she did not get into pharmacy school. So her school days are pretty much done. She owes 56k. The monthly is going to be 525, which they do not have. Any options?

Do what I said, have them call the loan holder and arrange a monthly payment plan. Nearly every creditor right now is working with customers to avoid sending things to collections, because they have a better shot of getting the money if they can do it on agreeable terms.

I have one credit card that I had to do this on, and the lender was more than eager to help me out and also erase a missed payment from my credit report. They worked with me to get me a monthly payment amount that I could afford, and they even lowered the interest rate for the life of the loan.

At the very least this is worth a shot, worst case scenario is that they say no. They could even possibly delay payment for a bit if the person can come up with a credible enough reason with validation.

[Spider Monkey]

I just lol'd.

Kudos to you sir. +1 on that

Well I wish I could have answered yoru questions for certainty. My guess is yes. I know you'd be fucked with a credit card company eventually.

[pl8er]

Do what I said, have them call the loan holder and arrange a monthly payment plan. Nearly every creditor right now is working with customers to avoid sending things to collections, because they have a better shot of getting the money if they can do it on agreeable terms.

I have one credit card that I had to do this on, and the lender was more than eager to help me out and also erase a missed payment from my credit report. They worked with me to get me a monthly payment amount that I could afford, and they even lowered the interest rate for the life of the loan.

At the very least this is worth a shot, worst case scenario is that they say no. They could even possibly delay payment for a bit if the person can come up with a credible enough reason with validation.

Thanks. He is on my messenger right now, i'll pass this along. +1 for you too.

Crap, can't rep you yet.

[Toasted1]

I don't think they can send you to collections, I had a Macys card with 1500 balance on it when I was younger and paid $10/mo for years and it was like a $80 minimum payment.

[pl8er]

He is going to call. It's really shitty that his wife has worked her ass off and now can't pay the school bills.

[slim8605]

Has she ever considered being a street pharmacist?

[IDSkot]

I would imagine they could send it to collection since you are in breach of the agreement. However, if you were to contact them and set up an agreed upon payment plan they would probably accept, as long as you show good faith that you intend to pay off the balance and are not simply trying to skip out on the loan.

This. The best thing to do if you can't afford to make the payments is contact the people you owe money to and explain that you want to, you're just unable to. In some cases, they will allow the lower payments with no penalty, or they'll even cut some of the amount off so they know they're getting paid.
My Dad owed somewhere around $12 grand on a credit card, and he talked to the credit card people, they lowered the balance by a lot, and agreed to X payments per month.
How they see it: They can either bite the bullet and get less money, but still get paid, or give you a huge bill and not get paid at all.

[slim8605]

I owed around 13k for a car my sister got repoed. Talked to the debt collectors and they knocked it down to 3400 if I could pay within a month. Talked to another chick to try to get an extension and after a little flirting got it down to 2700 spread out over 3 months.

[IDSkot]

I owed around 13k for a car my sister got repoed. Talked to the debt collectors and they knocked it down to 3400 if I could pay within a month. Talked to another chick to try to get an extension and after a little flirting got it down to 2700 spread out over 3 months.

Proud moment for you, huh? :rolleyes:

[slim8605]

Very. I felt like Tappin.

[IDSkot]

Very. I felt like Tappin.

Aren't you in a long-term committed relationship with a Rashadd facsimily?

[slim8605]

:laugh: Yes.