Comments for Get Out Of Loan Debt http://get-out-of-debt1.com Your Guide To Getting Out Of Debt Sat, 29 May 2010 00:07:45 +0000 hourly 1 http://wordpress.org/?v=3.0 Comment on When a college sends student “debt” to collections is it the same as student loan debt? ? by annazzz1966 http://get-out-of-debt1.com/472/when-a-college-sends-student-debt-to-collections-is-it-the-same-as-student-loan-debt/comment-page-1/#comment-1591 annazzz1966 Sat, 29 May 2010 00:07:45 +0000 #comment-1591 If you took classes and did not pay for them with a federal student loan program, I believe that *can* be a part of a bankruptcy, but to be sure, check with a BK attorney. If you took classes and did not pay for them with a federal student loan program, I believe that *can* be a part of a bankruptcy, but to be sure, check with a BK attorney.

]]> Comment on What would you do if you got kicked out of college? by auntofturkey http://get-out-of-debt1.com/470/what-would-you-do-if-you-got-kicked-out-of-college/comment-page-1/#comment-1590 auntofturkey Fri, 28 May 2010 00:00:56 +0000 #comment-1590 I'd try to finish, because otherwise you have a 20k debt and nothing to show for it. (Even if a diploma is technically just a piece of paper, it still counts as something.) Also, many schools have degree completion programs for people who are coming back to finish a course of study, so you could take 1 or 2 classes at a time, and schedule them around your work schedule. I’d try to finish, because otherwise you have a 20k debt and nothing to show for it. (Even if a diploma is technically just a piece of paper, it still counts as something.) Also, many schools have degree completion programs for people who are coming back to finish a course of study, so you could take 1 or 2 classes at a time, and schedule them around your work schedule.

]]> Comment on personal get out of debt loan with poor credit tring to better my credit with only one payment per month? by saint b http://get-out-of-debt1.com/468/personal-get-out-of-debt-loan-with-poor-credit-tring-to-better-my-credit-with-only-one-payment-per-month/comment-page-1/#comment-1585 saint b Thu, 27 May 2010 00:18:01 +0000 #comment-1585 Hi, I think these articles should help: Unsecured Debt Consolidation Loan For All http://www.askaquery.com/question/Unsecured-Debt-Consolidation-Loan-For-All.html Regain your financial status with Debt Consolidation Loans http://www.askaquery.com/question/Regain-your-financial-status-with-Debt-Consolidation-Loans.html Debt Consolidation Loan for Bad Credit http://www.askaquery.com/question/Debt-Consolidation-Loan-for-Bad-Credit.html How to Hire a Debt Counselor? http://www.askaquery.com/Answers/qn1584.html What is Debt Relief? http://www.askaquery.com/Answers/qn1583.html Debt Management and Building Wealth http://www.askaquery.com/Answers/qn1581 Hi, I think these articles should help:

Unsecured Debt Consolidation Loan For All
http://www.askaquery.com/question/Unsecured-Debt-Consolidation-Loan-For-All.html

Regain your financial status with Debt Consolidation Loans
http://www.askaquery.com/question/Regain-your-financial-status-with-Debt-Consolidation-Loans.html

Debt Consolidation Loan for Bad Credit
http://www.askaquery.com/question/Debt-Consolidation-Loan-for-Bad-Credit.html

How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html

What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html

Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581

]]> Comment on Dave Ramsey or Suze Orman? Need help getting out of DEBT!? by rayt721 http://get-out-of-debt1.com/466/dave-ramsey-or-suze-orman-need-help-getting-out-of-debt/comment-page-1/#comment-1581 rayt721 Wed, 26 May 2010 00:08:40 +0000 #comment-1581 There aren't that many drastic differences between the two philosophies. Use the plan that works for you. The important things are to increase income, reduce expenses, set up an emergency fund, shop around for value instead of price, invest, pay off debt with more than minimums, and set up a budget. You can get debt free through any of the programs but it's a matter of DOING rather than wanting to do. You've got to make a commitment and take action. You have to start today. Your library is full of free reading materials, audio CDs and other tools. The first step with either plan is to review and set your goals so that's something you can do today. There aren’t that many drastic differences between the two philosophies. Use the plan that works for you. The important things are to increase income, reduce expenses, set up an emergency fund, shop around for value instead of price, invest, pay off debt with more than minimums, and set up a budget. You can get debt free through any of the programs but it’s a matter of DOING rather than wanting to do. You’ve got to make a commitment and take action. You have to start today. Your library is full of free reading materials, audio CDs and other tools. The first step with either plan is to review and set your goals so that’s something you can do today.

]]> Comment on 40,000 Student loan debt. Dead end job. No degree, can't go back to school. Will bankrupsy work? by NotAnyoneYouKnow http://get-out-of-debt1.com/464/40000-student-loan-debt-dead-end-job-no-degree-cant-go-back-to-school-will-bankrupsy-work/comment-page-1/#comment-1575 NotAnyoneYouKnow Tue, 25 May 2010 00:03:17 +0000 #comment-1575 Diana: As Suddenly explained, student loans are nearly impossible to discharge in bankruptcy. In most bankruptcy court districts, the only way to discharge a student loan debt is for the borrower to satisfy a standard known as "undue hardship". The three factors of undue hardship are: 1. That the responsibility to repay the loan will make it impossible for the borrower to provide a minimal standard of living for herself and her dependents. 2. That the financial hardship is reasonably likely to remain in place for the entirety of the loan repayment period. 3. That the borrower has made a good faith effort to repay the loan. That second standard is the killer, and the courts have pretty much held that this is only satisfied in a case where the borrower is terminally ill or permanently disabled, and completely unable to work. The "undue hardship" standard has the functional effect of making student loans completely inescapable. The bad news that you don't want to hear is this: The bankruptcy courts do not - and will not - hold the lenders responsible for ensuring that a student winds up pleased with how her education worked out. When you signed your loan agreement(s), you didn't tell the lenders "I'll pay you back if it turns out that my education was useful", nor did their offer to lend say that you didn't have to pay them back if you weren't happy. The lender is the "innocent" party here - they did what you asked them to do - lent you a large sum of money for school. You agreed to pay that large sum of money back, so no bankruptcy court is going to let you walk away from your side of the bargain. As Suddenly said - you've completed 3 years of school, which means that you must be relatively close to finishing your degree requirements. The best solution may be to suck up this crappy job for a while longer, while focusing all your efforts on putting money aside to get back on track with your lender. If you're already in default, you'll need to investigate what your options are for getting out of default. It will take you less than a year to get your loans "rehabilitated", which will make you eligible for additional educational loans. If your loans are not yet in default, you need to make every possible effort to keep them that way. Either way - as depressing and stressful as I know it is - you'll need to deal directly with your lender. I'm sorry that the news is disappointing, but I promise you that there is no 'escape' from your educational loans. You're going to have to face up to them, and deal with them, with the goal of getting back to a place where you can finish out your education, and improve your professional opportunities. Good luck to you. I mean that. Diana:

As Suddenly explained, student loans are nearly impossible to discharge in bankruptcy.

In most bankruptcy court districts, the only way to discharge a student loan debt is for the borrower to satisfy a standard known as "undue hardship". The three factors of undue hardship are:

1. That the responsibility to repay the loan will make it impossible for the borrower to provide a minimal standard of living for herself and her dependents.

2. That the financial hardship is reasonably likely to remain in place for the entirety of the loan repayment period.

3. That the borrower has made a good faith effort to repay the loan.

That second standard is the killer, and the courts have pretty much held that this is only satisfied in a case where the borrower is terminally ill or permanently disabled, and completely unable to work.

The "undue hardship" standard has the functional effect of making student loans completely inescapable.

The bad news that you don’t want to hear is this: The bankruptcy courts do not – and will not – hold the lenders responsible for ensuring that a student winds up pleased with how her education worked out.

When you signed your loan agreement(s), you didn’t tell the lenders "I’ll pay you back if it turns out that my education was useful", nor did their offer to lend say that you didn’t have to pay them back if you weren’t happy.

The lender is the "innocent" party here – they did what you asked them to do – lent you a large sum of money for school. You agreed to pay that large sum of money back, so no bankruptcy court is going to let you walk away from your side of the bargain.

As Suddenly said – you’ve completed 3 years of school, which means that you must be relatively close to finishing your degree requirements. The best solution may be to suck up this crappy job for a while longer, while focusing all your efforts on putting money aside to get back on track with your lender. If you’re already in default, you’ll need to investigate what your options are for getting out of default. It will take you less than a year to get your loans "rehabilitated", which will make you eligible for additional educational loans. If your loans are not yet in default, you need to make every possible effort to keep them that way. Either way – as depressing and stressful as I know it is – you’ll need to deal directly with your lender.

I’m sorry that the news is disappointing, but I promise you that there is no ‘escape’ from your educational loans. You’re going to have to face up to them, and deal with them, with the goal of getting back to a place where you can finish out your education, and improve your professional opportunities.

Good luck to you. I mean that.

]]> Comment on Car loan in debt collection. How can I get out or rid of car? by Megan B http://get-out-of-debt1.com/462/car-loan-in-debt-collection-how-can-i-get-out-or-rid-of-car/comment-page-1/#comment-1572 Megan B Mon, 24 May 2010 00:12:48 +0000 #comment-1572 Try and sell it but unless you get the amount you owe your screwed. Also, a good site is... http://www.surveyland.org/jump.php?link=auto Good luck Try and sell it but unless you get the amount you owe your screwed.

Also, a good site is…

http://www.surveyland.org/jump.php?link=auto

Good luck

]]> Comment on How do couples function with enormous student loan debt and spending habits in California? by Dr_Adventure http://get-out-of-debt1.com/460/how-do-couples-function-with-enormous-student-loan-debt-and-spending-habits-in-california/comment-page-1/#comment-1570 Dr_Adventure Sat, 22 May 2010 00:03:32 +0000 #comment-1570 One of the most common causes of couple discord is MONEY (sex, inlaws, communication, and children are the others). But money is a powerful one. You are right to look at your relationship to money. Clearly your girlfriend has a different relationship if she is only paying back the minimum and engaging in other more of a CA lifestyle. You sound like you are much more frugal. As for how to survive. The key is to pay down that debt. Your friend might look and see if she qualifies for any loan repayment programs - There are programs that will repay for people to work in certain fields within social work (Child Welfare for example). This would allow her to get out from some of the debt. DA One of the most common causes of couple discord is MONEY (sex, inlaws, communication, and children are the others). But money is a powerful one. You are right to look at your relationship to money. Clearly your girlfriend has a different relationship if she is only paying back the minimum and engaging in other more of a CA lifestyle. You sound like you are much more frugal. As for how to survive. The key is to pay down that debt. Your friend might look and see if she qualifies for any loan repayment programs – There are programs that will repay for people to work in certain fields within social work (Child Welfare for example). This would allow her to get out from some of the debt. DA

]]> Comment on How can someone truely get out of debt in this system(country)? by dnite http://get-out-of-debt1.com/458/how-can-someone-truely-get-out-of-debt-in-this-systemcountry/comment-page-1/#comment-1566 dnite Fri, 21 May 2010 00:09:28 +0000 #comment-1566 Of course.... What you need to do is live within your means. For example, if your income is $2000 a month, what you need to do is not spend over that amount. If you have rent, a car payment, and other bills and your outgoing payments are greater than your income, you've got a problem. For credit card bills and studen loan debt, make sure you get rid of your credit card and then make monthly payments on those. If you can pay over the minmum, then do it. Takes dedication and motivation to get out of debt and it is VERY POSSIBLE to do. Of course….

What you need to do is live within your means. For example, if your income is $2000 a month, what you need to do is not spend over that amount. If you have rent, a car payment, and other bills and your outgoing payments are greater than your income, you’ve got a problem.

For credit card bills and studen loan debt, make sure you get rid of your credit card and then make monthly payments on those. If you can pay over the minmum, then do it.

Takes dedication and motivation to get out of debt and it is VERY POSSIBLE to do.

]]> Comment on I'm 26 and owe 44,00 in student loan debt. I no i will not be able to pay it back. Should i file bankruptcy? by Lauren F http://get-out-of-debt1.com/456/im-26-and-owe-4400-in-student-loan-debt-i-no-i-will-not-be-able-to-pay-it-back-should-i-file-bankruptcy/comment-page-1/#comment-1560 Lauren F Thu, 20 May 2010 00:20:22 +0000 #comment-1560 If these are federally guaranteed student loans you cannot discharge them from bankruptcy. Uncle Sam guaranteed these loans and wants to be sure he will get paid so when the bankruptcy laws were written, they made sure guaranteed loans could not be discharged in almost all cases. You may want to look into the plan called "income based repayment" where your payments are lower now when you earn less, and increase slowly over time. Also, keep in mind you have up to 20 years to pay this off, which is about $2,200 a year on average, plus interest. This works out to a little bit over $50 a week. Just focus on finding that $50 a week either by working a couple more hours, or spending less on stuff you don't really need, and you should be able to pay this off just fine. If these are federally guaranteed student loans you cannot discharge them from bankruptcy. Uncle Sam guaranteed these loans and wants to be sure he will get paid so when the bankruptcy laws were written, they made sure guaranteed loans could not be discharged in almost all cases.

You may want to look into the plan called "income based repayment" where your payments are lower now when you earn less, and increase slowly over time.

Also, keep in mind you have up to 20 years to pay this off, which is about $2,200 a year on average, plus interest. This works out to a little bit over $50 a week. Just focus on finding that $50 a week either by working a couple more hours, or spending less on stuff you don’t really need, and you should be able to pay this off just fine.

]]> Comment on How to get out of debt? by Chris C http://get-out-of-debt1.com/454/how-to-get-out-of-debt/comment-page-1/#comment-1553 Chris C Wed, 19 May 2010 00:11:36 +0000 #comment-1553 1 free up some cashflow or create some cashflow that can be used to put additional payments on your debts. Whether it's cutting out social life spending, or getting a parttime job, every extra dollar will help. #2 Make extra payments on the smallest debt until it's paid off. #3 When the first debt is paid off, take the entire payment including the extra cashflow you had and apply it to the next biggest debt until it's paid off #4 When the second debt is paid off, take that entire payment including the initial cashflow, the initial debt payment and the second debt payment and apply it to the third debt until it's paid off. Repeat this by carrying the total payments forward to the next debt until it's gone. It's important to keep your monthly payments as high as possible to get rid of the debts. 1 free up some cashflow or create some cashflow that can be used to put additional payments on your debts. Whether it’s cutting out social life spending, or getting a parttime job, every extra dollar will help.

#2 Make extra payments on the smallest debt until it’s paid off.

#3 When the first debt is paid off, take the entire payment including the extra cashflow you had and apply it to the next biggest debt until it’s paid off

#4 When the second debt is paid off, take that entire payment including the initial cashflow, the initial debt payment and the second debt payment and apply it to the third debt until it’s paid off.

Repeat this by carrying the total payments forward to the next debt until it’s gone. It’s important to keep your monthly payments as high as possible to get rid of the debts.

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