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Started By
Message
re: EIDL Loan Repayment / Forgiveness
Posted on 5/25/23 at 1:40 pm to Im4datigers
Posted on 5/25/23 at 1:40 pm to Im4datigers
I have a close friend who never made his first payment. $22,000 eidl. Got a notice of delinquency in the mail, tried to log into the portal to setup payment plan and his login no longer worked. After a week or 2 of trying to contact SBA he was told his loan was charged-off. that was that.
i don't understand what they are going to do in the next 12 months when more and more people stop/can't make the payments.
i don't understand what they are going to do in the next 12 months when more and more people stop/can't make the payments.
2
Posted on 5/25/23 at 2:00 pm to TheVig10
So I wonder if your buddy is going to get a tax form for the Charged off loan? Usually charged off debts are taxed as income right?
Posted on 5/25/23 at 2:36 pm to TheVig10
Sadly..I have a feeling they never officially forgive but as a matter of policy just don’t collect.
The Treasury department is the collection arm. They can seize collateral, garnish wages, withold tax returns, hold social security payments.
The Debt Collection Improvement Act of 1996 (DCIA) governs how it all happens.
Not of this matters IF SBA doesn’t turn over to them. Part of the legislation gives SBA an out when the required process is not worth it (no collateral loans under $100k) and burdensome.
Politically…I would bet 70% are delinquent. They don’t want the backlash that would happen if they started going after people.
We know the system was played.
Ability to even set up payments took me extensive research into where to go. I received one piece of paper by mail and one email for $70k loan.
Like other poster..I couldn’t sleep if I just stopped paying. I can work around any refunds but the social security part would worry me (assuming I ever get any) or possibly need for some FHA loan.
The Treasury department is the collection arm. They can seize collateral, garnish wages, withold tax returns, hold social security payments.
The Debt Collection Improvement Act of 1996 (DCIA) governs how it all happens.
Not of this matters IF SBA doesn’t turn over to them. Part of the legislation gives SBA an out when the required process is not worth it (no collateral loans under $100k) and burdensome.
Politically…I would bet 70% are delinquent. They don’t want the backlash that would happen if they started going after people.
We know the system was played.
Ability to even set up payments took me extensive research into where to go. I received one piece of paper by mail and one email for $70k loan.
Like other poster..I couldn’t sleep if I just stopped paying. I can work around any refunds but the social security part would worry me (assuming I ever get any) or possibly need for some FHA loan.
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