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re: Need some OT financial advice
Posted on 4/10/17 at 2:26 pm to Tigeralum2008
Posted on 4/10/17 at 2:26 pm to Tigeralum2008
quote:
Student loans are considered "secured debt"
yeah my sister in law decided not to pay many of her debts. her CC's couldnt get to her and I think that debt the company just had to eat after the yrs of trying to collect.
but her student loans....she was on the hook for.
0
Posted on 4/10/17 at 2:27 pm to Tigeralum2008
quote:
I believe:
Student loans are considered "secured debt"
Meaning if you fail to pay, they will go to your employer and have them deducted directly out of your paycheck
Bankruptcy won't even save you
I dated a girl who's brother made $100k+ at a plant but had his wages garnished to pay his student loans from LSU.
My brother did something similar. They took it from his tax returns
Posted on 4/10/17 at 2:27 pm to Evil Little Thing
Gotcha, so do you think if I labeled myself as a small business and gave my self no wage, it would still work? I can say my wife makes all the money and I make none
Posted on 4/10/17 at 2:28 pm to fareplay
Pretty sure there is no statute of limitations for student loan debt unless it is negotiated during bankruptcy(which is not guaranteed these days)
Posted on 4/10/17 at 2:29 pm to SabiDojo
I see you post this a lot. What do you do to bring in that much flow?
Posted on 4/10/17 at 2:31 pm to fareplay
If you can do that for the rest of your life & don't need credit ever again, maybe. Also, never get a tax refund, or that'll be taken. Seems like a lot of hassle for $40k. And the unintended consequences of bad credit (higher insurance rates, etc) seem not worth it.
Posted on 4/10/17 at 2:31 pm to AUCE05
quote:
see you post this a lot. What do you do to bring in that much flow?
He posts "Start working online from home. I've been doing it for three years now and I make around $40k a month. Already have over 800k saved up for a house." over and over again on every forum he can find. He also includes a link to a scam site that asks you to buy his sure fire get-rich-online book for $29.99
Posted on 4/10/17 at 2:31 pm to fareplay
They can garish your wages and tax returns, with plenty of interest and penalties added in. They gonna get their money one way or another, so you might as well just pay it so you don't frick up your credit for 7 years. Bad credit hurts you in more ways than just not being able to buy a car or house
Posted on 4/10/17 at 2:32 pm to Evil Little Thing
I mean this is a horrible idea all around.
He should be aggresively paying off this loan...not considering just ignoring it.
He should be aggresively paying off this loan...not considering just ignoring it.
Posted on 4/10/17 at 2:33 pm to Evil Little Thing
I think its stupid of government to hand out 40k loans to a 18 year old kid who went to get a biology degree with a minor in leadership. They took advantage of me and I want to repay the favor.
Posted on 4/10/17 at 2:33 pm to fareplay
After 7 years most debts are removed (or can be removed ) from your credit report.
Student loans are an exception, they stay with you until you die or until they are paid. You can default on them but they can garnish your wages. They will never stop looking for you trying to get their $2.
If times are tough then just talk to them. They will usually let you get deferments, reduced payments, and/or forbearances for 3-12 months.
If you just don't feel like paying them because colleges in general and student loans specifically are a rip-off for most people, well tough shite. Teach your kids better than your parents/teachers taught you.
Student loans are an exception, they stay with you until you die or until they are paid. You can default on them but they can garnish your wages. They will never stop looking for you trying to get their $2.
If times are tough then just talk to them. They will usually let you get deferments, reduced payments, and/or forbearances for 3-12 months.
If you just don't feel like paying them because colleges in general and student loans specifically are a rip-off for most people, well tough shite. Teach your kids better than your parents/teachers taught you.
Posted on 4/10/17 at 2:35 pm to Tigeralum2008
quote:
Bankruptcy won't even save you
Not necessarily true.
It's rare...extremely rare at that, but there have been cases where student loan debt was discharged in bankruptcy.
Posted on 4/10/17 at 2:35 pm to fareplay
Love this mindset 
Posted on 4/10/17 at 2:38 pm to fareplay
If you owed me $40k, I'd Nancy Kerrigan your kneecaps and take it in body parts like they did to Jean Claude van Damme in his new movie
Posted on 4/10/17 at 2:39 pm to SidewalkDawg
So sabi is full of shite. Noted
Posted on 4/10/17 at 2:39 pm to fareplay
Like what's always been said, this is a horrible idea.
You better hit the block and start pushing some bricks!
You better hit the block and start pushing some bricks!
Posted on 4/10/17 at 2:40 pm to SidewalkDawg
Yep. You caught me.
Posted on 4/10/17 at 2:41 pm to SabiDojo
Just say what you do. Not hard.
Posted on 4/10/17 at 2:42 pm to SabiDojo
quote:
Yep. You caught me.
Hey, don't worry, us scammers gotta stick together.
I too make all my money online selling magazine subscriptions to the blind.
This post was edited on 4/10/17 at 2:43 pm
Posted on 4/10/17 at 2:43 pm to fareplay
quote:
Hello OT, I have heard that after 7 years, any debt goes away from your credit report. Is that true? I have about 40k in student loans and wondering if I can just not pay and let it default. I am not looking to buy any house or car for the next 7 years and I can use the extra income.
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