I am absolutely clueless on the workings of the loans systems, I'm pretty much a financial moron when it comes to lingo and technicalities. That being said..can you help?
I have had a student loan which is a GSL(not sure what kind of loan this is or what it means, but hopefully it will help you help me). It has been in default for years. I was young and dumb. I have moved from state to state(being i'm an Army wife), and it hasn't caught up with me until now. I honestly thought my ex-husband paid it off(while sparing gruesome details, there are many financial reasons he is now my ex). Whatever the case, it has finally caught me, I live in Hawaii, they are calling me at 4am and I just received my "warning notice." I owe $ 5,700, most of which is interest.
I am terrified to call them back..We are a one income, military family...Needless to say, we don't have much.
I am wondering what my options are? I want to face the music, but don't know which route is the best route. I have read about direct consolidations loans, but I think I have to be current on payments to qualify for those, correct? Then I have also read about loan rehabilitation, but I am not sure this is the correct answer for me.
I also have a overdue tuition that came directly from the University that has not been paid on in 10 years that is also in the $5,000 range. Do I have options here? Can I somehow consolidate these different debts into one?
Does anyone have an advice for me? Are there any other options that I am unaware of? What would you do if you were in my situation? I thank you so much for your time it takes to answer my situation. I am in need of help pretty badly and don't have any ideas what to do next.
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.