credit repair employment

credit repair employment

There is still hope!

There is no statute of limitations for the collection of student loans. Forget about hiding until the collectors give up and fade away. They will chase you forever. And to make it even worse student loan collectors have special abilities that can make your life a misery. Fortunately Federal law provides a variety of options to aid your credit repair effort will help you, the collector, and even out ahead!

It's Up To You

If you take action, you can stop picking, you reduce your payments and have the default status removed from your credit card. But you have this To initiate efforts. If you are not action, no one will help you and the situation is getting worse. Are you involved in a credit repair program? They have everything to win today to act. Let's take a look at the powers of government, and then explore the tools that you can use to put an end to the trouble once and for all.

Say Goodbye to Your Tax

If you are in default and have a tax refund coming, you should expect that they are taken by the government. This is a virtual guarantee. If you want to avoid this action, while you determine your options, you should act today, to eliminate your next tax refund to use it so that nothing. This is easily done. How to reduce reduce the amount of income from your employer, or your expected Tax withheld, if you are self employed.

The Paycheck Surprise

Student loan collectors now have the right to have your wages garnish without a court order. At the moment they are allowed the lesser of 15% of your disposable income or the amount of your disposable income to use of more than $ 154 per week.

Social security is now Fair Game

In 1996 a law was passed allowing student loan collectors, social To use security in the amount of student loan defaulters. But there are limits to the amount that can be used. The first $ 9000 per year or $ 750 per months, sure. And under all circumstances is a limit of 15% of the total amount of benefits that can be taken.

Cancellation of Student Loan Debt

It is theoretically possible to adopt your student loan debt if you had serious problems with your school (as the closure, while logged on were), if you were completely and permanently disabled after you took the loan or convince a judge to dismiss the debts in bankruptcy. If you have a these options you should expect to follow to deal with extreme demands on documentation and are confronted slim chances of success. I'm sorry to say that after nearly twenty Years of counseling people in credit repair, I've never seen someone successfully the break in their student days to his loan debt. Fortunately, there are two simple methods for solving your problems, the student loan helps you get the collection effort and a reasonable and affordable payment plan.

Student Loan Consolidation

There are two types of plans for the consolidation on the basis of the type of student loan you have. Most student loans are either FFEL loans (Federal Family Education Loan), or direct loans. FFEL loans from banks or institutions, and commissioned by the Government direct loans are guaranteed through Your school, but come directly from the government. Stafford Loans, Guaranteed Student Loans, and Plus loans can either FFEL or direct loans. The FFEL plan requires that you at least the interest due each month. The Direct Plan has no set minimum. You can qualify for the Direct Plan, if you at least one Direct Loan, even if all other FFEL loans. Are you in a credit repair program and taking into account your ability to but appreciate your financial terms? Both plans offer the opportunity (up to three years of forbearance, no payments) for consolidation.


Rehabilitation, as opposed to consolidation will not allow you to combine your existing loans into a single new loan, but it has the advantage that Elimination of the standard status of your credit report, giving them attractive for in credit repair programs. As Consolidation, you have the right to a payment plan that is affordable to you request. Rehabilitation requires a probationary period, you are expected to nine of your next ten Make payments on time. Once the trial period, you will sell your loan to be completed for a new lender, and removes the default status of your credit report.

Getting Started

Before your lender or collector to discuss your selection I recommend strongly that you have a resource established to provide contact guidance on these issues. Please contact the Student Loan Ombudsman Office at (877) 557-2575, or the Federal Student Aid Information – Center at (800) 4FED-AID to discuss your rights.

Copyright © 2007 James W. Kemish. All content. All rights reserved.

About the Author:

Jim Kemish, a nationally recognized credit repair and restoration expert, is the president and founder of Sky Blue Credit, a leading credit repair business since 1989. Jim is also the president of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida.

Article Source: ArticlesBase.comCredit Repair: Resolving a Student Loan Default

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1 Comment

Johnathon JacksonDecember 18th, 2015 at 2:52 am

Great read!

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