withoutvice

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About withoutvice

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    new york city
  1. Thanks for the answers. My loan was not a lot of money and I switched schools after the first year because my scholarship didn't grant me enough for me to want to pay the price tag. That being said, Im able to pay the bill. What I don't understand is why they wouldn't want to put you through rehabilitation and get their money from you. It seems criminal for them to have a hold on you to have to pay in full. What would happen to people in the link provided in previous post by Willingtocope above of people who owe a hundred k or more. It seems odd to me that once you start paying the loan back that the bank has a right to destroy your life for the next 6 years. They are basically forcing you to pay in full or settle for a large sum, which isn't what these people are signing up for, regardless of the fine print. The point I was trying to make was "how do these people except you to pay in full" I know what I signed up for, I know that the answer to that question is "they don't expect you to". Nobody knows what they are going to make out of college or even if there will be work. I allotted very little in respect to what the majority of people are asking for in school. It just seems like a scam to me in my opinion. The bank would actually get all their money and I'de be willing to pay all of it "over time", so why would they do this in the first place. On the part of the loan, Im not sure how the government considers the difference income? I am looking to fight this with the IRS. This is illogical. I took money from someone else to use it to pay for something else, which was already paid for, so this is not money I ever physically had or will have. The school got their money either way, so this "extra money" where is it? I don't have it, the bank doesn't have it, the school has it, it was never income. Your taxing me on money that doesn't exist. The government also guaranteed these loans, which increased the cost of school to begin with. Down to the final question, How much will I be taxed on the remaining 10k? I make about 90k a year and am probably in the worst tax bracket. At what rate do they charge your for this "income" that they say you owe. Would it be the rate of when the money was used? or the rate now? It seems odd that they can tax it at my current rate of income as this was the so called "income" I had while in school, where I basically made no money.
  2. Hey I actually got the settlement for 6,900. However and I was unaware of this, that they said I would have to pay taxes on the difference (almost 10k). I did my research and seems like the government sees this as income and they tax you. I honestly think thins is crazy. Is there any possible way t get out of paying these taxes? There is some serious argument for the government being at fault for forcing these banks to approve these loans. This loan is really frustrating things for me. Is there any way around this?
  3. Thanks again, its really crazy what they are doing. I don't understand this bullish strategy. I'm lucky that my loans weren't so high. How do these people expect you to actually pay the loan in full. Im sure they buy these loans from people at a lower rate and use the charge off to settle higher than what they paid for it. It seems absolutely sick to me they don't have a rehabilitation process.
  4. I'm pretty sure its not government related loan. Keybank is the name of the lender that bought the loan. It is private it seems. However, I do know that all these loans were guaranteed by the government which is probably what got us in this mess to begin with, I don't think kids should be granted this type of money and then be punished for it later on. Like I havent' done full research but from my knowledge the govnt had laws in place that dissallowed banks to refuse loans. Is this at all true, it could be that the government will help with the rest. What makes you suspicious its not a private bank?
  5. Thank you so much for your helpful information, this really means a lot to me. I'm going to be getting my credit scores from myfico and posting them soon. I had some other questions and would be grateful if you helped me out some more: The total for my loan is 16,800 dollars. What does it mean exactly that they won't sell the balance? Would they say that it was "paid in full" if it was settled at a much lower cost? When I ask for this stuff in writing, what exactly will they be sending me? E-mail, paper-work? Reading up on pay for delete seems like its difficult to do? How should I go about asking for this? Is it possible to get my mortgage credit score? Will settling lower my credit score as well as consistently asking for my credit score?
  6. So before I do anything with the above, should I get my real credit scores from FICO? Honestly, my biggest concerns are what were outlined in the first post, I understand if everything can't be answered, however, dealing with this student loan is my utmost priority!
  7. I have gotten my report twice this year, the only negative thing on the credit score is this CO. Why do I have to pay the debt in full for it to be thought of as covered? Why if Im making paynets do they have to report me. I can get credit cards its just a problem with the great rewards credit cards that are giving me an issue. AMEX GOLD and Citi Bank Thank You premier. My transUnnion credit score is 810. Will my credit go down if I ask for the others from experian or equifax? Will myfico.com give me credit scores from all three? Also, my biggest concern is how best to remove it from my credit and negotiate terms with them once I settle?
  8. The loan was with one bank, as soon as it defaulted and charged off another bank took the responsibility for getting the payments. So yes, Im technically paying the people who took over the loan. Even though you say it doesn't effect credit worthiness, I have to say nay to that. I am not able to get a n amazon prime card, or any really good credit card AMEX gold has sent me many offers but as soon as I apply they see the CO and automatically deny me. I've tried city bank thank you card and have also been denied. They do effect your credit. Will I be able to get the CO off of my credit score once settling? Are they allowed to do that? Whats the best way of getting that off?
  9. Hello everyone, I have a multitude of questions that I need advice for. A couple of years back, around 2010 I had a couple of student loans that went into chargoff, I was able to have 2 of them in rehabilitation and are no longer affecting my credit. One of them however, has charged off, it is pretty high around 17000 dollars, however I have been paying them monthly over the course of 5 or 6 years. What I do not understand is why, even though I am making payments every month, they report it to the credit agencies as a charge off. I've offered them money to just take it off my credit score, I've offered to settle, I've offered to consolidate the loan, I've offered them to settle the loan by taking another loan out. Their reasoning for this is that since it is charged off that they will keep notifying the credit agencies of that even though I am making payments. First Question: 1) Do these people have to report it as charged off even though I have been making payments for 6 years. It seems like a bully tactic to me in order to pay it in full. I don't see why they can't put me into some sort of rehabilitation like my other loans have to wipe it off my credit history 2) why is it that they cannot just not report anything, is this normal behavior? When speaking to other agencies it seems like a charge off is usually only reported when payments are no longer being made. 3) They have asked me to settle for 7000 however I did not have the money at the time. I was thinking of taking out a personal loan in order to settle this issue just to clean it out. Will this effect my credit score in any way? 4) If they do agree to settle, if I get the money, would they be able to remove the bad credit history from my credit report? I've heard different ways to go about doing this, one would be to deal with the issue and once they have the money dispute it with the credit agencies and they are likely to contact the collector, and USUALLY will not report back. Is this at all true, is this the way it works? What are my chances in succeeding with this? Is there any way to show that I have made good due on my payments since it was charged off, it just seems so odd to me that I get punished every month for actually making payments to these people? 5) if so to question 4, who do I contact to dispute something negative on my credit report, do I have to call each one individually? 6) What are the best ways to have them remove it from my credit score before settling, I would think there are certain things that could be done, considering I have leverage in finally paying them their money? 7) If I would want to get another loan in order to settle, where is the best place to do that? I have been trying to take advantage of some real good credit card rewards deals, and none of them will give me the card because of this. 8) Are there any ways of talking to these credit card agencies to approve these credit cards, I have been making payments for many years and haven't been a delinquent since. What are some strategies in order to do this 9) I am looking to buy a house soon. I've spoken to my loan officer and he said because of my high credit score I shouldn't have a problem purchasing a house on a loan. Is this true? it seems odd to me that a I wouldn't get a credit card, but would get a loan for a house. 10) My credit score from Trans Union showed up as 810, so what I don't get is why this is so high if I'm considered a delinquent? Does my credit score seem too high? Maybe I got it from a lying website or something? I still have all info from it? Should I be getting my other scores from experian and equifax, will doing so affect my credit score? I know this is a lot but it seems like theres no where else I can find answers to this. Any help would be greatly appreciated