Credit Advice

Yes there is ...


It will be awhile before they garnish your wages. They will more then likely turn the debt over to a collections agency. Do not agree with the total that they give you because, more then likely it includes interest. Only be for the actualy loan it self, also if you offer to pay it off in a short time like a month or two the rate will go down even further. Most cases they will bite because they want you to pay something and get it resolved. I am telling you this because I just finished dealing with a 7 year old student loan for someone that was 1900 dollars. After I told them I could not afford that what can they do, he stated they could get rid of the interest it I start payments immediately. That brought it down to 900! Then I told him that was still to high, what if I offered to pay it in full quickly, like in a month or two? He then took the bill down to 500...in all I saved 1400 dollars that I did not have in the first place. Talk to them and answer their calls...do not let them garnish your wages because they will take it out for the FULL amount.Paying them will get your score up alot quicker, ask for a copy of the agreement, tehy can send it to you through email and then send it to the three credit reporting agencies.

Yes a garnishment does negatively affect your credit score and does stay on your credit report until it's paid off in full. Contact your provider and discuss other payment options. See if they will reduce the monthly payment amount or set up a payment schedule. More often than not they will work with you. Ignoring them won't help you. I know it's stressful when it comes to paying off college loans. I'm about to head there soon after graduation =( I do know for a fact you can even work out a deferment where you don't have to start paying off right away. I did that and was granted until next March to begin payments. I cannot hurt to ask. As long as you are honest and up front with them, they are not always the bad guys.