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If apply for rehab, will credit bureaus get my updated info? Student Loans

Discussion in 'Student Loans' started by PurpleDaisy, Aug 13, 2015.

  1. PurpleDaisy

    PurpleDaisy Law Topic Starter New Member

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    Jurisdiction:
    Missouri
    I'm in Missouri.

    I have student loans of about $76,000 that have been in default for at least 6 years.

    After reading about my options on the fed websites, I am ready to get into the rehab program, where they would work with me to determine an affordable payment amount and then I would make payments on time for 10 months to get out of default.

    I've looked over the forms that need to be completed by me, and it's like applying for credit. They want all of my information.

    I have successfully "fallen off the grid" with the information the credit bureaus have about me.

    It is now 2015 and the last job they have listed for me is one that I left in 1998.

    In all of these years, I have not applied for or received any credit cards or loans, so they had no information about me to add.

    Here is what I want to know.

    If I fill out the paperwork for the student loan rehab program and provide copies of my pay stub, will this information be reported to the credit bureaus?

    I have 4 outstanding judgments for credit cards that had been sold to zombie debt people and I truly don't want them to discover where I work and garnish my pay over about $5,000 in old debts. And I can't just pay them off to get rid of them. I work for a non-profit in a city where pay is very low. And the degrees I got with my student loans of $76,000 are pretty much useless around here.

    Also -- my actual student loans are $76,000 but each time a document is sent to me it says $118,000 because of interest. Is there a way to negotiate and get rid of this (or lower it)?

    Thanks!
     
  2. army judge

    army judge Super Moderator

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    You can file bankruptcy, which usually can erase the judgments.
    That leaves the student loans in play.
    They can find you, but if your pay is limited, they chase bigger fish.
    The student loans will follow you to your grave.
    I expect legislation to be forthcoming my autumn of '16 to help ease the sting of student loan debt.
    If not by late '16, by spring of '17 and a newly installed president.

    I suggest you consider a chapter 7 pro se, if you can't afford an attorney.

    As far as the student loans, hang in there, the government has no choice but to change the system because very few can now afford to pay anything on those loans.
     

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