Debt Collectors

[Rage Against the McKee]

Trim please take on hub pro bono, then when you settle his debt for pennies on the dollar make him agree to pay what he was going to pay the debt collectors to the fatty fund.

is the fatty fund a 501(c)? Because in the next few years i'm gunna need to take all the tax dedux i can get

Isn't student loan interest tax deductible?

[Emo EMAW]

Trim please take on hub pro bono, then when you settle his debt for pennies on the dollar make him agree to pay what he was going to pay the debt collectors to the fatty fund.

is the fatty fund a 501(c)? Because in the next few years i'm gunna need to take all the tax dedux i can get

Isn't student loan interest tax deductible?

Only if you make less than like $130k. 

[Rage Against the McKee]

Trim please take on hub pro bono, then when you settle his debt for pennies on the dollar make him agree to pay what he was going to pay the debt collectors to the fatty fund.

is the fatty fund a 501(c)? Because in the next few years i'm gunna need to take all the tax dedux i can get

Isn't student loan interest tax deductible?

Only if you make less than like $130k.

So it is, then.

[Trim]

Hey Trim I was thinking the same thing that NCO were tipping their hands with the offer they made.  Even if they got the max 25% wage garnishment, they still won't get paid in full for like 20+ years, and that's assuming they got that judgment tomorrow.  Mrs Hub is supposed to have a phone meeting today, I'm telling her to negosh that biz down, just workin on what a good counter would be.

If you trust her and that it's gonna work out, you (not her) should go get a favorable loan and use the loan money it the offer the creditor a lump-sum settlement amount.

[Dugout DickStone]

Trim please take on hub pro bono, then when you settle his debt for pennies on the dollar make him agree to pay what he was going to pay the debt collectors to the fatty fund.

is the fatty fund a 501(c)? Because in the next few years i'm gunna need to take all the tax dedux i can get

Some day!

[Trim]

Trim please take on hub pro bono, then when you settle his debt for pennies on the dollar make him agree to pay what he was going to pay the debt collectors to the fatty fund.

is the fatty fund a 501(c)? Because in the next few years i'm gunna need to take all the tax dedux i can get

Some day!

I have the old paperwork in my bag and was gonna go through the emails on the plane if I don't fall asleep! No wifi tho. But maybe on the way back Sunday tho!

[BIG APPLE CAT]

Hey Trim I was thinking the same thing that NCO were tipping their hands with the offer they made.  Even if they got the max 25% wage garnishment, they still won't get paid in full for like 20+ years, and that's assuming they got that judgment tomorrow.  Mrs Hub is supposed to have a phone meeting today, I'm telling her to negosh that biz down, just workin on what a good counter would be.

If you trust her and that it's gonna work out, you (not her) should go get a favorable loan and use the loan money it the offer the creditor a lump-sum settlement amount.

I do trust her based on how I've seen her really get serious about her debt over the last couple of years, but i'm not sure I can really help her.  Although my credit is in good standing, having a mortgage and a car payment makes my income to debt ratio somewhere between  and  as far as the bank is concerned when it comes to lending me large sums of money.

[The Whale]

In order to have more money each month to put to the private loans / collection, find out if you can get the federal loans deferred. 

May involve having to have your wife sign up for a couple of pud classes at the community college.

[420seriouscat69]

Do either of you work for a company that would pay for your masters? I did this, deferred my loans, made small payments, and got ahead of it by the end of my program. Just a thought.

[michigancat]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

[Rage Against the McKee]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

Maybe they make more than $130k. It seems kind of weird that they only paid 5% down on the house, though, if that's the case.

[meow meow]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

Maybe they make more than $130k. It seems kind of weird that they only paid 5% down on the house, though, if that's the case.

There is no way they make more than 130k, if they did, they shouldn't have any problem coming up with 5k in a couple weeks, and paying off the 100k of debt in less than 5 years.

[Rage Against the McKee]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

Maybe they make more than $130k. It seems kind of weird that they only paid 5% down on the house, though, if that's the case.

There is no way they make more than 130k, if they did, they shouldn't have any problem coming up with 5k in a couple weeks, and paying off the 100k of debt in less than 5 years.

Earning a lot of money doesn't necessarily make you wealthy. You still have to manage that money.

[michigancat]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

Maybe they make more than $130k. It seems kind of weird that they only paid 5% down on the house, though, if that's the case.

There is no way they make more than 130k, if they did, they shouldn't have any problem coming up with 5k in a couple weeks, and paying off the 100k of debt in less than 5 years.

I was tapatalking and thought Rage's post was actually hub's.

Still, how can someone in this situation just pull $900 out of their budget overnight?

[CNS]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

Maybe they make more than $130k. It seems kind of weird that they only paid 5% down on the house, though, if that's the case.

There is no way they make more than 130k, if they did, they shouldn't have any problem coming up with 5k in a couple weeks, and paying off the 100k of debt in less than 5 years.

I was tapatalking and thought Rage's post was actually hub's.

Still, how can someone in this situation just pull $900 out of their budget overnight?

I am assuming that, since their individual spending and saving habits were kept from each other, that he was chunking it away from his earnings while he thought she was handling her debt.  Not an excuse, because it's insane, but given the info ITT, it's what I would guess.

[BIG APPLE CAT]

*Another big adjustment we hadn't made was for another $900/mo which we had been putting into our account to pay for our wedding.  We've only been married a few months now and I guess we hadn't gotten around to adjusting our budget since we'd finished paying off our wedding related expenses.

I'm still confused by this. You just had an extra $900/month sitting in the bank that you didn't know about, AND you make less than $130k?

Maybe they make more than $130k. It seems kind of weird that they only paid 5% down on the house, though, if that's the case.

There is no way they make more than 130k, if they did, they shouldn't have any problem coming up with 5k in a couple weeks, and paying off the 100k of debt in less than 5 years.

I was tapatalking and thought Rage's post was actually hub's.

Still, how can someone in this situation just pull $900 out of their budget overnight?

I am assuming that, since their individual spending and saving habits were kept from each other, that he was chunking it away from his earnings while he thought she was handling her debt.  Not an excuse, because it's insane, but given the info ITT, it's what I would guess.

To specifically clear that up, we made a budget a year before the wedding in which we determined we needed to put aside $900/mo to cover our remaining anticipated costs for the wedding.  Not surprising (or at all uncommon), things didn't actually work out to the letter as we had predicted 12 months out.  So when it came time to pay all the bills, we were about $3500 short on our estimate.  I had the extra 3.5k in my own account so I covered it with the understanding that I would put less money into our account until that 3.5k was essentially paid back.  Well now I'm pretty much paid back.  So essentially as far as our JA is concerned we've been operating on a reduced budget for a while now.  When I resume my normal contributions to our JA (plus a couple hondo extra as per this weekend) it will be contributing more money to a reduced budget, which in turn frees her up to keep more of her money to pay her loans instead of contributing to our JA.

Sounds like a ponzi scheme written all out like that but its actually pretty straight forward.

[slobber]

Stop trying to save money for now. You need to pay this debt off.

[meow meow]

This whole thing with separate accounts and joint accounts sounds unnecessary and selfish, imo.  What are you guys trying to hide?  It's almost like you're trying to make it easier on the lawyers when the impending divorce happens.

[slucat]

i would make sure that all the fed loans are consolidated and at the lowest possible % rate and for the longest amount of repayment period possible. then i would get a general deferment or forebearance or whatever and stop payment on them for a year or two while putting all that money towards the other stuff. jmo.

This is good advice.

[WonderMeal]

You pay everything off yet, @the1called_Hub? You have Ramsey envelopes stuffed full of cash that you're handing over on the regular?

Been thinking about you recently. Give your gE.c FAMILY an update.

[SkinnyBenny]

You pay everything off yet, @the1called_Hub? You have Ramsey envelopes stuffed full of cash that you're handing over on the regular?

Been thinking about you recently. Give your gE.c FAMILY an update.

Yes, interested in an update. Hopefully it's going well. Oh, you might also get some help on reddit, because I think they have subreddits for debt and personal finance. Probably some people who have been in your boat.

*edit* Yep. Try www.reddit.com/r/debt and www.reddit.com/r/personalfinance

[KCFDcat]

guys, a debt collector just called me. I was v confused at first, then realized it was actually for my uncle. Apparently he's getting foreclosed on 

Sad that they call your entire family to essentially let them know you haven't been paying your crap.

[Rage Against the McKee]

I'm interested in how everything ended up playing out with Hub.

[raquetcat]

I'm interested in how everything ended up playing out with Hub.

Me too. Let's get an update hub!

[Mikeyis4dcats]

guys, a debt collector just called me. I was v confused at first, then realized it was actually for my uncle. Apparently he's getting foreclosed on 

Sad that they call your entire family to essentially let them know you haven't been paying your crap.

if they told you that they broke the law
http://consumerlawyer.mn/debt-collectors-calling-family-and-friends/