Ok here goes first Im new and look forward to meting some interesting people here so HELLLOOOOOOO :)
I have outstanding student loans from about 9 years ago well the interest is gastly to say the least will it go away ? I have some disputes but , I know there is money owed also..... Now their starting another agency on me using Ie: Your case number ....our leagl dept. Like Im going to be sued but when I call and ask questions ...they are very quiet ...they dont know if they have a legal dept. funny ......What are my options?
Im in AZ....the blast furnance...........
Thanks in advance
Are these government loans, or private?
If federal, you might be able to check with the DOE to obtain some info, such as balance due (however, you must deal with the collection agency, not the government). I believe that CAs are entitled to add 25% of the total for collection (sucks, but it's legal). They can also garnish your wages or social security, intercept a tax refund, and you would NOT need to be sued for that to happen. They're violating the FDCPA by their tactics, but proving that can often be tough. You can cut through the crap by sending them a letter demanding that they only communicate with you via mail. Send your letter CMRRR. You might want to consider rehabbing your loans, or settling in the event you have the money to do so.
If these are private loans, still send them the partial cease communication letter. I am not sure how much in collection fees would be allowed to be added, but I'm certain they would have to sue you to garnish.
Will it go away?
No. Not even if you file bankruptcy. Student loans fed/state/private are not dis-chargeable (except in the most rare of circumstances...the hardship hearing looks at your earning potential over the next 25 years).
What are my options?
Rehab if federal.
Settlement, if you have a good amount of money available.
Work out a payment plan...avoid the public record hit to your credit report if federal.
Get a breakdown of the balance from the collection agency (or possibly DOE if federal loan).
Perhaps other posters will have some additional insight.
student loans
you should be paying something on them each month they do have the option of adding more interest each month.
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If you have a bank that you have been with for a while you can check to see if they will give you a loan. If not than you probably wont have any luck geittng one.