Hello looking for some advice…I recently defaulted on 100k of private student loans. This is completely territory and I’m a bit lost as what to do next. What options do I have at this point?
Posted by tgroove01@reddit | studentloandefaulters | View on Reddit | 4 comments
What options do I have at this point? Is rehabilitation an option for private student loans, refinancing, consolidation? Unfortunately at the moment I’m not in a position for a settlement. Just looking for a bit guidance.
Windycitymayhem@reddit
You’re going to get sued for that amount. There’s no ifs ands or butts about it. How much they can garnish you depends on how much you make. It will tank your credit for sure and only really affect you if you’re trying to buy a home.
Usukidoll@reddit
Can OP still be sued if OP doesn't own assets that are worth a lot?
Windycitymayhem@reddit
Yes. What they will do is get a judgment for seizure of property and they can actually extend the SOL by 10 years. I’m not entirely sure if they can keep extending it.
ConsoleModded@reddit
and if OP doesn't own property? Like if they literally own some furniture and a PlayStation, is that all that can be taken from them?