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Hello all, I originally posted this in the newbie finance thread, was suggested I make my own thread to help me get this poo poo together. There's a REALLY long story here that I don't think is necessary to tell. But the short version is I got an associates degree, finished in 05, held off paying the loan back for a bit, maybe made a few payments in the beginning. I struggled with a lot of sadbrains issues at the time and made some really bad choices and ended up being homeless for several years (like 2007-2012). During this time I obviously didn't give a flying gently caress about very much. The loan was with Sallie Mai, was turned over to the government which has now been turned to a collection agency (GC Services if it matters / anyone has experience with them). I am interested in seeing what my best options are for starting to actually clean this mess up and am turning to goons so maybe I can get started without getting advice from someone just looking to make the biggest commission. The collection agency does have a 15% wage garnishment that started around the beginning of summer, which I started to look into how to fix this but keep putting it off still. So the first part, my current debt between the student loan and a credit card that is more recent that I let get out of control from some surprise expenses and what have you. Loan debt ~$20,000 Credit card ~$6,000 My gross pay at my job is around $1700/month, which I have just recently gotten a raise from. After the garnishment, taxes, and insurance that gets dropped down to about $1200/month. I pulled up my bank statements from the last month and factored some sort of base expenses. Rent - $575 (includes utilities, except electric) Internet - $59.99 Phone - $90.00 Electric bill - $60 (This was end of September bill, will drop now that it's winter) Gas for car - ~$60 Monthly Food - ~200 (Part of this goes includes beer and liquor) Credit Card payment - $150 As you can see, there's not really anything left over at this point, yet without the loan and garnishment I would be doing okay and surviving somewhat comfortably. Again, I really am just looking to see what possible options would exist and interested in what other information would help narrow down a real solution.
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Oct 21, 2016 18:11
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| # ? Apr 25, 2024 03:28 |
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You need a better job or a second job, unfortunately, there is no other solution. I don't know if you can 'fix' the garnishment, but even if you can, and you can't plan on never making loan payments. The credit card debt itself is huge at your income level.
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Oct 21, 2016 18:39
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Figure out a way to make more income really. The holidays are coming up, the demand for part time retail is going to be high. I don't know what your main work schedule looks like, but if you can find a way to make an extra 100 dollars a week it'll add up fast over the course of the month. Does it suck? Hell yeah it does, but it can be done. I stocked shelves for Walmart as seasonal help one holiday season. I hated it, but 17 years ago they paid 9.50 and hour and gave me 40 hours a week overnights. Retail, Food Service, Shipping (UPS/FedEX), they'll all need part time help for the holidays. There's a couple Amazon distribution centers near me hirering part time seasonal help.
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Oct 21, 2016 19:01
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Deliver pizza. It's football season.
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Oct 21, 2016 19:13
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Look into Loan Rehabilitation with the government. You might be able to strike a deal that will remove the garnishments and get you out of default.
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Oct 21, 2016 22:36
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