To whom it may concern:
Recently I just went into repayment with my private student loans. Prior to repayment we consolidated all my private loans into one pool, totaling about $100,000. My first payment was due in the amount of $800 on 1/22/2012 and of the $800 i could only pay $200. Since then of course the bank has been calling to see why the payment hasn’t been made, and i explained to them at this time I do not have $800 a month.
Right now I work for Binder and Binder in the Intake Department working full-time making approx $800 bi-weekly before taxes. In addition to my private student loan payments I have federal student loans, car payment, car insurance, utilities bill, rent…etc.
Wells Fargo does not care about my salary or what I can afford to pay. My parents are co-signers but they have enough of their own bills at this time and if they could help they would.
I know I am in the inital stages of paying a debt back, but I dont know what my rights are and how to rectify the situation I am in.
My questions are:
1. What are my options, if the bank is refusing to work with me?
2. Is bankruptcy an option for private student loans? If so, will my co-signers have an any impact by doing so?
I appreciate your time, and hope you can help with this matter. Thank you again and look forward to speaking to you soon.
NicholasHow To Handle Private Student Loan Debt? by Consumer