My name William. I’m only 25 and have a bus load of debt!! I currently work at [xxxx] Hospital in Washington D.C. I make a realitively small amount of money ($11.75 per hour). I live with my younger brother who I have taken care of since our parents passed away approximately 6 1/2 years ago.
I have attended technical school and taken out loans to do so. I believe the total is around $14,000. The education recieved was NOT very useful as was the help in career advancement advice given.
I had a car that I took a loan out for and defaulted on (voluntary repossession) am on the hook for $6,000. MVA fines from older vehicle in the amount of $8,000.
The bills I have are hampering my ability to continue my education. On top of this I have learned that my job hasn’t taken taxes out of my check for almost 2 years!! I though there was a mistake, but I have found this to be true. I know there are alot of concerns on here. I would like to know any advice you have for me as I am desperately trying to do better in order to start a family and feel better about myself. Can you help?!
Thank you for contacting me. I actually know the hospital you work at. Thanks for reaching out to me for help.
We have several issues going on here that need attention. My primary concern is the tax issue. Obviously your income will be adjusted downwards once the tax situation is corrected. On top of that you may owe some back taxes, if you owed any at all.
If the trade school went out of business before you received your degree you may be eligible for a loan cancellation in some situations.
The key to the school loans is going to be if they are private student loans or government backed student loans. It makes a huge difference when it comes to options. If you can let me know which they are in the comments below I can help further.
My gut reaction is that with the reduction in take-home salary because of the tax withholding it will be tough for you to make ends meet. If that’s the case and the MVA fines are old you may want to find a local bankruptcy attorney and talk to them about clearing the decks of the old car related debt. That at least would give you some financial room to focus on the student loan and tax situation.
Please post your responses and follow-up messages to me on this in the comments section below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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