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.