“Dear Michael, I have decided to default on my private student loan. I am prepared to deal with the consequences whatever they are because for a few years now I feel I’ve been just wasting my money. I was wondering though if you could share any insight..: 1. When you default how much percent of …
Question “I cosigned a student loan for my daughter with American Education Services, and she thought it was deferred until she graduated. Which just happened last year fall semester. I have been getting calls from MRS Associates saying the original creditor won’t deal with her or myself and it HAS to be handled by him. …
What happens when you get taken in by a misleading pitch, or a deceptive action leads you to make decisions you would otherwise not have made? You get hurt… probably mad, and even depressed. But what if you were taken for such a ride that your future is screwed for many years to come? What …
Question: Dear Michael, I am a middle aged divorcee women with no mechanical skills whatsoever. I normally purchase new cars when one is needed. I purchased a new car in 1990 and kept it for over 17 years. I purchased a 2008 and currently still owe it with 315,000 miles. Most people suggest buying used …
Question: Dear Michael, I have a collections account with AFNI on my credit report. It is a valid debt that I owe the company they are collecting for. I keep trying to ask them if they would be willing to remove the collection off my credit report after I pay in full. The answer I …
“Dear Michael, Thanks so much for providing the people with this opportunity to communicate with you! I am writing to you to seek advice since I find myself in a desperate situation with credit card debt. I will be as brief a possible. I am a Biology teacher and have been a teacher for the …
This is the third part in a four-part series about Beth, who’s struggling to make monthly payments on her debt. I encourage people struggling with unaffordable debt to use this as a debt relief information guide. The focus of this series assumes your situation is past being able to apply conventional wisdom, like lowering monthly …
“Hello Michael, I would love to get some info on being sued in a state where you don’t live. I am close to the point where I stop paying my credit cards and wait out the 5-6 month to try to get a settlement. The total credit debt is 100K (some business cards some personal). …
I answer many reader submitted debt and credit questions that are submitted to my site using the “Ask Michael” feature. From time to time I receive enough information of someone’s current hardship, as well as a clear picture of monthly cash flow and bills, to be direct with my feedback, rather than offering generalities with …
Throughout this website, and several others I contribute to, I suggest people file complaints with the Consumer Financial Protection Bureau (CFPB). I am usually responding to reader comments when I do, so the reason for suggesting filing the complaint is contained in each comment exchange, but only briefly. I want to be sure readers have …