(05-21-2017, 05:29 PM)Coordinate_Apotheosis Wrote: I honestly don't see myself paying off all of that debt unless I manage a really good paying job or service. Or at least it won't be paid off anytime soon. I don't even know what its at anymore but I can imagine its pretty high up now, 100k wouldn't surprise me...
And my credit has been shot since I was evicted. Though that debt I feel is illegal as that complex didn't even verify our income and the people told us to lie about our income anyways.
...What's that about renegotiating a loan anyways?? I thought they were a set in stone kind of thing.
Nope my ex- sister inlaw worked for a collection agency and they will reduce the debt to ensure they get something back. I do not know the process but conglomeration loans work off this principal. You can always file for bankruptcy and have everything dealt with, it is a process though. Trump has done it dozens of times. No shame if its what you need to do, and it sounds like it might be. I could be wrong but I think if you are considering filling for bankruptcy the loan people will negotiate even quicker because they would rather get something than nothing, which is what happens if you file for bankruptcy.
If your credit is done already, and you have no assets, I don't know of a down side to this. Im sure SOMEONE who knows more could advise you. Then in 7 years its off your credit history and you start building credit anew. That's why its better to deal with it now instead of hiding from the dept. Dealt with eventually you have a chance to rebuild FRESH and do anything.