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Legalease, Lawyer
Category: Legal
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Experience:  15 years exp all aspects of general law
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I have a private student loan with Chase Bank. I have been

Resolved Question:

I have a private student loan with Chase Bank. I have been out of work due to disability and I could not make payments. I asked to do a deferment but they said in order to deferment you would have to make one payment. I did make one payment but they never defered the payments. I just started back to work a couple of weeks ago and they called HR to locate me and started harassing me at work stating if I did not call by today then it was over. I did call today and they asked how much could I pay. I said $150.00 today. The rep said that's all we cannot accept this the minimum would be $600.00. I told her I did not have it. She said well I am sorry your loan will be charged off. What do I do? Can someone help me? Will I be able to get federal student loans because I am going to school in January? Does private student loans stop you from getting federal student loans? Who can help me?
Submitted: 7 years ago.
Category: Legal
Expert:  Legalease replied 7 years ago.

If they charge the loan off, they will send it out to a collection agency or an attorney for collection. Then the telephone calls will start again. They can also take you to court regarding non-payment of the debt, but sometimes it is better that they do so because the court will usually insist upon a payment plan that you can afford on this, rather than telling you that you must pay this amount or you must pay that amount. Regarding future student loans, this can hurt your chances for them because they will check your credit in processing federal student loans -- although they do not give as much weight to credit reports as private lenders seem to do. If you find yourself in this situation, all you can do is pay Chase (or whoever they send it to ) what you can afford to pay and then let the school know of the circumstances of this loan if it is brought up by the financial aid office of the school you will be attending.




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Customer: replied 7 years ago.
Is there any agencies or federal agencies since the government has issued money to these banks or companies to help people with student loans? They have already received a payment is there any way they should honor that? Is there someone that can help me with private student loans? If today is the last day before charging off? Can they still stop charge off if I get the money in a couple of days?
Expert:  Legalease replied 7 years ago.

If you are talking about all of the recent bail out monies that have been given to private lenders, there are no programs in place to help students in debt with these lenders at this time (the major focus has been on preventing foreclosures). However, if you get a federally guaranteed loan in January, you may be able to speak to them about rolling in past due amounts with the new loan to give you one consolidated payment. But, in order to take advantage of any federal consolidation programs all or a portion of the loans that you have must be federally subsidized loans.


You can certainly call them and see if they are willing to stop the charge off if you pay them what they are asking for within the next week or so -- but you want them to agree to some kind of a payment plan with you before you give them any more money -- because if you do not, then they will continue to harass you and will probably charge it off anyway.

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