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My friend credit got screwed up because of his student loan how can I help him?

Discussion in 'BlackHat Lounge' started by Android0007, Feb 26, 2010.

  1. Android0007

    Android0007 Junior Member

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    Hello BHW. A close friend of mine is in a situation and I would like to help him but don't know how because of his situation. This is stopping him from buying a house or nice car for himself because his credit is screwed up.

    Well here's his situation.. to make a long story short he went to college, graduated, and couldn't pay off his student loan and collection agency is after his things. They backed off I guess but he's not sure because he has a new # and address so he doesn't know if they are still trying at his old location and he would rather not find out.

    How can he fix this is there anything at all he can do to clear his credit and finally have a good life? My concern is that the collection agency was already after him so how can he not deal with them and get completely out of this?

    If anyone here can shed some insight on this for me please help thanks.
     
    Last edited: Feb 26, 2010
  2. footfall99

    footfall99 Regular Member

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    1. Get a job, pay the loans
    2. If one doesn't work, consult bankruptcy lawyers to see if you can wipe it out
    3. I may be forgetting that you cannot clear school loans with bankruptcy, so if 2 does not work, go back to 1.
    4. If 1 or 2 or 3 don't work...tell him to borrow money from friends
    5. If 1-4 don't work JOIN the PEACE CORPS...erases the debt.
    6. If 1-5 do not work, run for life...
     
  3. toxtom

    toxtom BANNED BANNED

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    PAY In Cash for the house= Simple as that!

    Not anyone's fault that he was such an stupid sucker who Took out student loan, Running like damn pussy from your things Won't help!
     
  4. oxonbeef

    oxonbeef BANNED BANNED

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    Create a new credit profile. Nothing illegal with that.
    Might take him a few months to rebuild his credit though
    but as long as the collectors can't connect his file to the
    old one he's good to go.
    Besides that keep his head down for 3 years and tell them
    to take a walk.
    6 years if it was a mortgage.
     
    Last edited: Feb 26, 2010
  5. Sanitarium

    Sanitarium Regular Member

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  6. theWombat

    theWombat Regular Member

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    unfortunately student loans (of from the govt) aren't bankrupt-able, and they can just garnish it.. they're tougher than cockroaches. suck it up and work out a payment plan. if he would've talked to them in the beginning they would've worked out a deal, since he ignored them, they gout tougher.. (sounds like I'm speaking from experience) hmm
     
  7. kleg

    kleg Registered Member

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    There's nothing you can do besides pay off the loan. A few years back, I had my tax returns garnished because of my student loans. Send your friend to 1800iwillpay.com to make some payment arrangements. His credit will stay screwed until he gets that loan paid. I've been down that road, and the federal government WILL get it's money as he's alive.....dieing is the only way out of paying, but that's a little bit extreme.
     
  8. banderas2010

    banderas2010 Newbie

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    Tell your friend to move to another Country IE: Asia & marry a beautiful Asian girl & stay there and start a new life;)