Archive for August, 2006
Can I sell a body part?
Thursday, August 24th, 2006 I can't afford to repay my student loans, entirely my fault, what should I do? Several years ago I took out education loans from Wells Fargo, loans that I have yet to pay on. I essentially disappeared for several years and now the debt collection agency has caught up with me and is attempting to collect. 3 separate loans, totaling about $55,000. They'll settle the accounts if pay half that amount within the next 30 days . I can't afford to pay this. I can't afford to pay the nearly $1,000 in monthly payments to either.I also have about $30,000 in Federal student loans, which I pay about $200 a month on, which is also getting to be unaffordable, due to mortgage, car and child payments. Plus I got a notice saying the interest rates were supposed to go, which means more trouble.
My wife an I only make about $50,00 a year, bring home about $2000 total a month after taxes.
Yes, this mess is completely my making and yes I've been remiss in taking care of it. I accept that and realize that much of the rest of my life might be spent paying this off. I'm looking for practical advice on how I can straighten out this, please.
I'm not good with money and all of this is extremely overwhelming to the point I don't know what to do.
Is there someway I can consolidate these loans, either as a whole or partial?
Am I in danger of bankruptcy? The house and car are not in my name, they are in my wife's name, could we lose them? What would bankruptcy mean?
