I defaulted on my private student loans. Currently
I defaulted on my private student loans. Currently, I am working with the collection agency Allied Interstate. I've been making payments on time for a little over a year now, so I am in good standing with them. The payments are extremely high $425 a month. And I owe $40K in private student loans. I just got laid off from my job yesterday and applied for unemployment. There is NO way I can afford these payments now. I could barely afford them while I was working. I am curious to know what my options are. I am assuming I will only have enough money from unemployment to pay living expenses - rent, utilities etc. On Monday, I need to contact Allied Interstate and tell them about my situation, but I would like to do some research first so I know what my options are. I am extremely worried that I will be sued because I can't pay. Thank you for your time and I appreciate any advice you can give.
You can contact with the CA and negotiate with them. You may try to consolidate the debts on your own. The following link may help you in this regard:
http://www.debtconsolidationcare.com/consolidate-studentloan.html
anonymous
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