Student Loan debt | Repossession
There are some debts that are common across the board. This is due to the necessity of some of the items that we choose to finance. Student loans and auto loans are some of the most popular loan types. Many people are unable to pay for higher education or vehicles outright without some kind of payment plan. This is why so many loans are taken out for these services. Unfortunately, many times people will fall behind and feel like they have no way out of debt. Luckily, our attorneys can help you get organized and find financial solutions to help you resolve your student and auto loans.
Settle Student Loan Debt
Student loan debt can often be resolved by making a settlement with the institution. If you agree to make a lump sum payment of a certain amount that is less than the amount that you owe, sometimes the remaining amount of the loan will be forgiven and you will no longer have to make payments on your loans because they no longer exist. It will be as if you have completely paid off the loan.
Debt Consolidation is another way to make your student loan debt more manageable. When you consolidate multiple loans into one loan, you are left with one manageable payment instead of making multiple payments. Having multiple payments due every month can be hard to keep up with, especially when they are all accruing different interests. With a consolidated loan, your interest can be lessened as well, since you have one loan instead of many. There are many companies that will help you consolidate your student loans and there are many different payment plans as well. Often times you can get started on a payment plan that is based on your income.
Reinstating and Redemption
Most states will offer a period of time after a car has been repossessed for an individual to reinstate their loan. When the loan is reinstated, the car is given back to the individual as long as they continue to make payments of their loan. To be reinstated, you must make up any past due amount including payments, interests and penalties. The right to reinstate your auto loan is not always available. However, all states will offer a redemption. In order to redeem your car, you must have a lot of cash on hand in order to pay off the entire loan including any fees.
When a loan is considered to be uncollectable from someone, it could be charged off from the company where the loan originated from and be passed on to a collection agency in order to be paid.