Debt Elimination
If you’re reading this article right now I'm sure that you are looking for a debt elimination system that will help you get out from under you personal mountain of debt. Hopefully you're not looking for the magic pill that will suddenly dissolve...
Debt: The Good, The Bad And The Ugly
An article of 750 words describing the different kinds of debt and how understanding debt can help you make better decisions when making purchases with credit.
“Neither a borrower, nor a lender be,” cautions Shakespeare in Hamlet. The reality...
How To Really Get Out Of Debt – Without Spending A Fortune On “Credit Counseling”!
Do you need an expensive credit counseling service to get out of debt? Maybe not. Find out here and explore other ways to rid yourself of debt without spending a lot of money. If you decide you need counseling - you'll find reliable referral...
Is It Safe To Consolidate Debt Online?
Some people are motivated to consolidate debt online because they know they can save a lot of money by taking advantage of low interest rates. Others are panicking to find a quick and easy solution to help them deal with a mountain of debt. ...
Paying Off Your Student Loan With Debt Consolidation
It’s not unheard of, surely. But let’s get to the basics. There are two student loan types that are made available to financially struggling students. The federal student loan is a loan given by the government, particularly the country’s Department...
Haunting Student Loan Debts
In today's ever changing economy, it's hard enough for the
average working individual to make ends meet, without a wage
garnishment, while supporting themselves or their families.
Sometimes living pay check to pay check with the regular bills
and sudden unexpected expenses is hard enough without having an
old student loan debt rear its ugly head to bite you in the
wallet. Borrowers who have not made voluntary and timely
payments to the institution from which a loan was made, may face
a wage garnishment through their current employer. Under the
Higher Education Act, the Department of Education and security
agencies can require employers to deduct a minimum of 10% of the
indebted employee's pay check each pay period toward repayment
of the debt. This wage garnishment may continue until the entire
balance of the outstanding debt is paid. This method of wage
garnishment is used only for the borrowers who refuse to
voluntarily repay their defaulted loan and is not used with
those borrowers who continue to make regular and timely
payments.
Employers who have received an Order for Withholding of Wages
must conform to the order by law. Employers will only receive
information that is necessary to conform with the wage
garnishing order and are prohibited to discharge the borrower
from employment, or subject the individual to disciplinary
action due to wage garnishment. Any individual who is discharged
from their job or disciplined is allowed to seek restitution in
federal or state court if such action occurs. Administrative
Wage Garnishment is a tool of last resort used by the U.S.
Department of
Education to recover defaulted student loans
through wage garnishment. Thirty days prior to the issuance of
the Order of Withholding, a notice is sent to the borrower
notifying that individual of the Department of Education's
intent to garnish wages and of the borrower's rights and appeal
procedures.
To avoid wage garnishments, the borrower has an opportunity to
enter into a written agreement under terms agreeable to
Department of Education to establish a voluntary repayment
arrangement. If the borrower has any objections to the
existence, amount, or enforce-ability of the debt, a hearing can
be arranged to present and obtain a ruling; also of any
objection that wage garnishment of the borrowers disposable pay
would produce an extreme financial hardship. A wage garnishment
action can be withheld by filing a timely request for a hearing.
No action will be taken until the hearing is completed and a
decision is issued.
Borrowers may also object to a wage garnishment if the validity
of the claim is in question or if the current enforce-ability of
the claim is barred by law. The borrower is responsible for
providing documentation or evidence to corroborate any
objections raised in defense to the enforcement of the debt. It
would be in your best interest to learn all you can about
garnishment law.