Originally Posted by SkyHigh
Why did you guys think that getting a loan for flight training was a good idea in the first place? I am not trying to criticize but am curious to the thought process. In addition what chance do you think there is to have a normal financial life if either after bankruptcy or by attempting to carry the loan? It seems to me that even under the best of circumstances it would take decades to erase a 100K loan at pilot wages.
SkyHigh
SkyHigh,
The last thing that these folks need right now is your holier then thou, "you should have/shouldn't have" attitude. The fact of the matter is good or bad, they did and now their asking for help in resolving this matter. Your post does nothing in this regard. Unless you have something advice to add on how they might resolve the situation, why not go start a different thread about how terrible it is to take out loans to get education towards a dying career or some other topic along those lines?
As for the two of you that are having difficulties, before you talk bankruptcy which will have very adverse effects for 7 years (although it wont completely kill your chances of credit, it will definately hurt you ability to get any loans at any reasonable interest rate), consider having your lawyer call these people on your behalf.
Your lawyer is an independent party that has no reason to get emotional and can stand relatively firm ground. Additionally the lawyer can help assist in persuading the company from constantly hassling you at all hours of the day. They will also likely have some added weight should you decide to use a bankruptcy arguement in trying to negotiate a reasonable payment plan.
Good luck, that's not a situation that's fun to be in by any means.