Key Alternative Loan & Bankruptcy?
#11
Loan
RJGirl:
Sorry to hear about your misfortune .
What I am planning on doing is to take the principal balance (40K) that is left on my "guaranteed student loan" and roll it into a mortgage. If I make payments for the life of the loan, I'll pay back $113K. By rolling it into a mortgage, it will save me thousands in interest.
Hope this helps.
Best wishes & blue skies.
atp
Sorry to hear about your misfortune .
What I am planning on doing is to take the principal balance (40K) that is left on my "guaranteed student loan" and roll it into a mortgage. If I make payments for the life of the loan, I'll pay back $113K. By rolling it into a mortgage, it will save me thousands in interest.
Hope this helps.
Best wishes & blue skies.
atp
Last edited by atpwannabe; 05-26-2006 at 08:21 AM.
#13
Oh No !!
Originally Posted by atpwannabe
RJGirl:
Sorry to hear about your misfortune .
What I am planning on doing is to take the principal balance (40K) that is left on my "guaranteed student loan" and roll it into a mortgage. If I make payments for the life of the loan, I'll pay back $113K. By rolling it into a mortgage, it will save me thousands in interest.
Hope this helps.
Best wishes & blue skies.
atp
Sorry to hear about your misfortune .
What I am planning on doing is to take the principal balance (40K) that is left on my "guaranteed student loan" and roll it into a mortgage. If I make payments for the life of the loan, I'll pay back $113K. By rolling it into a mortgage, it will save me thousands in interest.
Hope this helps.
Best wishes & blue skies.
atp
Now you are going to put the family home at risk as well !! What ever happened to paying your way through? It wasn't but a few years ago and everyone had to do it that way. Financing a dream is always a bad idea. I think that financing is why we have so many pilots today, with the click of a pen you can obligate yourself to decades of debt and become married to a dead end career.
SKyHigh
#14
Gets Weekends Off
Joined APC: Jan 2006
Position: Sitting down and facing front. Why would you want to know that?
Posts: 536
Hmm. I have around $70k debt for my school loans (Key Bank and Government). I am taking classes to keep them in deferment, but I have made some good decisions when it comes to buying and selling houses, so I have the money to pay the loans off with home equity. That would make my house payment go up, so that is why I am doing the deferal thing. When it comes to time to take the dive. I plan on selling the house, paying off the loans, and then I will still have some equity left for an okay sized down-payment on a new house.
If I were to do it again, I still would have taken some loans, but nowhere near what I took. I really lucked out with my home equity. It still scares the daylights out of me to think that I have that much debt. Sorry I don't have advice for you, but hopefully others will see what we have done and realize that loans aren't the way to go.
Best of luck.
If I were to do it again, I still would have taken some loans, but nowhere near what I took. I really lucked out with my home equity. It still scares the daylights out of me to think that I have that much debt. Sorry I don't have advice for you, but hopefully others will see what we have done and realize that loans aren't the way to go.
Best of luck.
#15
Line Holder
Joined APC: Oct 2005
Posts: 39
The Fair Debt Collection Practices Act
RJGirl and jdsavage,
You mentioned that they are calling anywhere between 0730 and 2145, under the Fair Debt Collection Practice Act § 805 (a) (1) they cannot call before 0800 and after 2100. Also, you can send them a letter telling them to cease communication with you and they have to stop calling time and time again (there are some reasons that they can call however). It is some pretty stiff fines if collectors get caught breaking the FDCPA terms. If you need some help getting them to stop let me I know I might be able to help you. I should know, I used to be a collector
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm
You mentioned that they are calling anywhere between 0730 and 2145, under the Fair Debt Collection Practice Act § 805 (a) (1) they cannot call before 0800 and after 2100. Also, you can send them a letter telling them to cease communication with you and they have to stop calling time and time again (there are some reasons that they can call however). It is some pretty stiff fines if collectors get caught breaking the FDCPA terms. If you need some help getting them to stop let me I know I might be able to help you. I should know, I used to be a collector
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm
#16
New Hire
Thread Starter
Joined APC: May 2006
Position: CRJ Captain
Posts: 6
RightSeater! How can I contact you?
Originally Posted by rightseater
RJ Girl, I do know of people who have gotten out of their Key Bank alternative loan through Bankruptcy. PM me if u would like details.
RightSeater, for some reason I'm unable to PM you. The message I get is that that's a feature I'm not entitled to. Is there another way I can contact you? I have managed to find one guy who sucesscully discharged this particular loan, but others would be helpful. I appreciate your time!
And to everyone else in this situation, best of luck. Once I figure out a solution, whatever that may be, I'll post again.
Meanwhile, to those who think "financing a dream" is dumb, what about paying for graduate school or medical school or law school? Is that not the same thing?
Cheers,
RJGirl
#17
Gets Weekends Off
Joined APC: Jan 2006
Posts: 408
Originally Posted by RJGirl
Meanwhile, to those who think "financing a dream" is dumb, what about paying for graduate school or medical school or law school? Is that not the same thing?
Not all dreams are worth pursuing. Some lead to solid, in-demand, well-compensated careers, and some are nothing more than continuations of the childhood "i wanna be a pilot veterinarian princess astronaut" way of thinking. Unfortunately, you chose the latter. It may be impossible to admit this now, but hopefully it won't take you ten years of financial destitution before deciding it's time to make a change.
#18
New Hire
Thread Starter
Joined APC: May 2006
Position: CRJ Captain
Posts: 6
Uncle Bose,
Well, thanks a lot for you helpful thoughts on the matter. Ever heard of that old phrase, "If you don't have anything nice to say, keep your damn mouth shut?!"
We're trying to problem-solve here. Your poking your nose in without anything helpful to say is definitely not needed.... And who the heck died and left you the judge of whether or not people's dreams are worthy of pursuit?
Well, thanks a lot for you helpful thoughts on the matter. Ever heard of that old phrase, "If you don't have anything nice to say, keep your damn mouth shut?!"
We're trying to problem-solve here. Your poking your nose in without anything helpful to say is definitely not needed.... And who the heck died and left you the judge of whether or not people's dreams are worthy of pursuit?
#20
Gets Weekends Off
Joined APC: Jan 2006
Posts: 408
Originally Posted by RJGirl
Uncle Bose,
Well, thanks a lot for you helpful thoughts on the matter. Ever heard of that old phrase, "If you don't have anything nice to say, keep your damn mouth shut?!"
We're trying to problem-solve here. Your poking your nose in without anything helpful to say is definitely not needed.... And who the heck died and left you the judge of whether or not people's dreams are worthy of pursuit?
Well, thanks a lot for you helpful thoughts on the matter. Ever heard of that old phrase, "If you don't have anything nice to say, keep your damn mouth shut?!"
We're trying to problem-solve here. Your poking your nose in without anything helpful to say is definitely not needed.... And who the heck died and left you the judge of whether or not people's dreams are worthy of pursuit?
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