Debt Collection from Williams and Fudge

[Tyche]

Filing bankruptcy for $1700 is incredibly stupid. Filing bankruptcy itself will likely cost half that, at least. You really have no means to pay off such a small amount over the span of a couple of years?

[AoE]

Filing bankruptcy for $1700 is incredibly stupid. Filing bankruptcy itself will likely cost half that, at least. You really have no means to pay off such a small amount over the span of a couple of years?

Dude stated that he tried to get a payment plan going so he could do that and they were all like. "Lol no"

[Cream Soda]

yea, but let's say he was planning on 20/month or something

He could have just as easily put that 20 in a jar, and when it comes to the point where it has $1700 total he could have walked over w/ the jar and be like here

[Seraph]

yea, but let's say he was planning on 20/month or something

He could have just as easily put that 20 in a jar, and when it comes to the point where it has $1700 total he could have walked over w/ the jar and be like here

Compounding interest is a bitch.

[Tyche]

Compounding interest is a bitch.

If he saved up $1700, they'd take it. Most buy the debt for far cheaper than that. Collectors will usually accept less than what is owed. I'd imagine if he called them up today and said "hey, I have $1250, can we call it settled?", it would probably be code red paid and settled.

[Seraph]

If he saved up $1700, they'd take it. Most buy the debt for far cheaper than that. Collectors will usually accept less than what is owed. I'd imagine if he called them up today and said "hey, I have $1250, can we call it settled?", it would probably be code red paid and settled.

Quite possibly, but I always assume the worst when it comes to financial quagmires like this one.

[Meresgi]

Compounding interest is a bitch.

There is no interest on the debt as far as I know. I talked to the college before it was sent to collections and asked if it was accruing interest in an email and received an email back saying no, it would not since it wasn't a loan from the college to me. As far as I can tell the amount owed is still the exact same as 6 months ago, so nothing has built up there so I think that's accurate.

As far as what Tyche said, I might offer them $1100 or $1200 in a few months and be like "This is all I have" and see if they go for it, if all my legal channels don't work out.

It's amazing how hard it is to get in touch with state senators, legislators and congressmen.
As for the only $20 a month I only offered them that much as a way to keep them at bay while I figured out this entire thing. I know that if I send them (x) amount of dollars and then find out that the entire debt was complete bullshit I wont see a penny returned to me, especially from the things I have read about Williams and Fudge and their less then commendable business practices.

[archibaldcrane]

Filing bankruptcy for $1700 is incredibly stupid. Filing bankruptcy itself will likely cost half that, at least. You really have no means to pay off such a small amount over the span of a couple of years?

(i didn't actually read the OP)

My friend who did it blasted away like 60k in debt lol.

[Nesssie]

This link might help: http://ficoforums.myfico.com/t5/Rebu...FD/td-p/337142

There are also other info at myfico.com that might be helpful.

[Meresgi]

(i didn't actually read the OP)

My friend who did it blasted away like 60k in debt lol.

It's something I'll do if I can when I get out of college, if its possible to take out loans to pay off student loans then declare.

[Siralin]

You need to obtain a bunch of credit lines first, cash advance all of them, then pay down as much student loan debt as you can with that cash and then declare bankruptcy on your credit lines.

Fucks up your credit for 7 years but in some situations it's worth it. Friend of mine from grad school did that right after he graduated.

Fuck anyone that's done this and anyone that is considering this. Take some god damn responsibility for the loans you take out or don't take them out at all.

Edit: Also, OP...ONLINE ART school? What the fuck did you expect? I'm going to take out a big loan so I can take ART CLASSES ONLINE so I'll get a job that can pay off my debts and make money after! Seriously?

[Kaylia]

Should have quit WoW and paid 30$ a month instead.

[Tyche]

(i didn't actually read the OP)

My friend who did it blasted away like 60k in debt lol.

My dad did that shit. He and my mom were about to go through a divorce after buying a house. They knew they'd have to file bankruptcy, but before it all came to a head, my dad blew through a ton of money on shit that couldn't be repo'd.

[hey]

Fuck anyone that's done this and anyone that is considering this. Take some god damn responsibility for the loans you take out or don't take them out at all.

If they could pay it back, they would. You can't pay bills with responsibility.

[Serif]

Taking out loans to cover student loans and then filing for bankruptcy is one of the most retarded things I have ever heard.

Grow the fuck up and pay your shit.

Better yet, don't take out a fucking loan.

[Darus Grey]

Taking out loans to cover student loans and then filing for bankruptcy is one of the most retarded things I have ever heard.

Grow the fuck up and pay your shit.

Better yet, don't take out a fucking loan.

The people smart enough to do this, will likely go on to contribute more to society than you ever could hope to.

[Siralin]

Keep telling yourself that. I'm sure it makes you feel more comfortable with reprehensible activities.

[hey]

Taking out loans to cover student loans and then filing for bankruptcy is one of the most retarded things I have ever heard.

Grow the fuck up and pay your shit.

Better yet, don't take out a fucking loan.

So if you can't afford to pay for college out of pocket, the answer is to just give up on life, and bounce between jobs at fast food restaurants and unemployment for the rest of your life?

[Kerberoz]

So much naivety in here. The moral high ground doesn't keep you fed and clothed. Well, neither does an art degree, but that's another issue.

Go write an angry letter to your congressman.

[BerenTebogo]

So much naivety in here. The moral high ground doesn't keep you fed and clothed. Well, neither does an art degree, but that's another issue.

Go write an angry letter to your congressman.

This. More often than not being clever enough to find a solution to your problems > morality. Especially when it comes to getting ahead in the world.

Edit: Or you know, in video games.