This is huge!

[wxcrazytwo]

This will in essence totally roll back years of social security protection from debts. I think this will set precedents for private companies to start taking away YOUR MONEY, inclusive of SSI/SDI/Retirement, etc., for debts owed no matter how old nthe debt is..


http://www.msnbc.msn.com/id/10366440/

[fwbbreeze]

I personally dont have a problem with it. When you borrow money you are required to pay it back by the terms which were agreed apon. Garneshment is a means by which the lender can be repaid. The IRS garnishes wages all the time when deliquent taxes are owed...and rightfully so! I feel private lenders have every right to collect debts owed to them by any means necessary.

fwbbreeze

[gtalum]

This will in essence totally roll back years of social security protection from debts. I think this will set precedents for private companies to start taking away YOUR MONEY, inclusive of SSI/SDI/Retirement, etc., for debts owed no matter how old nthe debt is..

Lesson: Don't run up debts you can't afford to pay back.

[Stephanie]

This will in essence totally roll back years of social security protection from debts. I think this will set precedents for private companies to start taking away YOUR MONEY, inclusive of SSI/SDI/Retirement, etc., for debts owed no matter how old nthe debt is..

Lesson: Don't run up debts you can't afford to pay back.

I agree. I really isn't your money.

[wxcrazytwo]

This will in essence totally roll back years of social security protection from debts. I think this will set precedents for private companies to start taking away YOUR MONEY, inclusive of SSI/SDI/Retirement, etc., for debts owed no matter how old nthe debt is..

Lesson: Don't run up debts you can't afford to pay back.

I agree. I really isn't your money.

HUH!!

[wxcrazytwo]

I personally dont have a problem with it. When you borrow money you are required to pay it back by the terms which were agreed apon. Garneshment is a means by which the lender can be repaid. The IRS garnishes wages all the time when deliquent taxes are owed...and rightfully so! I feel private lenders have every right to collect debts owed to them by any means necessary.

fwbbreeze

oh, so you wanna go there huh! I will pm you on what you said, I won't do it here. Your sad dude. LOL.... Private lenders do have a right, but it is a contractual right and contracts have time limitations (statutes). If we agree with your argument, then we need to abolish all contractual stating time limits for the statute to run. GOOD LUCK!!

[wxcrazytwo]

This will in essence totally roll back years of social security protection from debts. I think this will set precedents for private companies to start taking away YOUR MONEY, inclusive of SSI/SDI/Retirement, etc., for debts owed no matter how old nthe debt is..

Lesson: Don't run up debts you can't afford to pay back.

Foolish words, for those not affected, but cry when it runs upon you. Alexism 101..

[gtalum]

Foolish words, for those not affected, but cry when it runs upon you.

Being smart enough to avoid drowning in debt makes one foolish?

[wxcrazytwo]

Foolish words, for those not affected, but cry when it runs upon you.

Being smart enough to avoid drowning in debt makes one foolish?

You don't have to drown in debt to become effected. GTALUM, everyone is indebted to someone, but it doesn't mean it has to last the person's lifetime either.

[gtalum]

You don't have to drown in debt to become effected. GTALUM, everyone is indebted to someone, but it doesn't mean it has to last the person's lifetime either.

If you get to the point where you are having your wages (or socialist benefits) garnished to repay your debts, you're drowning.

Debts only last a lifetime if you are too irresponsible to pay them off.

[wxcrazytwo]

You don't have to drown in debt to become effected. GTALUM, everyone is indebted to someone, but it doesn't mean it has to last the person's lifetime either.

If you get to the point where you are having your wages (or socialist benefits) garnished to repay your debts, you're drowning.

Debts only last a lifetime if you are too irresponsible to pay them off.

Hmm, like I said it doesn't have to come down to drowning. Many creditors will without hesitation slam a lawsuit on you if you do not pay the whole thing at once. So, you do not have to be drowning. I have over $80k in college tuition, and growing, and of course, I will pay it back, but if they come after me immediately is that fair?

[gtalum]

Hmm, like I said it doesn't have to come down to drowning. Many creditors will without hesitation slam a lawsuit on you if you do not pay the whole thing at once. So, you do not have to be drowning. I have over $80k in college tuition, and growing, and of course, I will pay it back, but if they come after me immediately is that fair?

They only ask you to pay in entirety if you default. Then it most definitely IS fair for them to ask for full repayment. So don't default. And if you do default, then yes, you're probably drowning in debt.

[wxcrazytwo]

Hmm, like I said it doesn't have to come down to drowning. Many creditors will without hesitation slam a lawsuit on you if you do not pay the whole thing at once. So, you do not have to be drowning. I have over $80k in college tuition, and growing, and of course, I will pay it back, but if they come after me immediately is that fair?

They only ask you to pay in entirety if you default. Then it most definitely IS fair for them to ask for full repayment. So don't default. And if you do default, then yes, you're probably drowning in debt.

Dude, you have many lessons to learn. I know many that will not creditors that do no wait for repayment, and many collectors that are trigger lawsuit happy. There are other ways in getting the money, but not through SSI/SDI.

TO KNOW ALL, IS TO LOOK YOURSELF IN THE FACE OF A FOOLISH MAN. TO KNOW LITTLE, IS TO LAVISH ONESELF IN IGNORANT WAYS, BUT TO KNOW SOME, IS A MAN'S DESTINY TO YEARN FOR MORE.

ALEXISM 101

[gtalum]

Dude, you have many lessons to learn. I know many that will not creditors that do no wait for repayment, and many collectors that are trigger lawsuit happy. There are other ways in getting the money, but not through SSI/SDI.

LOL!

You are telling me I have lessons to learn. Cute.

Personal insults aside, you don't get asked to repay a loan in full unless you default. You don't get sent to collections unless you default. So don't overextend and default, and you don't have to worry about it.

[fwbbreeze]

Hmm, like I said it doesn't have to come down to drowning. Many creditors will without hesitation slam a lawsuit on you if you do not pay the whole thing at once. So, you do not have to be drowning. I have over $80k in college tuition, and growing, and of course, I will pay it back, but if they come after me immediately is that fair?

They only ask you to pay in entirety if you default. Then it most definitely IS fair for them to ask for full repayment. So don't default. And if you do default, then yes, you're probably drowning in debt.

GT is right If you default then they have every right to demand payment in full....of course there is always bankruptcy crazy!!!

[wxcrazytwo]

Dude, you have many lessons to learn. I know many that will not creditors that do no wait for repayment, and many collectors that are trigger lawsuit happy. There are other ways in getting the money, but not through SSI/SDI.

LOL!

You are telling me I have lessons to learn. Cute.

Personal insults aside, you don't get asked to repay a loan in full unless you default. You don't get sent to collections unless you default. So don't overextend and default, and you don't have to worry about it.

I like debating you, it sharpens my skills and solidifes my argument. Thanks..

TO KNOW ALL, IS TO LOOK YOURSELF IN THE FACE OF A FOOLISH MAN. TO KNOW LITTLE, IS TO LAVISH ONESELF IN IGNORANT WAYS, BUT TO KNOW SOME, IS A MAN'S DESTINY TO YEARN FOR MORE.

[wxcrazytwo]

Also, what do we do about people effected by natural disasters? Do we go after them too?

[Canelaw99]

That's just insane. I am a person who has an enormous amount of student debt that I, due to the fact I had no job for over 6 months following graduation, have defaulted on. At this point, thankfully, I am able to pay some of it back, but the interest and fees have accumulated to a crazy point right now. I can't imagine them being able to take social security away from me when I'm 60/70 years old to pay these loans, especially if I'm living in public housing. That's just a sad state for this country, in my opinion.

[fwbbreeze]

That's just insane. I am a person who has an enormous amount of student debt that I, due to the fact I had no job for over 6 months following graduation, have defaulted on. At this point, thankfully, I am able to pay some of it back, but the interest and fees have accumulated to a crazy point right now. I can't imagine them being able to take social security away from me when I'm 60/70 years old to pay these loans, especially if I'm living in public housing. That's just a sad state for this country, in my opinion.

so what is the answer? You knew full well what the consequences were of taking out student loans. Its no different if you went and took out a loan to buy something of value...if you dont pay they reposses it i.e. a car, or home, or whatever. In my opinion they have every right to collect the debt by any means necessary!

[Canelaw99]

Yes and no. Yes, there were consequences when I took out the loans, but no, I don't think they should have the right to do it by any means necessary. With regular contracts, there are statutes of limitations, meaning that if the original lender doesn't bring a suit within that amount of time, they are barred from bringing it later. Why should the student loan lenders be exempt from these laws?

Furthermore, what are students today supposed to do? The cost of education has increased dramatically in recent years - here are quotes and then the link from a CNN report regarding this:

"As they have for the last ten years, college costs rose faster than inflation this year, according to the report "Trends in College Pricing 2005," released Tuesday by the College Board, a non-profit association of 4,500 schools, colleges and universities. "

"The rate of growth in tuition costs at four-year private colleges was about the same as last year -- 5.9 percent -- to $21,235. But growth slowed in tuition costs at four-year public universities. They rose 7.1 percent to $5,491. Last year, public school tuition jumped 10.5 percent.

Tuition costs, of course, are not the whole nut. Including room and board, the cost of attending a private college is $29,026 per year on average, and $12,127 at four-year public universities. "

http://money.cnn.com/2005/10/17/pf/college/college_costs/

In order to get decent jobs nowadays, people need a college education, yet in order to obtain a college education, they need either a) wealthy parents, b) full scholarships (which are not common), c) a job during school, or d) student loans. Most people have to go with option d, the loans. Many people, me included, take out the loans without really, honestly thinking about the consequences down the road because we're 18/19/20 years old thinking the world is great and we'll have great jobs waiting for us at the end of school. Unfortunately, this is usually not the case. Many student loan payments are more than most middle-class people can afford, thereby causing them to default, through no fault of their own.

I, for one, would like to see an overhaul of the student loan industry. There are so many protections for them that are honestly screwing over the average consumer. As I mentioned before, other lenders (credit card companies, car companies, etc.) have laws that they must follow, yet the student loan industry has carte blanche rule over their borrowers. They can wait 30+ years if they so desire to collect a $1000 loan. Does this make sense? Of course not when you really think about it. The government should step in and say enough is enough - yes, the borrowers need to pay back the loans, but the lenders should bring their claims in a timely manner and take into consideration a persons' circumstances. How would you feel if that gentleman discussed in the original link was your grandfather or uncle? That person is not alone in these situations either. It's maddening to think that our government will allow someone to be forced to chose between food or medicine because their social security is being garnished.

JMO....