Quote: (05-31-2015 01:07 PM)Krivo Wrote:
Quote: (05-17-2015 02:37 PM)Merenguero Wrote:
Due to problems which that job caused me, my savings was eventually all gone and what I was making there was insufficient to make any more student loan payments, so I eventually stopped paying altogether.
Within forty eight hours, I had my first client come in and I never really looked back. A year after I opened, I got a big case, one which the vast majority of lawyers could only dream of their whole careers. After I settled that, I made a deal with the student loan companies, who had been trying to contact me for years with no success. They basically thought I disappeared off the face of the earth. I gave them a lump sum payment (or maybe multiple lump sum payments. I don't even remember right now), to basically forgive all of my student loan debt. My credit was wrecked, but I didn't owe anybody anything, so I couldn't have been any happier.
So it was about 6 or 7 years from the time you stopped making loan payments until you contacted them again and made the settlement offer?
Also, is your credit still wrecked? If not, how long did that take to be restored?
Yeah, I'd say it was about six or seven years from the time when I stopped paying until I got back in touch with them. I frankly have no idea how my credit presently is, but it is likely better, maybe much better, than it was when I had all the loans and other debts. I never use credit and have absolutely no inclination to do so. When I finally move away from here, I plan on renting an apartment and will need at least decent credit to do so, unless I want to pay for a year or six months upfront or something. That is about the only reason I can see that my past, present, or future credit will even be brought up. I can't stress enough how important it is to pay for things in cash and to not use a credit card unless you absolutely have to.