That's a great piece, Matt. I was wondering if you've gotten any response? Are they offering you any alternatives other than the usual? I'm in the same situation with CitiAssist loans and, despite the bailout they recieved, they still won't budge on cutting me any breaks. I simply can't make my payments. I still get the same rhetoric: "You can apply for a graduated repayment", or "Sorry but we're not processing any consolidation loans at this time." I'm half tempted to have them put me down as defaulting. I don't own a home for them to seize and - since I'm unemployed in this economy - have no wages to garnish. The way I see it, I'm going to end up with a free education... and all it will cost me is a low credit score. I'm willing to live with that.
I appreciate the praise, and to be honest with you Citi has done absolutely nothing. The only communication I've received from them is a spam e-mail and another bill for my loan. I sent them another note about getting back to me, but I'm not holding my breath.
What's even more outrageous about Citi is that they are in line to receive even more of our money.
As far as defaulting on your loan; I would never suggest that. You may not have assets for them to take, but Sam the Repo man can always find something of value to seize. Don't forget, with the government taking more ownership of Citi, you may have the Feds after you (and that's never good).
While you may feel that living with a low credit score is no big deal now, with lending continuing to tighten (despite the infusion of government cheese into the banks) and the reaction from the sub-prime mess, a low credit score could be worse than it seems. No more will banks give out money willy-nilly, repackage the loans into securities and scam unknowing investors; that would be like Madoff trying to restart his investment firm.
Additionally, if you stop paying your loan bills, they will have no incentive to give you a small break on the tax thing if they ever grow the spine to tackle the problem.
I hope you keep reading and I hope everything works out with your loans. Peace.
That's a great piece, Matt. I was wondering if you've gotten any response? Are they offering you any alternatives other than the usual? I'm in the same situation with CitiAssist loans and, despite the bailout they recieved, they still won't budge on cutting me any breaks. I simply can't make my payments. I still get the same rhetoric: "You can apply for a graduated repayment", or "Sorry but we're not processing any consolidation loans at this time." I'm half tempted to have them put me down as defaulting. I don't own a home for them to seize and - since I'm unemployed in this economy - have no wages to garnish. The way I see it, I'm going to end up with a free education... and all it will cost me is a low credit score. I'm willing to live with that.
ReplyDeleteHi Weez,
ReplyDeleteI appreciate the praise, and to be honest with you Citi has done absolutely nothing. The only communication I've received from them is a spam e-mail and another bill for my loan. I sent them another note about getting back to me, but I'm not holding my breath.
What's even more outrageous about Citi is that they are in line to receive even more of our money.
As far as defaulting on your loan; I would never suggest that. You may not have assets for them to take, but Sam the Repo man can always find something of value to seize. Don't forget, with the government taking more ownership of Citi, you may have the Feds after you (and that's never good).
While you may feel that living with a low credit score is no big deal now, with lending continuing to tighten (despite the infusion of government cheese into the banks) and the reaction from the sub-prime mess, a low credit score could be worse than it seems. No more will banks give out money willy-nilly, repackage the loans into securities and scam unknowing investors; that would be like Madoff trying to restart his investment firm.
Additionally, if you stop paying your loan bills, they will have no incentive to give you a small break on the tax thing if they ever grow the spine to tackle the problem.
I hope you keep reading and I hope everything works out with your loans. Peace.