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Options with Student Loan Consolidation

Congress has recently decided rules for student loan consolidation.

One of the changes concerns the payment of student loan consolidation, both federal and private student loans. The payments are now based on income of the student. If a student can prove that he or she suffers from 'partial financial hardship' is then the monthly payments on a student loan consolidation taken at about 15 percent of a student current income, limited rather than a fixed price for each student. This is part of their College Cost Reduction Act along with its Access Act. These changes will take effect in 2009, first from July.

For those students who in what regards the government at least ten years, a qualifying public service position, z. B. be teaching or perhaps to spend charitable work, then the remaining amount of a student may present loans are granted. Unfortunately, it is only with the loans that are funded directly by the federal government. This option was for students at the beginning of October 2007.

At 1, July 2008, those students who move the FFELP or Federal Family Education Loan in a direct loan program to qualify using a loan consolidation plan for the above-mentioned also ..

Only pain consolidate student loan is also an option. Many of the students time to consolidate resources in order to extend the amount of time to pay it, and reduce the monthly payments that you make. If they are going to consolidate their loans, students have to look for many things, and many benefits that they can get from consolidating their loans.

One reason why students student loan consolidation is to escape from the changes in interest rates, the rise randomly. Some are just looking to less payments on which to make a month and a lower payment.

In selecting students use loan consolidation, timing is important. Instead of just picking on the spur of the moment, a student should wait until after the US Treasury bond auctions. This occurs in the last week of May in general and will enter into force on 1 July. This usually receives each of the loaners to decide for one month, if it would benefit them to do consolidations among their current prices, or would it be better to wait until the new tariffs in early July effectively. And there is a student a chance to lower seek strength classes.

Since private loans federal loans are not identical, so these new rules that apply for federal student loan consolidation does not apply to private student loan debt consolidation. For this reason, the Federal Republic was loans may be used only to consolidate the loans that are backed by the federal government and private loans must be consolidated with other private consolidation methods.

If you are, or a student who currently know looking for student loans, it is always better to use federal student loans and federal student loan consolidation options. If you are going to consolidate all your loans, to be sure you have two groups, a federal student loan consolidation and loans for private student consolidation.

Student Loan Debt Consolidation - An Overview

Students are increasingly used for higher education and the cost of higher education is on the rise. To finance their education, the students take different student loans. There are a number of student loans and can be categorized into two main types: Federal Student Loans and Private Student Loans. The Federal Republic of student loans Student Aid disbursed by the US Department of Education Federal Programs, and are the easiest to obtain. The private student loans are from standard credit institutions and banks, among others. Both types of loans you can finance your education, but when it comes to your Student Loan Debt Consolidation, never mix the two.

By consolidating your federal student loans first start. The benefits of student loan debt consolidation is your Federal loan that:

-The Interest rate is lower

-It Reduces your monthly payments, as the term of repayment of 30 years, will be increased depending on the loan balance

-The Repayment is consolidated onto a single check payment every month ..

You are entitled to your Federal to go for your student loan debt consolidation loan if you are not enrolled in school; They are actively repay your loan or are in your postgraduate Grace period of six months; They have a minimum loan amount of $ 10,000.

The reason why you should never order the federal and private loans while students mix debt consolidation loan is that the interest on Federal loans tax deductible; You can delay payments if you go back to school; and the loan is granted for specific types of service. Private student loans do not have these advantages because they are treated as normal loans. Mixing of federal and private loans during student loan debt consolidation makes you all the benefits of the Federal Republic of losing loan consolidation.

Go for student loan debt consolidation to reduce your debt load as soon as you have completed, you have to start paying back your loan.

Student Loan Consolidation - a program for you to find

Student loan consolidation help is a good solution for students who. In debt because of all the loans that they needed to pay for school

Student loan consolidation is basically combining two or more student loans. The point behind this is to the student to pay only one low monthly payment, on what they can afford based. This allows people to live a little easier in a bad financial situation.

If you can only take so you will find hundreds of options for student loan consolidation and other consolidation for other types of debt ..

Look at student loan consolidation, you will find that there are two main types of student loan consolidation. They are the federal student loan consolidation and private student loan consolidation. Although you can combine federal loans with private loans, it is a bad idea. When you combine two different types, you lose all the benefits offered with federal student loans but not prevented you personal loans.

Above all, the interest rates paid by federal student loan consolidation be tax deductible. This is a good performance, you would get a chance when you consolidate private loans, or would you all were private loans.

Next comes the possibility is given for certain federal loans if you are going to consolidate them. Again, if you combine them with private loans, or personal loans if you had no chance in it you would need.

Finally, for some who need it, there is a way for you to postpone your payments if you have to go back to school. You can not use again this advantage you have only private student consolidations, even if you mix private with federal student loans.

If at all possible, you want to use only federal student loans. Remember: If you are going to get student loans, consolidation, rest assured the federal loans have separate personal loans.

If you opt for a student loan consolidation, you must pay attention to the interest rates that they charge. If all the prices are the same, then be slightly higher, but you have no extra charges and you have a monthly rate set on what you can afford based. If the prices are different, they will charge an interest rate that will end up somewhere between your highest rate and your lowest rate. If they tell you that your interest rate will be lower, it is not really true. Only lower than your current rate higher.

If you come across a place that the fee requested in advance, then you should be careful. These are the scams. This is not to say that everything has a cost a scam, only those that the fees at the very beginning questions.

How Does Student Loan Consolidation

When you have completed your training and on several student loan numbers, you should consider student loan consolidation. Student loan consolidation payments is not only low, if you find your finances strained, you can save yourself headaches in the future! And now with the interest rates on the rise, student loan consolidation locks your consolidated loan at the lower rates, which may not be available later.

A student loan is a lifelong commitment to payment and, just like any other debt, nonpayment is reported that the credit agencies. A student loan will not be discharged, even in bankruptcy, except in a case of extreme hardship, but extreme hardness than no money except the bare necessities of life. So before your finances get out of control, check student loan consolidation now and lower your monthly payments with a guaranteed low interest rate.

As a general rule may not private student loans with a government student loan consolidation are included. In some cases, the credit support you can send a private student loans are, however, it is not advisable to include a private student loan with your government student loan consolidation. When a private loan is a government-sponsored loan, it is then the same rules and restrictions as the state-subsidized loans are considered.

But if you do not consider student loan consolidation are having financial difficulties, in certain situations, student loan forbearance, subject where you pay. Only the interest on the loan for a period, usually not more than 36 months This can give you enough time to resolve your financial situation. However, when you consolidate your student loans are considering, gather information you need and act quickly before the end of your grace period. After the grace period, it is nearly impossible to consolidate your loans.

If you, student loans believe consolidation is right for you, act now and reduce your payments while locking lower interest rates.

What happens if you do not pay the loan

If you can not repay the loan, it is better to study in advance the likely impacts and develop a plan of action. If the borrower is behaving correctly, then the non-payment of the loan - this is not a disaster for him. On the other hand, is often more profitable to give up huge monthly payments and wait for the court. During the trial, the amount owed will be fixed, and the interest will no longer accrue. About the repayment schedule of this amount will need to negotiate with the bailiffs, who are almost always willing to compromise (if you properly prepare for this step).

We begin with a refutation of the "horror stories" that the bank's employees and collectors like to talk to borrowers who find themselves in a difficult situation. So, what can not be afraid of what will not be, if you do not pay a loan to the bank:

You do not will break his legs, not cut out a kidney, do not steal your children. At the beginning of 2016 we do not know a single case when the threat of physical violence on the part of banks or collectors were executed (at least for Moscow).
You will not go to jail, do not give a suspended sentence is not sent to public works. Non-payment of the loan to the bank - it is not a crime, and when they talk about "the court for non-payment of credit", we mean not prosecuting.
Social services do not take away your children, your relatives will not be responsible for your debt (if only they were not guarantors). Loan default - it is a matter purely financial and he only concerns you and the bank.

Of course, if you do not pay the loan, there will be unpleasant moments, but everything can be prepared in advance. Our experience shows that the most effective option - it is immediately seek the assistance of a credit lawyer. At a minimum, you need to consult on the phone, but it is better to come to a lawyer for personal reception to bring the loan agreement and other documents. Only familiarized with all the materials, the specialist will be able to objectively evaluate the features of your particular situation. If for some reason you want to protect your own interests, you need to pre-examine every question that will face. All relationships with the bank after the formation of delinquency on the loan can be divided into three stages:

01. Pre-trial stage: you expect the psychological pressure and threats from the bank and collectors. To guard against this, it is necessary to fix in writing a "sneeze" and complain to law enforcement authorities.Pre-trial stage: you expect the psychological pressure and threats from the bank and collectors. To guard against this, it is necessary to fix in writing a "sneeze" and complain to law enforcement authorities.

02. Court on the loan: the bank has the right to demand the money through the courts. In this way you have a trial lasting several months. As a result, the court will make a decision and fix the amount of the debt.

03. Post-trial stage, if you just do not pay the full amount fixed in the court's decision to join the cause of the bailiffs. Usually, this means the removal of valuable property and withholding part of the salary.

Depending on how well you behave in each of these steps can take quite painlessly, or vice versa - to cost you a lot of effort and nerves. Let us consider each step separately and list the basic rules that will greatly facilitate the life of the borrower. It is important to understand that each situation has its own quirks, which are determined by not only the features of the loan agreement, but the specifics of a particular region of Russia. As the behavior of collectors, as well as the position of the judges will be significantly different for Moscow, for example, to Khabarovsk or Grozny. If we are talking about a large amount of money, we strongly recommend not only to read the general advice, but also to appeal to the local lawyer who is familiar with the practice in your area.

Loan Court passed without me - what to do?

Thus, the trial of the loan passed without your participation. Most likely, of the decision, you will learn in a few months, when you will be contacted by the bailiff to demand money. Is it possible to reverse the decision if the court has passed without you? Yes, the law provides such an opportunity, but in contrast to the usual judicial process requires more complex steps, and you will have virtually no margin for error. If you properly prepare a document or file a they are not in the instance, or skip designated law terms - to rectify the situation after that even an expert can not.

In order not to miss this opportunity, the best solution - immediately contact the credit lawyer. Believe me, at this point really requires the involvement of a professional who is familiar not only with the letter of the law, but also established practice in your area. At a minimum, you need to consult a lawyer on the phone, but it is better to come to a personal welcome. If for some reason you decide to act on its own, you need to perform these steps.

01. The first thing to learn from the bailiff's name and address of the court, which deals with your business, as well as the number of the case. If the court about the last you have learned from another source (for example, you were sent by mail solution), it is necessary to find out the same information - the name of the court and the case number.

02. Then you need to come to court and ask for the case file for review; better pre-call to the office, to clarify the visiting hours and other details. Having received the case, you need to take pictures of all his sheets, so you can study them at home in a relaxed atmosphere (or later pass a lawyer).

03. In studying the case materials necessary to pay attention to the name of the final document of the trial - "default judgment" or simply a "solution". The judge may use any of the two procedures, and if you're not a lawyer, then the difference can only be set on the title of the document. Depending on whether there is the word "correspondence" in the title of this document, you will need to take a completely different steps.

04. If the decision is referred to as "correspondence", then you need to apply to the Court of First Instance an application for default judgment set aside. This statement should not just ask for the cancellation, but also list specific reasons why you do not agree with the decision. If the court satisfies this statement to begin a second trial on the loan, but with your participation.

05. If the word "correspondence" in the original decision is no, then you need to use another procedure - appellate review. In this case, you have to apply to a higher level - the Court of Appeal. An appeal will only take one meeting, and immediately makes a determination - to leave the previous decision in force, or reduce the amount of payment.

It should be understood that at each step there are many nuances and to understand all the details can only be a professional lawyer. For example, if missed deadline of a document, in some cases this problem is fatal, and in others - missed deadline can without difficulty to recover. In order to properly prepare the documents, in addition to the letter of the law is necessary to know the current practice.

Many nuances are different in different regions of Russia, so it is important not to rely on general recommendations on the internet and talk to a lawyer practicing in your city. Specialized professionals can provide information not only about the peculiarities of the region as a whole, but even of each district court. If you are in Moscow or the Moscow region, you can ask us for telephone advice, but the most effective option - it is, of course, come to the personal reception of a credit lawyer.

Can the Court of loan to go without the defendant

If the bank filed a lawsuit and is seeking to recover the unpaid loan to the borrower, the defendant (the borrower) must be notified prior to the first meeting. Notification of the defendant - it is the duty of the court; period of notice and other details are described in detail in the Code of Civil Procedure of the Russian Federation, but in practice not all legal requirements are met. Even if the court will send timely agenda, failure can occur during delivery by mail. There are cases, such as when the agenda reaches the addressee only a few months after the completion of the trial.

Quite often, the cause of non-agenda is a confusion with the address. Typical sources of problems - discrepancy between the address of the actual residence address registration, change of address registration, etc. Given the high load none of the court staff will not check the relevance of the borrower's address, which was granted by the bank (for example, an address can be specified on a copy of the credit agreement, attached to the suit). In short, the borrower does not need to be hoped that it will certainly be informed of the beginning of the trial.

If you do not know about the upcoming process (or if you ignore the resulting agenda), the Court of the loan will take place without your participation. From the point of view of the law, the court without the presence of the defendant - this is perfectly normal and does not contradict anything. In the same way as an ordinary court of debt on the loan, the process will consist of 3-4 sessions over several months. If the defendant does not appear, one or two times it may be grounds for postponement, but the final result will not be affected - the court will make a decision anyway.

How long is the court with the bank loan

Follow-up to the moment when the bank sued for non-payment of the loan, the CPC clearly defined - the Civil Procedure Code. However, the terms of these steps in practice may differ significantly from the fixed-in-law, and especially clearly manifested in the overloaded courts of Moscow. In the regions, the load on the courts usually smaller, so there GIC terms is more or less respected. If you want to know the real forecast, you need to contact a lawyer, who has a practice in your area.

If we talk specifically about Moscow, the ordinary court for non-payment of the loan lasts from 3 to 9 months. If your interests will be represented by a professional lawyer, he will be able both to reduce and to extend this, depending on what tasks you face. For example, when our customers put a maximum goal to tighten litigation, we are increasing the length of about one and a half years. During this time, our clients have time to correct financial position or simply redistribute the movable and immovable property "right" way.

The above terms as the court takes on the loan - this is only approximate guidelines. More accurately predict the duration can be only after reading all the details of a particular situation. For example, the speed of the courts depends on the season: in January-February, cases are markedly slower than in November and December, when the judges need to close the maximum number of cases before the New Year. The average for Moscow "plug" for each stage of the trial for non-payment of the loan is provided in the following table:

Step number in the trial phase duration
1 The bank filed a lawsuit in court "zero" point of the trial
2 The Court held a preliminary meeting from 1 to 6 weeks
3 The court held a major meeting (hearing on the merits) One meeting - from 2 to 6 weeks, usually takes two to three meetings. Thus, the hearing occupies substantially total of 4 to 18 weeks.
4 Borrower (or his lawyer) was the court's decision and filed an appeal from 2 to 4 weeks
5 The appeal is considered by the appellate court from 3 to 8 weeks
6 Bank received the appeal from the determination of 1 to 4 weeks
TOTAL of 11 to 40 weeks

If you need a more accurate estimate for the timing of the trial, we recommend that you contact our lawyers for advice on the phone. Even a short conversation often helps to get an answer to the key issues and avoid typical mistakes. However, if your situation has reached the Court, or you expect to trial in the near future, we strongly recommend that you go to a lawyer's personal reception. Trust our experience, only a professional lawyer can confront in court the bank's lawyers, who not only knows all the details of the laws, but sometimes personally familiar with court staff.

When the bank sued for non-payment of loan

If your debt is large enough, and you can not negotiate with the bank about its restructuring, it will almost certainly end the matter by the court. How much considered big enough to go to court - this question depends essentially on the concrete bank of Russia and the region. For example, in Moscow by the court usually end those loans for which the total debt (including interest and penalties) exceeds 50-100 thousand rubles.

As for the Bank of maturities in the court, there is no certainty there is, and can only talk about the exemplary orientations. As mortgage banks typically sue relatively quickly, after an average of 3-6 months after the formation of the debt. By car loans is longer, usually in the range of 4-12 months after the borrower stopped paying. Naturally, if the debtor is trying to establish a dialogue with the bank or make any payments to these terms may significantly increase. In rare cases, the bank can simply "forget" about the debt for many months, until the expiration of the period of the loan.

For simple consumer credit spread on terms even more than for mortgages and car loans. How many bank sues for nonpayment of the loan - this is determined by many factors: the size of the debt, the bank's characteristics, peculiarities of the reservoir, the behavior of the borrower, etc. Large banks (for example, the Savings Bank) appeal to the court quickly - literally within 3-5 months after the borrower stopped paying. Banks less, especially if they are actively using the collectors go to court much more slowly - in six months, a year or even more.

Here are a few examples, typical for Moscow; for other regions of the data, of course, can not be true. Suppose you have a loan in the Moscow Credit Bank, the balance owed 300 thousand rubles, you stopped paying, and no longer comes in contact with either the bank or the collector - in this case, wait for going to court about six months. If in the same initial situation somehow communicate with the bank and periodically answer calls collectors (promising to pay everything, everything, but later), the maturity period of the court may increase up to a half or two years.

How to win the court on the loan from the bank

First of all it is necessary to explain what is meant by "win" or "lose" Court of overdue loans. If you took out a loan, but had not paid it in accordance with the terms of the contract, the court will confirm the almost inevitable that you owe the bank a certain amount. Exceptions to this rule are extremely rare (for example, when the statute of limitations has passed on the loan), and for them it is better not to hope. The difference between the "win" and "lose" is what it will indicate the amount of the judge in his decision.

As a general rule, until the case comes before the court decision, the bank has time to count the borrower astronomical interest and penalties for violation of payment schedule. Sometimes the interest and penalties for late several times higher than the full amount of the loan issued by the bank initially. If your hand is not competent objection, it is likely that the full amount together with interest and penalties the court will record in its decision. If you bring a credit lawyer who will prepare the necessary documents and protect your interests in court proceedings, the total amount in the judge's decision may be reduced by several times.

Credit lawyer can quickly evaluate the prospects of your business and give concrete estimates on how much you can claim to reduce the bank's requirements. You can call our experts right now and get a brief consultation by phone. However, for a more detailed analysis, we recommend you to come to a personal welcome, taking with him all the available documents (loan agreement, payment schedule, bank statement, etc.) Believe me, if the issue of credit came to the court, without the help of a specialist you do not manage, and attorney's fees will pay for themselves several times.

What happens to the debtor after the court decision on the loan

Thus, the court ruled that you have to pay the bank a certain amount of money. Is it possible to challenge the court's decision on a loan or avoid its implementation? Unfortunately, at this point, room for maneuver is already almost gone. Technically, you can appeal, but, in practice, it will not change anything and the decision of the "first" of the court will remain in force. The appeal is only useful if for some reason you want to legally buy time (so you can win up to two months). In addition, through the court, you can get a small installments - usually 3-4 months, not more.

Gain time should be used to collect the necessary sum or at least part of it. If you have no money, but there is a car, appliances or electronics, it is best to sell them independently. Otherwise, they will still be seized by bailiffs and sold - but much cheaper. After the court's decision on non-payment of a loan made, we do not recommend you to "rewrite" the apartment, machinery and other property to relatives and friends. Firstly, such transactions may be challenged, and secondly, you can be charged in the criminal - fraud.

If you can not pay the full amount even after the sale of the property, prepare for new challenges. Most likely, the bailiff service "will communicate" with your employer. As a result, a portion of your salary will be withheld and transferred to the account of your obligations. In addition to financial troubles this will inevitably create difficulties in relations with colleagues and management. In other words, if the court ruled against you, you will face serious problems, and correct the situation will no longer be. To avoid this, you need to seek professional help immediately, as soon as you hear about the court with the bank.

How are hearings in the case of credit

The court with the bank loan (as any other civil court) takes place in two stages: first a preliminary hearing, then the main. In this case in the main proceedings can take place several court sessions. More specifically, the meeting can be transported, if not complied with all the conditions for starting the process. Thus, you or your lawyer will need the credit to go to the court 3-4 times or more. The duration of each session depends on many factors and can vary over a very wide range - from 10-20 minutes to several hours.

So, the first meeting with the judge at the preliminary hearing takes place. Date and time of the beginning of the meeting shall be specified in the summons received by you; the date and time can be specified on the website of the court. Basically, on a preliminary hearing on credit cases can come "empty-handed", without any pre-prepared documents. Afraid of a preliminary hearing is not necessary because there are no major decisions are not taken. In fact, a simple man (not a lawyer) from the preliminary hearing may make only one - on what day and time will be assigned to the main hearing.

The main hearing is significantly different from the pre-both from a legal and from a worldly point of view. Firstly, you can not come "empty-handed", this step is required to prepare an objection to the claim of the bank requirements. Simply put, you have to write legal language, why the bank is wrong, and what you want from the judge. Yet, as a rule, you need to make a detailed table with your version of the calculation of the remaining debt, which corresponds to the law, and you are willing to pay. If for some reason you have not prepared such documents (or prepared them wrong), you can assume that the court lost.

Second, in the main court hearing on the non-payment of the loan you will have to answer "tricky" questions of lawyers of the bank and possibly judge. It is important to remember that into account when it will be accepted only the answers are based on the letter of the law, but not on domestic considerations. Stories about the hard life situation, not supported by legal arguments, often cause a negative reaction on the part of the judge. If a person is trying to soften every day for many years - believe me, sooner or later it starts to irritate him.

Third, the result of the main proceedings is a final decision, binding on all parties. In other words, after a few sessions judge says that a citizen Ivanov to pay the bank "Hrenobank" one million rubles (or three million, if a citizen Ivanov failed to properly protect their interests). And if the debtor does not comply with this decision voluntarily, the money will have to beat the bailiffs. Unlike banks and collectors, bailiffs have have all the necessary tools to not only ruin your life, but at the same time and get the full amount specified in the court decision.

Remember that the court's decision depends entirely on how well the documents will be available on your part and as a clear case you (or your lawyer) will pick up during the meeting. If you do not have legal training, we strongly recommend that you do not even try to do it all on their own. Against you perform specialized bank lawyers who every day are judged in such cases and can easily "knock down" your reference to the credit agreement and the laws. If you do not agree with the bank's requirements, and really want to challenge them, you will inevitably need to contact a lawyer for help in the court of the loan.

How to understand what threatens court loan

If the bank sued for non-payment of the loan in the first place to evaluate the extent of the problem. To do this, you need to come to the office of the court and ask for your case materials for review. As a rule, it is sufficient simply to present a passport, but sometimes even asked to fill in an application - there is nothing wrong with all these details will tell you on the spot. Issued you the documents can be read directly in the office of the court, but it's better just to photograph them at a later date to study in a quiet environment.

The first document to which you should pay attention to the study of the case, it is the claim of the bank. The petition describes the circumstances of the case from the point of view of the bank, but the main thing - it indicates that the bank wants from you. In other words, it is in the statement of claim, you can find the amount that the bank requires you to court. In addition, in the case file you can find other documents provided by the bank to verify their requirements - a credit agreement with the payment schedule, the account statement, the table with the calculation of debt, etc.

After reviewing the materials of the case, you have to decide - are you ready to pay that amount. From this depends, to contact you to credit a lawyer or not. If you do not have legal training, in court, you will not be able to resist their own bank's lawyers who specialize in credit matters. "To put pressure on the pity" and talk about the difficult situation in court is useless, only clear arguments with reference to the laws are taken into account. For this reason, the rejection of a credit lawyer, as a rule, leads to the fact that the judge makes a decision in favor of the bank.