Had to post this - Student loan fugitives

[maxpi]

Fuck the birth-school-work-death cycle.

I woke up one day and realized that I was way in debt for no particular reason, the medical corporation I was working for was selling products that killed people and I had a medical and dental package that was so worthless that it would always steer me into bad but cheap procedures and then cause me stress because they would even then refuse to pay. I just quit working and paying. I threatened the employer with lawsuits and exposure and negotiated a "layoff" /payoff...

I told the last bill collector that I might be out of work but I was not out of money and not out of time and if I had to find who /where he was I would fucking well do it. I wasn't kidding for a minute and he caught that. Haven't heard a word from any of them, have more time and money than I did before, not looking back, not worried about my fucking credit score like some chicken in the coop...

 

[nutmeg]

I bet most debtors could avoid bankruptcy if the goddam moneylenders would just be more flexible on the repayment terms. They could call the delinquent accounts and offer lower payments, or a payoff amount to close the account.
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They used to. Maybe there is an accounting/tax incentive for a bank to write off the entire amount rather than collect a partial payoff.

The cc debt was probably sold and no way to reconcile this with a partial payoff much like the various derivatives in mortgages.

 

[blackjack007]

Quote from hughb:

This is a little off the topic of student loans, but I bet most debtors could avoid bankruptcy if the goddam moneylenders would just be more flexible on the repayment terms. They could call the delinquent accounts and offer lower payments, or a payoff amount to close the account.

it depends. if it's someone with a strong payment history and high fico score who's suddenly having trouble, chances are that if the lender were flexible the debtor may be able to get back on his feet. but there's a category of low-fico people (ie, deadbeats) who would become delinquent again in no time even if the lender reduced their payments. those type of people showed, through their credit history, a repeated tendency to be bad at money management and budgeting, and there's no hope for them. as the lender, you should take the loss and move on. they're not gonna suddenly become good at paying their debt just because you reduced their payment.

 

[gnome]

Quote from hughb:

If you want a debtor's prison, I want a creditor's prison too. Howzat? To hell with the money lenders.

In that case, we wouldn't need "creditor's prision"... just prison for gummint regulators who allow lender indiscretions.

If lenders were required to HOLD loans for a period of time until they'd become seasoned (3-5 years), we'd have none of these problems.

But in this day and age of "securitizing" debt obligations and passing the risk onto stupid investors, the lender is really nothing more than a "processor" of the loan.

Still, I like the idea of debtor's prison. I feel absolutely zero compassion for those who charged willy-nilly on their credit cards and now find they can't handle the pay back... Boo Hoo...

If some of them went to prison for credit indiscretions, others would get the message about being responsible.

 

[staffpro]

Quote from Cygnus Atratus:

USD$160K

$10 K Practice accounts

$30 K Set up

$120 K Fund trading account

Well its all about choices we make....

that's what i always think about when i go to school ( i am a freshman), although i am in canada where a basic bachelors is about $25K total (for tuition) + another (20K of expenses if your not living at home) and then a masters is something like 7-10K a year depending on program and how long it is.

Doctor - 20K/year x 4 years = 80K/debt

Dentist - 25K/year x 4 or 5 years = 100-125K/debt

at least the two mentioned above basically guarantee you a high paying job unlike "masters in music" LOLOLOL


either way $100K on education x 5-10 years of your life and you could certainly learn how to trade split that 100K into 10K and learn to trade with 10K a year till your successful.

 

[gnome]

Quote from blackjack007:

the lender deserves to lose money. they're retarded for lending that much to a music major.

it's probably the same underwriter who approved the $250k mortgage to the mcdonalds chef who claims to make $80k annually and who has a fico of 600.

Will the lender lose on that? Are not student loans guaranteed by the Gummint, and ultimately the tax payer?

$160,000 for a music degree.. so that he could become a "better person". What the Hell was he thinking? He acted stupidly.. deserves to pay the consequences. That's the way of life.

 

[TraderZones]

Quote from Cygnus Atratus:

USD$160K

$10 K Practice accounts

$30 K Set up

$120 K Fund trading account

Well its all about choices we make....

$40K setup? did you buy a mainframe computer?

A computer. A data feed. A broker. What do you do with the other $28K ???

 

[milktruck]

The music majors actions aside, if you lend somebody 160k to study music you are an idiot. Its a bad investment and they knew the risk.

Risk is part of reward. They both took a stupid risk. There is no reward. Makes sense to me.

It drives me insane when somebody wants a "do-over" every time they take a risk and it goes against them.

Christ, the kid with the debt made bad decisions, but he was probably 18 at the time. Id cut him a little more slack than a private lender taking stupid risks.

 

[Peri]

Quote from clacy:

Fuck this deadbeat. Who takes out $160k in loans to get a fucking music degree anyway?

What could you possibly do with that degree right out of school to handle that kind of loan?

If you take out $160k loan, you damn well better be a sugeon.

The entitlement attitude so prevalent today. "I exist therefore I deserve the best regardless of any other variable." ( like can I pay the loan back) Maybe he had delusions of being a rock star with his degree. God forbid anyone actually WORK their way thru college like I did.

 

[Lucrum]

Quote from clacy:

Fuck this deadbeat. Who takes out $160k in loans to get a fucking music degree anyway?

What could you possibly do with that degree right out of school to handle that kind of loan?

If you take out $160k loan, you damn well better be a surgeon.

Agreed.

He's "smart" enough to attend college but not smart enough to plan ahead on how to repay the loan?