Student Loan Default - The Worst is Yet to Come
I ignored my student loan for years - many years.
Nothing much happened.
OK, so one day years later, they found my bank account
and froze it. Cost me a few hundred dollars.
I survived.
All right, they started taking my income tax return
money. Damn, that hurt. But my Life went on.
Life was still good, All was well!
But then one day, years later.
Big Brother Debt Collector Returns!
He blind sided me…
I had learned not to keep too much money in
the bank (didn’t have much anyway).
And I learned not to expect any money back
from income taxes. NOT cool but what can you do?
But I was totally unprepared for what happened next.
One day I go to cash my paycheck, and I noticed
“My check is mighty light this week”
What happened?
I look closely at my pay stub.
The number of hours are correct, the rate is correct.
Hey, what’s this…
Wage Attachment. 10% of the gross.
GROSS, Not net. 10% OF THE Freakin’ GROSS.
Damn!
10% of the gross taken right off the top,
before I even get my check.
10% of the gross gone… Every Week…
No explainations, no one to complain to…
No supervisor to override it. My money is gone.
10% GONE. It doesn’t matter that I was
barely scrapping by every week, living check to check.
Now I had to live with 10% less. Every week. It sucked!
PLUS, they still took my income tax refund.
No wonder they call it a re fund becaues they are
Re Funding their own pockets with my money.
And there’s nothing I could do about it.
So I learned to live on 10% less… for many years.
One day I finally had the good fortune to get a
better paying job. Better job, better pay and…
Best of all - the wage attachment stopped. Hurray!
Or so I thought…
Life is good. Life goes on. I pay my bills.
Years later, on a Friday the 13th, it happened.
“Big Brother Debt Collector Returned Again”.
One miserable deja vu day the my was light.
I check the paystub. Number of hours are correct,
the pay rate is correct…
There it was on the pay stub back again…
Wage attachment. 10% of the gross.
‘Son of a bitch’ found me again.
Damn it, damn it, damn it!
You can’t win! You can’t hide!
Big Brother Debt Collector will find you.
It might take weeks. It might take months.
In my case it took many, many years… Decades!
But Big Brother will hunt you down and find you.
You can’t hide forever! And guess what?
Big Brother Debt Collector is now approved to Increase
the wage attachment withholdings to 15% of the gross.
How much does that hurt?
As an example, let’s say you were grossing $500 per
week. You would pay about $165 in taxes and Social
Security leaving you with $335.
They will take 15% of the $500 which is $75
leaving you with only $260.
HALF of your paycheck is GONE!
You just took a $75 a week pay cut.
On a tight budget, that’s food money for a week.
AND they still take your income tax return!
Trust me on this.
You DON’T want this to happen to YOU!
Whatever you do in life, make sure you
Pay your loans on time.
Cut your monthly student loan payment by up to 60%
Debt Collector, Social Security, student loan default, taxes
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