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Korean Job Discussion Forums
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| How much money do you owe? (Amount in $US) |
| 0-5k |
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52% |
[ 52 ] |
| 5-10k |
|
9% |
[ 9 ] |
| 10-15k |
|
4% |
[ 4 ] |
| 15-20k |
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7% |
[ 7 ] |
| 20-25k |
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7% |
[ 7 ] |
| 25-30k |
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6% |
[ 6 ] |
| 30-40k |
|
14% |
[ 14 ] |
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| Total Votes : 99 |
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| Author |
Message |
traxxe
Joined: 21 Feb 2007
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 Posted: Sun Mar 29, 2009 6:16 am Post subject: |
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| buymybook wrote: |
I think you look for any excuse not to pay. It's not that you can't pay you simply choose not to, for that you will pay someday in some way. You are probably paying now and don't realize it. Your College DEFAULT loan will forever define you as a person/follow you or be waiting for you. If you weren't afraid of working hard you could pay it off in 5 years minimum, probably less.
One thousand dollars a month you could do if you tried, I paid 25 thousand in one year as a teacher here in S. Korea. That year I made 45, I worked hard and saved. You spend too much and work too little. Is that what your history major/masters taught you to do. Where did you learn(who taught you that) that running is the thing to do? You do know that if/when you return to the U.S.(to live/work/pay income tax) they will hunt you down don't you? When you agreed to the loan did you plan to cheat/run from your responsibilities? Which schools/University did you attend? |
The schools I attended are my business and not yours. I will say that I did not attend a cheap unversity. I went to community college and then transferred. I used loans to pay for my expensive B.A. (about 50k) as I was caring for someone at the time and could commute to a cheaper state school. After they passed I went overseas to pay off funeral and other medical expenses I am obligated for. I'm almost done doing that.
I paid for my M.A. with cash a class at a time while working.
I ran away from debt? Not really. More like I needed a change after a significant loss in my life. If I go back to America the government can garnish my wages a maximm of 10%.
I have not defaulted on my students loans yet. Though with the won the way it is now and if it gets much worse I probably will and have no remorse about doing so.
Given the economy and transfer rates being what they are I am having less likelihood of meeting my student loan debt. I may default on them in the future and I could give two shits and a whistle about it. I came here with multiple debts and I am a year or two away from paying off the debts I feel morally obligated to do (Medical, etc).
I also realize there is more to life than the rat race. I will never let money come between myself and my family. Life is too short and fragile to do so. Enjoy what you have now for it is impermanent at best.
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
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tophatcat
Joined: 09 Aug 2006
Location: under the hat
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| Posted: Sun Mar 29, 2009 7:16 am Post subject: |
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| NuketheWhales wrote: |
I totaled nearly $180k in debt. After realizing that it was not physically possible to repay these amounts, never mind actually reducing the capital amount. I simply walked away. That was nearly 9 years ago.
I checked my credit report about 6 months ago. No outstanding bills or judgements. No marks on my credit score. My credit is R1 and I have no outstanding criminal charges.
To those who realized that there was ultimately no benefit in paying these debts, using the statute of limitations is what they were created for.
Many banks attract loans under terms that no sane person with a great deal of experience would sign. We are given promises of a great future that the money borrowed will provide us with. All we had to do was sign. I signed the loans with the banks, went to school, got my degrees and as time passed by I realized the mountain of debt that I was facing was incredible. Let's try the math.
7% of 180,000 is $12,600 a year in interest alone. That's nearly $1050 a month in interest. Let's say I mange to pay $500 off the capital a month off the interest. That would require 360 months if I pay perfectly (thought the math is not perfect..we'll assume for simplicity that it is) that I will be able to finish paying off this loan in 30 years. Adding the interest of $12,600 x 36 + capital looks at nearly say....around $630k ish.
And what is the benefit of paying this enormous sum of money? Pride? The ability to say that i paid off my loans and live a life of poverty? I did what any sensible person would have done when faced with something so immense. You simply refuse to pay, declare bankruptcy, you use the laws to your advantage and limit your exposure to these sums.
Though many hold a very principled view on student loans. Their purpose is clear. They are there to help you get an education. It's far cheaper to have an educated workforce in society in debt than an uneducated workforce with little to no debt (Mexico) and you can see the results overall.
I don't feel guilty. In fact, I'm glad. My education taught me a great many things about manipulation of the public, control through law and finance and yes, instilling a sense of understanding of when someone should simply refuse to become a self imposed slave to debt and walk away. Today 9 years after walking away from my debt, I'm a free person. But I suffered the legal difficulties of having bad credit for 7 years. That is a long time, but debt should not be a life sentence of poverty that cripples you forever. That is, unless you let it.
You only live once. Live smart and enjoy your life.
Nukem |
thief |
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harlowethrombey
Joined: 17 Mar 2009
Location: Seoul
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| Posted: Sun Mar 29, 2009 7:31 am Post subject: |
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| tophatcat wrote: |
| NuketheWhales wrote: |
I totaled nearly $180k in debt. After realizing that it was not physically possible to repay these amounts, never mind actually reducing the capital amount. I simply walked away. That was nearly 9 years ago.
I checked my credit report about 6 months ago. No outstanding bills or judgements. No marks on my credit score. My credit is R1 and I have no outstanding criminal charges.
To those who realized that there was ultimately no benefit in paying these debts, using the statute of limitations is what they were created for.
Many banks attract loans under terms that no sane person with a great deal of experience would sign. We are given promises of a great future that the money borrowed will provide us with. All we had to do was sign. I signed the loans with the banks, went to school, got my degrees and as time passed by I realized the mountain of debt that I was facing was incredible. Let's try the math.
7% of 180,000 is $12,600 a year in interest alone. That's nearly $1050 a month in interest. Let's say I mange to pay $500 off the capital a month off the interest. That would require 360 months if I pay perfectly (thought the math is not perfect..we'll assume for simplicity that it is) that I will be able to finish paying off this loan in 30 years. Adding the interest of $12,600 x 36 + capital looks at nearly say....around $630k ish.
And what is the benefit of paying this enormous sum of money? Pride? The ability to say that i paid off my loans and live a life of poverty? I did what any sensible person would have done when faced with something so immense. You simply refuse to pay, declare bankruptcy, you use the laws to your advantage and limit your exposure to these sums.
Though many hold a very principled view on student loans. Their purpose is clear. They are there to help you get an education. It's far cheaper to have an educated workforce in society in debt than an uneducated workforce with little to no debt (Mexico) and you can see the results overall.
I don't feel guilty. In fact, I'm glad. My education taught me a great many things about manipulation of the public, control through law and finance and yes, instilling a sense of understanding of when someone should simply refuse to become a self imposed slave to debt and walk away. Today 9 years after walking away from my debt, I'm a free person. But I suffered the legal difficulties of having bad credit for 7 years. That is a long time, but debt should not be a life sentence of poverty that cripples you forever. That is, unless you let it.
You only live once. Live smart and enjoy your life.
Nukem |
thief |
How in the world did you accumulate 180,000 $ in debt? Did you attend medical school after law school but before using student loans to put a downpayment on a yacht? |
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NuketheWhales
Joined: 19 Mar 2009
Location: Sea of Japan
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| Posted: Sun Mar 29, 2009 2:14 pm Post subject: |
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| tophatcat wrote: |
| NuketheWhales wrote: |
I totaled nearly $180k in debt. After realizing that it was not physically possible to repay these amounts, never mind actually reducing the capital amount. I simply walked away. That was nearly 9 years ago.
I checked my credit report about 6 months ago. No outstanding bills or judgements. No marks on my credit score. My credit is R1 and I have no outstanding criminal charges.
To those who realized that there was ultimately no benefit in paying these debts, using the statute of limitations is what they were created for.
Many banks attract loans under terms that no sane person with a great deal of experience would sign. We are given promises of a great future that the money borrowed will provide us with. All we had to do was sign. I signed the loans with the banks, went to school, got my degrees and as time passed by I realized the mountain of debt that I was facing was incredible. Let's try the math.
7% of 180,000 is $12,600 a year in interest alone. That's nearly $1050 a month in interest. Let's say I mange to pay $500 off the capital a month off the interest. That would require 360 months if I pay perfectly (thought the math is not perfect..we'll assume for simplicity that it is) that I will be able to finish paying off this loan in 30 years. Adding the interest of $12,600 x 36 + capital looks at nearly say....around $630k ish.
And what is the benefit of paying this enormous sum of money? Pride? The ability to say that i paid off my loans and live a life of poverty? I did what any sensible person would have done when faced with something so immense. You simply refuse to pay, declare bankruptcy, you use the laws to your advantage and limit your exposure to these sums.
Though many hold a very principled view on student loans. Their purpose is clear. They are there to help you get an education. It's far cheaper to have an educated workforce in society in debt than an uneducated workforce with little to no debt (Mexico) and you can see the results overall.
I don't feel guilty. In fact, I'm glad. My education taught me a great many things about manipulation of the public, control through law and finance and yes, instilling a sense of understanding of when someone should simply refuse to become a self imposed slave to debt and walk away. Today 9 years after walking away from my debt, I'm a free person. But I suffered the legal difficulties of having bad credit for 7 years. That is a long time, but debt should not be a life sentence of poverty that cripples you forever. That is, unless you let it.
You only live once. Live smart and enjoy your life.
Nukem |
thief |
You may call me a thief. But I'm a 'thief' with a clean credit record and no outstanding debts that can be collected.
I wonder how many of you would take the same option if you knew you'd be scott free after 7 years. I really do.
Nukem |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Mar 29, 2009 4:36 pm Post subject: |
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I wouldn't. That's like asking 'how many of you would steal if you knew you'd probably get away with it?'
It shows a lot about your character.
------------------------------------------------------
As an aside, I'm pretty certain that claiming bankruptcy won't work in Canada for student loans. I seem to recall them (the gov) excluding those debts somehow. |
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NuketheWhales
Joined: 19 Mar 2009
Location: Sea of Japan
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| Posted: Sun Mar 29, 2009 5:25 pm Post subject: |
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Fortunately for us owing money is not a crime.
Not paying back your loans is not a crime either.
I chose to suffer the legal remedy of 7 years of bad credit. After that, the law clearly states that they can't use that debt against me and since they haven't tried to collect it (by judgement), they have no legal right to pursue it after a fixed period of time.
I followed the laws to the letter. I accepted the penalties given to me and the law now states I'm free and clear.
Morality be damned. I have no sympathy for banks. I did exactly what should have been done if I were not able to pay. I followed the legal route.
Nukem |
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kasain
Joined: 25 Oct 2008
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| Posted: Sun Mar 29, 2009 6:27 pm Post subject: |
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I think you have issues. If you have 100,000 or 180,000 in loans, those dont go away in 7 years.
Student loans for college, goverment backed or private loans stay with you for life. You will have those agencies coming after you.
Try going home. |
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Ukon
Joined: 29 Jan 2008
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| Posted: Sun Mar 29, 2009 7:13 pm Post subject: |
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Again....I doubt you managed to get 100k+ in loans without a cosigner unless you borrowed from a loan shark or had a rather high paying job at the time.
Someone else(likely parents or family) IS paying for your running away.... |
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agoodmouse
Joined: 20 Dec 2007
Location: Anyang
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| Posted: Sun Mar 29, 2009 7:36 pm Post subject: |
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| There's also statutes of limitation on murder. Why not follow those, too? |
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Darashii
Joined: 08 Jan 2008
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| Posted: Sun Mar 29, 2009 9:14 pm Post subject: |
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Actually, the murderer is always "following" the statute, but the police...however...
Jis sayin.
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agoodmouse
Joined: 20 Dec 2007
Location: Anyang
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Teelo
Joined: 09 Oct 2008
Location: Wellington, NZ
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| Posted: Tue Mar 31, 2009 4:54 am Post subject: |
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| Pwillig wrote: |
| I'm assuming dollars? |
Lol.
Yeah I have a 25000 won debt, 'tis gon' taek meh YEERZ!!!!1111 |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue Mar 31, 2009 6:00 am Post subject: |
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| NuketheWhales wrote: |
Morality be damned.
Nukem |
Well, good luck with that. |
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buymybook
Joined: 21 Feb 2005
Location: Telluride
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| Posted: Tue Mar 31, 2009 8:28 am Post subject: |
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| traxxe wrote: |
People get up an arms but in truth student loan debt is a farce. The ggovernment spends billions on war. It spends billions on prisoners whose only crime is to inhale a substance that harms no one else but themsels. It spends far too little to educate people and far too much to kill or imprison them. That's the real tragedy. |
You can choose to justify not paying in whatever way you like, but since you say you are a family man do you plan to leave your debt for your co-signer(s), wife, or children to pay?
The exchange rate has improved as of late while the interest rate increases the amount you, your wife, or children will be expected to pay month by month. |
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John_ESL_White
Joined: 12 Nov 2008
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| Posted: Tue Mar 31, 2009 9:31 am Post subject: |
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US citizen? file chapter 7 bankruptcy. Your debts will disappear overnight (unsecured debts and some secured debts). Taxes, student loans, and any prior judgemnts/liens, will not go away....
government loans (student loans DO NOT GO AWAY AFTER 7 YEARS, bankruptcy or not). |
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