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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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 Posted: Tue Mar 29, 2011 4:54 am Post subject: Just paid off all my student loans.... |
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Credit card debt = $$
Direct loan = $$$$
Perkins loan = $$$$
Seeing the look on the bankers face knowing that they will never get interests on my loan because I paid it all off before the grace period ends......priceless  |
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Konglishman
Joined: 14 Sep 2007
Location: Nanjing
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| Posted: Tue Mar 29, 2011 5:20 am Post subject: |
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| I know the feeling. I paid my loans off last December. It feels great to be in the black and saving money for a change. |
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Koveras
Joined: 09 Oct 2008
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| Posted: Tue Mar 29, 2011 5:34 am Post subject: |
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| Good for you. Next step: tear up your credit card. |
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sadguy
Joined: 13 Feb 2011
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| Posted: Tue Mar 29, 2011 6:24 am Post subject: |
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| how old are you hondai? i'm 28 and it seems like a never ending battle. |
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the ireland
Joined: 11 May 2008
Location: korea
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| Posted: Tue Mar 29, 2011 6:38 am Post subject: |
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Never having any student loans = 
Get funded for bachelors degree =
Get funded for Honours degree =
get funded for masters degree =
Knowing your country is so f**ked because of all os these allowances and you'll probably not get the chance to work there in a good job for the next 20 years............  |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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| Posted: Tue Mar 29, 2011 2:33 pm Post subject: |
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| sadguy wrote: |
| how old are you hondai? i'm 28 and it seems like a never ending battle. |
I'm 23. Yea I know, I'm still young. I've been saving like crazy since I got here. |
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Illysook
Joined: 30 Jun 2008
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| Posted: Tue Mar 29, 2011 3:12 pm Post subject: |
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| Can you afford to go home now? |
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Gimbap Lover
Joined: 06 Mar 2011
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| Posted: Tue Mar 29, 2011 3:21 pm Post subject: |
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I did that a couple of years ago.
For the credit cards? After 7 years, my credit report gets wiped clean and they can't do anything about defaulting. |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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| Posted: Tue Mar 29, 2011 3:56 pm Post subject: |
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| Illysook wrote: |
| Can you afford to go home now? |
What do you mean? I would like to stay in Korea for several more years to save money so I can get my MA in Ed and teaching license. |
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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| Posted: Tue Mar 29, 2011 4:00 pm Post subject: |
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| Gimbap Lover wrote: |
I did that a couple of years ago.
For the credit cards? After 7 years, my credit report gets wiped clean and they can't do anything about defaulting. |
I think it's 7 years from when last reported, but they can keep reporting it forever (or until you pay it or go into bankruptcy protection.) |
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jacksthirty
Joined: 30 Nov 2009
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| Posted: Tue Mar 29, 2011 4:05 pm Post subject: |
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| silkhighway wrote: |
| Gimbap Lover wrote: |
I did that a couple of years ago.
For the credit cards? After 7 years, my credit report gets wiped clean and they can't do anything about defaulting. |
I think it's 7 years from when last reported, but they can keep reporting it forever (or until you pay it or go into bankruptcy protection.) |
Yeah, it's not like you have a free pass. You'll still have piss poor credit! |
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Kuros
Joined: 27 Apr 2004
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| Posted: Tue Mar 29, 2011 4:08 pm Post subject: |
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| Quote: |
| After 7 years, my credit report gets wiped clean and they can't do anything about defaulting. |
I don't remember the rule, but I wouldn't expect that to be done for you. You should get your annual free credit report and make sure that they clear your credit properly. Credit reports are full of inaccuracies. |
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Illysook
Joined: 30 Jun 2008
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| Posted: Tue Mar 29, 2011 5:18 pm Post subject: |
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| No, they can't keep reporting. They can keep trying to collect, but they can't keep reporting...unless you make a payment. Then the process can begin all over again. If you don't mind 7 years of bad credit, you don't have to pay those rotten creditors. It's not very honorable, but it can be done...until our government reinvents poorhouses or something. |
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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| Posted: Tue Mar 29, 2011 7:48 pm Post subject: |
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| Illysook wrote: |
| No, they can't keep reporting. They can keep trying to collect, but they can't keep reporting...unless you make a payment. Then the process can begin all over again. If you don't mind 7 years of bad credit, you don't have to pay those rotten creditors. It's not very honorable, but it can be done...until our government reinvents poorhouses or something. |
I actually went to look this up and ended up spending the last 2 hours reading about it and have learned...very little haha.
There doesn't seem to be easy to find consistent information on the web and in any case it's different based on jurisidictions.
From what I found:
Different types of credit and different institutions have different rules about how accurately and frequently they must report financial transactions, with credit card and financal companies having the strictest. Late payments on debts like credit cards and unsecured loans are marked 30,60,90, and then 120days default. After 120 days default, the company can then mark it is as collections/chargeoff, which allows them to write off the debt and sell it to a collections agency. I think there is a slight difference between collections and charge-off, but I never could figure out how that impacted the debtor.
Anyways, the chargeoff stays on your credit reports for 6-10 years depending on where you live and is counted from when your first payment was deliquent. There's also a statute of limitations for how long the creditor has to sue you, typically 3-10 years. Making payments on a chargeoff does not extend how long it will remain on your credit report, but it may extend the statute of limitations depending on where you live or accrued the debt. ONce you have a chargeoff on your credit report the damage is done to your credit score even if you pay the chargeoff, but if you pay the debt or agree to pay a reduced amount, it will be marked "paid", or "settled" which is better than an unsettled chargeoff.
An unpaid debt is an unpaid debt regardless of how much time passed, and and even if they creditors cannot legally sue you for the debt, they can continue you try to get you to pay it until you are discharged from a bankruptcy. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Wed Mar 30, 2011 6:22 am Post subject: |
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| silkhighway wrote: |
| Illysook wrote: |
| No, they can't keep reporting. They can keep trying to collect, but they can't keep reporting...unless you make a payment. Then the process can begin all over again. If you don't mind 7 years of bad credit, you don't have to pay those rotten creditors. It's not very honorable, but it can be done...until our government reinvents poorhouses or something. |
I actually went to look this up and ended up spending the last 2 hours reading about it and have learned...very little haha.
There doesn't seem to be easy to find consistent information on the web and in any case it's different based on jurisidictions.
From what I found:
Different types of credit and different institutions have different rules about how accurately and frequently they must report financial transactions, with credit card and financal companies having the strictest. Late payments on debts like credit cards and unsecured loans are marked 30,60,90, and then 120days default. After 120 days default, the company can then mark it is as collections/chargeoff, which allows them to write off the debt and sell it to a collections agency. I think there is a slight difference between collections and charge-off, but I never could figure out how that impacted the debtor.
Anyways, the chargeoff stays on your credit reports for 6-10 years depending on where you live and is counted from when your first payment was deliquent. There's also a statute of limitations for how long the creditor has to sue you, typically 3-10 years. Making payments on a chargeoff does not extend how long it will remain on your credit report, but it may extend the statute of limitations depending on where you live or accrued the debt. ONce you have a chargeoff on your credit report the damage is done to your credit score even if you pay the chargeoff, but if you pay the debt or agree to pay a reduced amount, it will be marked "paid", or "settled" which is better than an unsettled chargeoff.
An unpaid debt is an unpaid debt regardless of how much time passed, and and even if they creditors cannot legally sue you for the debt, they can continue you try to get you to pay it until you are discharged from a bankruptcy. |
yes, they have to write off the debt and sell it off to a collection agency. From that point forward it is 7 years. That's the gist of it basically.
If you plan to be in Korea for awhile and/or do not need a consumer loan for that number of years, I guess it wouldn't be that bad of a move, but it would definitely limit your options for awhile. |
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