Author Topic: Paper check vs Direct Deposit  (Read 481 times)

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aintgonnapay

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Paper check vs Direct Deposit
« on: March 17, 2017 10:30:03 PM »
Since I am about to be sued fairly soon by Sallie Mae for private loans in default, I'm thinking about for the time being (before moving to one of the 4 states where wage garnishment for private loans isn't possible) asking HR to issue paper checks. Going to close my bank account. Will just go to Walmart and cash my checks. Anyone else use this method?
Student loan indentured servant in $100,000+ debt to private lender Sallie Mae. 100% unable to pay even close to the minimum monthly payment.

Clydesmom66

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Re: Paper check vs Direct Deposit
« Reply #1 on: March 18, 2017 12:12:22 AM »
Since I am about to be sued fairly soon by Sallie Mae for private loans in default, I'm thinking about for the time being (before moving to one of the 4 states where wage garnishment for private loans isn't possible) asking HR to issue paper checks. Going to close my bank account. Will just go to Walmart and cash my checks. Anyone else use this method?

If you are not living in one of the 8 states that does not allow garnishment for civil debts then a paper check will not stop them from getting your wages.  If wage garnishment is allowed in your current state of residence and they get a writ of garnishment then your paper check will be 25% less when you receive it. 
Be VERY careful following advice from the internet! What worked for someone with thousands of posts on a message board may not work for YOU in your state.  Consult a lawyer when ever possible.

Bruno the JDB Killer

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Re: Paper check vs Direct Deposit
« Reply #2 on: March 18, 2017 01:28:32 PM »
See the other thread you started. States usually have exceptions to the "no garnishment" laws. Child support, alimony, taxes, and student loans are some of them. They are wise to this. Even moving out of the country won't help.

SLs are like any other debt except they are harder to discharge in bankruptcy. If you don't pay, they sue you. Unless you have a valid defense in court, you'll have a judgment against you which can and will follow you anywhere you go for as long as the law allows it to be renewed.

Even at 14 per hour, they may be able to garnish some of it. With 100K running interest at whatever rate the court allows, you'll likely see the amount continue to go up over the years, and quite dramatically.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

aintgonnapay

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Re: Paper check vs Direct Deposit
« Reply #3 on: March 18, 2017 02:45:21 PM »
Even moving out of the country won't help.

This is absolutely not true. Hundreds of people have fled the US to live and work elsewhere in the world and never paid their loans or had anything garnished. A  friend of mine is working in Mexico and has been there 10 years because he can't afford to pay back the law school debt; he has no intention of ever moving back to the US.
Student loan indentured servant in $100,000+ debt to private lender Sallie Mae. 100% unable to pay even close to the minimum monthly payment.

Bruno the JDB Killer

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Re: Paper check vs Direct Deposit
« Reply #4 on: March 18, 2017 03:25:04 PM »
What I meant is that the debt still exists, even though you may not be able to pay it and are living elsewhere. Some countries allow domestication of US judgments in their courts, altho it is a bit pricey and complicated. If the court determines fraud was involved, it becomes a criminal matter and the person can be extradited. remember Crazy Eddie Antar, the appliance chain guy? Ask him.

Did anybody co-sign these loans for you?
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

aintgonnapay

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Re: Paper check vs Direct Deposit
« Reply #5 on: March 18, 2017 05:26:26 PM »
No fraud occurring here whatsoever. Have paid for a number of years, before the debt got really high, only to see the balance grow and grow. No co-signers.
Student loan indentured servant in $100,000+ debt to private lender Sallie Mae. 100% unable to pay even close to the minimum monthly payment.