The following two letters appear in the new book "The Trouble Is The Banks: Letters To Wall Street". Don't let this happen to you.
Letter #1 Student Loan
I'm writing you as I'm waiting to be heard in a courtroom in Queens, New York. I'm here fighting an eviction. I get $200 a month taken out of my paycheck because I am in default in my loans. I take home $1500.00 after taxes and my rent is $1200, which is considered "cheap" in NYC. Those $200 would allow me to pay my rent.
Thanks
Fernando
Kew Gardens, NY 11415
Letter #2 Student Loan
Dear Lloyd,
In May 2007, I became the first person in my immediate family to get a degree, at age 38. I graduated owing more than $100,000 in private student loans. Payments were more than $1,100 a month. My 74 year old retired father is the cosigner for most of these loans, but in September 2008, my dad lost $70,000 of his pension with the banks' collapse.
After just one year in the workforce, I was laid off due to cut-backs. For most of 2010 I wasn't able to find steady employment. In January 2011 I ran out of deferment with my private student loans. The banks started chasing my father as the cosigner. They have wrecked his line of credit and called in his home equity loan on which he never missed any payments.
In June 2011, my father saw a lawyerto try to get the payments reduced to something prportionate to his fixed income. In October 2011, he got word that the lawyer failed to get payments reducedenough. My father wrote me a letter saying he had to sell his life insurance and rearrange his will to protect my sister and step mom.
The letter arrived last Saturday.
He had a stroke on Sunday.
Now Wells Fargo is harrassing him for payment of another student loan. I am asking you to please suspend collection actions against my father until I have a job that will pay me enough to make the payments myself.
I always believed getting an education was the only way to succeed in life. Now I regret it every single day.
Sincerely,
Deena DeNaro
Durham, NC 27701
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