One year post BK and student loan update

[fltoo]

For those of you who might remember, my business failed and I had to wait 2 years to file. Luckily, I joined the BK forum and found this out before I filed.

Here it is one year post BK already! All is well living on a cash basis with only one cc, by choice, with a 500.00 limit.

My best friend, also in financial trouble, decided to go the settlement route and I promised an update on her negotiating her private student loan.

She settled all of her debt 10-25% of the outstanding balances, keeping in mind the balances were escalating due to interest and late fees.

It took one year, but she finally settled her private student loan with Chase.

Keep in mind, this was a PRIVATE student loan. Just FYI, post BK, you can work with the lender to settle the debt.

[tigergem]

I hope she also negotiated a good entry on her credit reports.

[VirginiaGuy]

Wait, so you're saying your friend declared bankruptcy, was discharged, and then settled her private student loan debt?

[tigergem]

Yeah, that's what it sounds like she did...which is pretty cool since even the private student loans can't be discharged under BAPCA.