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Video instructions and help with filling out and completing Which Form 843 Garnishment

Instructions and Help about Which Form 843 Garnishment

David is an Indianapolis. Hi David, welcome to the Dave Ramsey show. Hi Dave, thanks for taking my call. Sure man, what's up? Me and my wife have a student loan issue. We had ten separate student loans with Sallie Mae. They were calling for a couple of months. We finally started setting up a payment plan, but we didn't notice that they had sold off two loans to a different student loan company, which is more of a debt collector style. They garnished her wages just recently, and we're trying to figure out what the best route would be. The loan balance was originally $12,000. They currently quoted us at $25,000, $15,000 in principle, $5,000 in interest, and $5,000 in fees and costs. They said they'd settle for $18,000. I was wondering what the best route would be. If you're thinking of taking the $18,000 to get it off the garnishment, that'll give you better cash flow in your situation. Can you scrape the $18,000 together? We cannot. We have been following the baby steps. We've got a $1,000 emergency fund. Now, so you don't really have the option of taking the $18,000 and inquiring about a HELOC against our house just to get it off the garnishment. I wouldn't do that. I believe it's best to ungarnish, but for right now, how much other debt have you got? We have $75,000 in other debt. $22,000 on cars or on a wedding loan, and $50,000 on another student loan that we're currently on a payment plan for. Okay, and your household income is $115,000. Oh, that's good news. So you're plowing through this pretty quickly. You'll be debt-free in two years. Yes, sir. We were doing really well, and we just got scared by the garnishment. Yeah, I think...