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 months we finally started set up a payment plan but we didn't notice that they had sold off two loans to a different student loan company there's one 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 two twelve thousand they currently quoted us at 25 and 15 in principle five and interest five and fees and cost and they said they'd settle for eighteen I was wondering if what the best route would be to if you're thinking in the 18 together I would take it and get it get it off of get off the garnishment that'll give you a lot better cash flow in your situation can you scratch the 18 up we cannot we have been following the baby steps they've got a thousand-dollar emergency fund now so you don't really have the art and of taking the 18 and inquire about a HELOC against our house just to get it off of going down I wouldn't do that I wouldn't do that I believe it said on garnish but for right now how much other debt have you got we have $75,000 in other debt 22 on cars or on a wedding loan and 50 on other state loan that we currently on payment plan it for okay and your household income is 115 oh that's good news so you're plowing through this pretty quick 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 it can takes them it takes the breath out of you it is scary it's emotional have somebody take over your life which is what garnishment does yeah I think regardless of the garnishment if you just say 37 five a year two years we're gonna be debt-free making a hundred you can do that and I think you're gonna be okay I know I would not take out a HELOC to get rid of this it's just the emotional aspect of it let's just lean in get them knocked off as fast as you can and work your debt snowball and be debt-free in two years this is the Dave Ramsey show.