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Another kick to the nuts.
13 years ago
So my wages are now garnished.
I already don't have any money each paycheck and now I just lost 10% more.
What's worse, the debt is still collecting interest at 9%.
Here's where shit really hits the fan...
I am assuming the debt is collecting simple yearly interest.
According to my garnishment papers. The loan was worth $10,348.50 as of June 2011.
That means by January of this year when the garnishment kicked in, it's now up to $10,891.80.
This debt gains about $77.61 in interest.
Meaning I would have to make $776.10 a paycheck, just to break even on the interest.
ALL BUT ONE PAYCHECK since I started working again has been over that amount.
MEANING that even with my wages now garnished, I am not paying off the debt. I am simply slowing down the accumulation of debt...
I can't even afford to go to a debt counselor and I don't know what else to do...
I already don't have any money each paycheck and now I just lost 10% more.
What's worse, the debt is still collecting interest at 9%.
Here's where shit really hits the fan...
I am assuming the debt is collecting simple yearly interest.
According to my garnishment papers. The loan was worth $10,348.50 as of June 2011.
That means by January of this year when the garnishment kicked in, it's now up to $10,891.80.
This debt gains about $77.61 in interest.
Meaning I would have to make $776.10 a paycheck, just to break even on the interest.
ALL BUT ONE PAYCHECK since I started working again has been over that amount.
MEANING that even with my wages now garnished, I am not paying off the debt. I am simply slowing down the accumulation of debt...
I can't even afford to go to a debt counselor and I don't know what else to do...
Wish you the best of luck, dear, and try to find someone to at least speak to it about, friend, family or otherwise.
I'm gonna be in the same boat soon, but jokes on them, I have no job.
Can't draw blood from a stone
Otherwise, the only possible options would be to seek bankruptcy exemption (prove undue hardship from the garnishment and loan amount), or completely halt working to qualify as an 'uncollectable loan'
I guess I would say to just keep taking commissions. Will give you some wiggle room.