Asset Based Loan

no

probably not until 2009 has finished

People with defaulted student loans usually have their income tax return confiscated. However, this confiscation by Sallie Mae & assorted low life collectors, are never applied to the defaulted loan. Thus, this may be the 3rd year I have not filed Federal taxes. Does anyone know a way out of this morass?

I also am a Vietnam Era Veteran, who is presently battling the Veterans Administration over my duly earned benefits.

As a taxpayer, I suggest you pay back what you owe. You are only compounding the problem and the penalties will increase. Who do you think the victim is in your scam?

The bank account that is listed on my direct deposit information with the IRS is no longer active.Santa Barbara Bank and Trust mailed my refund check.

What will happen to my tax stimulus/rebate check?

You’ll get a check in the mail.

Refund anticipation loans, or “rapid refund loans”, are almost always a bad idea.

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do they offer the same courtesy when you owe them?

Absolutely right. I get very annoyed when I hear people getting all excited about their tax refunds. How do they not realize it was their money to begin with!? If they had been allowed to keep it in the first place, their lives would have been that much easier!
Instead, we all line up like orphans looking for an extra bowl of porridge and be ever so grateful to government for all this "free money."

People as a rule are fairly stupid. That’s how big government gets big.

Last year my tax return was taken to pay off part of a student loan. In the spring I contacted the company that holds the loan and set up a re-payment plan to get out of a default status. It’s a nine payment plan and my last payment is due on January 31st. How do I find out if I am still in the status that my return would get taken?

Dear chas: An installment agreement with the IRS abates all offset actions as long as you are current with the arrangement. I would call the offset number and also the company that holds the loan. If your last payment is Jan 31 2009 it is unlikely they will offset your debt if you have been current with all payments.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

Please only answer if you do know the correct answer…….I recently had the Canadian student loan people garnish 80% of my tax return–Can they legally take that much?

Of course they can. That is obvious from the fact they DID. CRA doesn’t just let somebody garnishee amounts becuase they says so, they have to provide the proper legal order.

They can take all of it. They can’t take some sorts of government payments (or only a designated amount) like EI etc, but an income tax return is considered ‘found money’, it’s excess to your normal living costs, so they can take it all if they need to.

are there any programs out there to repay my defaulted loan and keep my tax return they have already started garnishing my wages

you know, I worked in this very field for a major university.

You have given very little information, and so I do not know what corporation "owns your loans."

However, if you contact ‘The William D. Ford Foundation" they will buy back your loans, even if they are already consolidated, from your current lender despite their status…

YOU WILL NOT BE DENIED THIS SERVICE!

this is because they are the Federal Agency that made the loan to the corporation or bank you went through in the first place.

Now is the time, the interest rate is at an all time low for this.

Look them-up online, get the forms for consolidation, and get a pay off list from your current lender so you can fill it out. … Your lender cannot deny you the pay-off list for any reason.

The form is easy to fill out, really simple, they can help you with it once you get it.

Then after you are consolidate, you can pick a repayment option that works for you, or a deferment.

this is really, really, easy!

I believe if you get this ball rolling ASAP there will be no reason for them to continue the garnishment.. It can end in weeks!

My student loan had went into default and I realized that could hinder me getting my tax refund. I recently consolidated my defaulted loan which was done on 1/11/2010. But when I call the phone # to see if my tax refund is going to be offset it still tells me it COULD be offset. Somebody help me figure this out. Please I need my money.

You can check in advance if you are flagged for offset or not by calling FMS Autoresponder line at 1-800-304-3107.