Debt owed to a university

[Anonymous]

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@Anonymous wrote:

Tracy Just because your bank denied you does not mean that you can not get a personal loan. Try another bank or even a credit union in your area. Credit unions are often more flexible. Also ask about wether dings like collections will prevent you from getting the loan before you apply.

Good luck and hope your wedding turns out to be what you always dreamed it would be.

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Thank you for the encouragement. I have been thinking about looking into our local credit union, but haven't done it yet, because I need to get a new social security card (lost mine) to join and I've been putting it off. I guess I better get moving on that! (I guess I haven't lost ALL hope yet...I'm still going to try every angle, up to and including selling organs.)

[Anonymous]

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@Anonymous wrote:

You can try Prosper. I have a friend who borrowed through there and has had no bad experiences. Depends on your credit. Check it out.

Also, is it possible for your fiance or someone to help you out with a loan from them or maybe they can get a personal loan to help you?

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I will check out Prosper, thank you. My fiance is not really an option, because he also has a collection within the last two years. There are only two other people who may be able to help, but I won't ask for personal reasons...not too excited about borrowing money from the devil incarnate. :-)

[Anonymous]

OK, sorry about beating this dead horse...

If this does go to small claims court, would the clock start ticking from that time or would it be from the original delinquency? (I'm sure I couldn't be lucky enough to have it be the date that is almost five years ago, but I thought I would ask...)

[Anonymous]

Tracy  Try any and all credit unions in your area. Also it may be benificial for you and your fiance to apply together. Especially if you currently live together as then you could combine income to make loan look more affordable. Depending on his scores it may help you qualify. Even if his are just a little higher. It maybe just the increase you need.

Also I just did a search on Prosper as I did not know what it was. I also found people recommending lendingclub.com and virginmoneyus.com.  I do not know anything about either of them but what I read on here. They may be other options for you to look at.

[Anonymous]

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TracyFace wrote:
OK, sorry about beating this dead horse...

If this does go to small claims court, would the clock start ticking from that time or would it be from the original delinquency? (I'm sure I couldn't be lucky enough to have it be the date that is almost five years ago, but I thought I would ask...)

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What clock? You mean how long it remains on your CR? I believe the judgment begins from the date it is ordered and the original debt remains with same DOFD.       I am not sure though.

[Anonymous]

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@Anonymous wrote:
OK, sorry about beating this dead horse...

If this does go to small claims court, would the clock start ticking from that time or would it be from the original delinquency? (I'm sure I couldn't be lucky enough to have it be the date that is almost five years ago, but I thought I would ask...)

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The clock starts when the court orders the payment.

I will stress to you again, by letting this go to court, it will be MUCH longer before you can buy a house. Do whatever you have to do to get the break from them. Put it on a credit card, take a loan, etc. Just do whatever it takes to keep this from your credit report. You may have to delay the purchase of a house (or maybe even your wedding, too), but DO NOT let this go to court. I have a judgement on my report, and I can not stress this enough for the position you are in. You are lucky to be in a position to keep it from your report.

[braznyc]

Did you try prosper yet? I thought they wanted at least a 600 score? I'm not sure I've had a friend use them, and that's what she told me. She did get her money to pay off some bills from them though.

I really hope you find a way to pay this off, good luck again.

[Anonymous]

Don't believe everything they say. It may be true, but it may be scare tactics to get you to pay a lump sum. Perhaps make up your own payment plan and send it to them in a letter. Put in some language that says you are not admitting the debt is valid but are offering to settle it for payments of so much per month and that the offer is void if they sue you. Give them a short time to respond or the offer is withdrawn. The idea that they need to file any installment plan with a court sounds bogus, but there is a chance they actually want this so they can collect easier if you default on the installments. Tell them in no uncertain terms that you have no incentive to agree to installments at all if they are set on putting this on public record.

[Anonymous]

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@braznyc wrote:
Did you try prosper yet? I thought they wanted at least a 600 score? I'm not sure I've had a friend use them, and that's what she told me. She did get her money to pay off some bills from them though.

I really hope you find a way to pay this off, good luck again.

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From what I read, you have to have at least a 520, but that puts you in the very highest risk category. My score is a 661 right now, so that puts me in the C category, which seems to be about average on there. I am waiting to find out the exact amount that the university needs me to pay before I list my loan request, but I have read pretty much every page on their site and it looks amazing. I'll report back after I post the loan.

[Anonymous]

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@Anonymous wrote:
Don't believe everything they say. It may be true, but it may be scare tactics to get you to pay a lump sum. Perhaps make up your own payment plan and send it to them in a letter. Put in some language that says you are not admitting the debt is valid but are offering to settle it for payments of so much per month and that the offer is void if they sue you. Give them a short time to respond or the offer is withdrawn. The idea that they need to file any installment plan with a court sounds bogus, but there is a chance they actually want this so they can collect easier if you default on the installments. Tell them in no uncertain terms that you have no incentive to agree to installments at all if they are set on putting this on public record.

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The lady from the school is supposed to call me back with the exact amount I owe. If they can get most of the service fees suppressed and the balance is close to what I actually owe AND if I can get the loan from Prosper, I will just pay them and not have to worry about it anymore. I have had a few people tell me that it is probably just scare tactics, but that's a huge risk to take if I'm not sure. I have spoken to them four times now and they are certainly not budging. I'm thinking that the SOL is almost up and they are prepared to sue before the deadline.