Hi everyone. I graduated college in 2008 with a ton of student loan debt which was a mix of private and federal loans. I defaulted on them when i was going through a hard time. I was able to rehab the goverment loans, but the private loans (about 40k) are currently still in deault. I tried working and negotioating with the lender and they are so difficult to work with they are only willing to accept a huge settlement and won't budge.
I am getting to an age where I am thinking of buying a home soon and having this on my credit will be a huge problem. I can't even take a personal loan out to use as a settlement since my credit is damaged.I have spoken to an attorney that said he can help work a payment plan and negotiate but they are so expensive. I am not sure if I have any options?
I was thinking about just sending payments in until i can get the balance lower then try and settle?? I am working a much better job than I was when I defaulted so I can afford a decent amount monthly payment to put a dent in the princpal. But I am no where near able to come up with what they want to settle. Any advice woule be greatly appreciated. Thanks!
