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Navient settlement offer

Regular Contributor

Navient settlement offer

Yesterday I received a letter in the mail offering to settle a private student loan (19k) for about $4k. This would be awesome except I only have about half of that. I've begged and pleaded and can't borrow the rest. Six months ago they offered to settle for $6.5K. SOL is close to expiration. How likely are they to sue me next?
Message 1 of 8
7 REPLIES
Regular Contributor

Re: Navient settlement offer

Great News!! Managed to accumulate ALL of the cash. So, should I trust them? I'mso worried that I pay this, and they don't follow through. Is there anything specific I should look for in the letter? Can't afford an atty.
Message 2 of 8
Frequent Contributor

Re: Navient settlement offer

I would see if they are going to delete any negative tradelines or if the haven't  make sure that they don't.  Congrats on not having  to worry about this anymore!

Message 3 of 8
Moderator Emeritus

Re: Navient settlement offer


climbingonup wrote:
Yesterday I received a letter in the mail offering to settle a private student loan (19k) for about $4k. This would be awesome except I only have about half of that. I've begged and pleaded and can't borrow the rest. Six months ago they offered to settle for $6.5K. SOL is close to expiration. How likely are they to sue me next?

Any notation of "settled" on your reports is scored the same as a charge off so settling won't help your score.

 

You need to try to get in writing an agreement from them that they will no longer report this after you pay.

 

 

Message 4 of 8
New Member

Re: Navient settlement offer

I've done several settlements with Navient/Sallie Mae. Make sure that there is language in the letter that it is settled in full. They are most likely offering you such a low amount because the account may be past the statute of limitations for credit card debt in your state. This is what I've noticed with low Sallie Mae/Navient settlements. 

 

Sometimes, there are issues after the settlement where it looks like they just applied the payment to your total balance (via your online portal, for example). So be prepared to file CFPB complaints if there are any issues post- settlement. If possible, record the call when you arrrange the settlement.

 

I also advise all of my clients to send settlement payments by certified or registered mail (for proof), and also use a cashier's check or money order with the file number and other info on the "Memo" line. They may ask you to send the entire amount by phone or electronic debit. Don't do it! You need a paper trail in case anything goes wrong (which has happened to my clients twice, but was resolved with complaints).  Also - I am not an attorney, and this is not legal advice.

 

 Edit - I wanted to emphasize the most important part - get the settlement in writing before doing anything. 

 

 

 

Message 5 of 8
Regular Contributor

Re: Navient settlement offer

I sent them a letter requesting they send a written agreement to me at my home address, signed by an Executive with express authority to enter into such agreement, and that the letter must pass a review by an attorney licensed to practice in my state. I sent it CMRR 3 weeks ago, but never received an agreement. I did not sign it. Does anyone have any thoughts? If they don't reply soon I have other things I can pay.
Message 6 of 8
Be1
New Visitor

Re: Navient settlement offer

Get it in writing, read fine print before making any payment.
Message 7 of 8
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Be1
New Visitor

Re: Navient settlement offer

 
Message 8 of 8