Private Student Loans Collections Actions

[Anonymous]

Here is my deal.... I am being pursued for some private student loans that defaulted and have gone to collections.  The total adjusted amount is about $30k, but the principal is about $20k.  After talks with this collector, he got down to $12,500 .... I cannot do that, and I told him. 

I made him a counter offer of $8,000 for a settlement, and he flat out refused, then said he is making notes in my file, confirmed my address and said that he will stop phone contact.  I assume that this is the point he will send a judement.  

I am bankrupt, unemployed and have no assets. 

Is there any way he will come back and accept that $8,000?  How should I proceed?  I'm not sure what they can demand from me in court, considering my situation.  I think $8,000 was a pretty legit offer being that its about 35% of the principal on a defaulted bad loan.  They probably bought it for pennies on the dollar. 

anything to ease my mind would be great. 

[IOBA]

I am not sure about your specific case, but I can share with you what a friend of mine did.   

She was in a car accident and the vehicle was totaled and she lost her job.  She called her cc which she owed a huge amount of money to and made an offer to them to settle.  (She was never late with a payment, the account was closed, but she couldn't keep up after the accident.  It became a choice between feeding her kids and paying the cc.)   My friend made the offer and explained that she was in a car accident, the vehicle was totaled, she was unemployed, and she was getting a settlement for her car.   She told them exactly how much she was going to receive and told them she was holding back $600 for a beater vehicle.  They could have the rest if they would settle and consider it paid in full.

I think they initially said no.   But after a month, they said yes.   A few weeks later, she received her insurance check, kept $600, and paid the cc.

But she explained to them where the money was coming from and why she would be unable to continue making payments.

It might be worth explaining to them WHERE the 8k would be coming from.  In her case, it came from an insurance company.

The other thing to get, and she got this PRIOR to making payment, was a letter from the cc that stated that they accepted her money as payment in full.   She told the cc she had to have it to give to her insurance company so the funds would be sent directly.  (Which of course, the insurance company wouldn't do, but the cc accepted that explanation and provided the letter.)