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Registered: ‎07-19-2014
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Transferred student loans to ECMC in 2007, reporting $0 balance, 120 past due HELLPP!!!!

This is my very first post on any forum, so please bare with me.

 

I am in the process of repairing my credit. I am at the stage where the only deragotory infomation reporting is my student loans.  The first report date of deliquiency was December 2007 on all 5 loans with Suntrust and Sallie Mae. Since 2012 after completely finishing the rehabilitation program, I failed to continue to pay the loans and they again defaulted and were given to ECMC.  I have contacted ECMC and requested a pay off amount which is 9,000.00 roughly. I have read a lot of literature, and decide from research that I will offer a one time payment of 6500.00, to settle the debt. My question is how can I get Suntrust to remove the negative info once its paid, and am I going about this the right way in terms of boosting my score the fastest, because this is the only negative info remaining?

 

 

I would greatly appreciate any feedback

 

Thanks 

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Re: Transferred student loans to ECMC in 2007, reporting $0 balance, 120 past due HELLPP!!!!

Are these federal loans?  Since you mention rehabilitation, I will answer as if they are.

 

Federal loans do not have a statute of limitations - so it can be more difficult to convince the collections agency to accept a less than full settlement, and similarly difficult to negeotiate a "pay for delete" to remove the negative information that they are reporting.  This is because you can be garnished without a judgment, and your tax returns can also be seized to pay off the debt.

 

That said, it does not hurt to make your offer, and also to goodwill the original lender and anyone else reporting negative information who does not currently hold the loans.  Just be aware that you may need to arrange a payment plan for the balance, or accept that your tax return could be seized/wages garnished until the full balance is paid.

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Registered: ‎07-19-2014
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Re: Transferred student loans to ECMC in 2007, reporting $0 balance, 120 past due HELLPP!!!!

Thanks for that information, I will give it a try. Is there any sites or literature you would suggest on how to write a Goodwill letter? And who should I address these letters to, and how many times do I attempt these letters? What is the best way to go about GW letters?

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Re: Transferred student loans to ECMC in 2007, reporting $0 balance, 120 past due HELLPP!!!!


Credit_Over_Cash_2014 wrote:

Thanks for that information, I will give it a try. Is there any sites or literature you would suggest on how to write a Goodwill letter? And who should I address these letters to, and how many times do I attempt these letters? What is the best way to go about GW letters?


For those questions I would reccomend reading some threads here and in Rebuilding Your Credit, you'll find some example letters, experiences from others, and even suggestions for contact points.  There is a lot of room for personalization, and to some extent, your tactics will depend on how much time and energy you want to invest.

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