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I simply made the payment of $13,482.58 on the Sallie Mae website? Loan is well past default and this is the only negative reporting on my credit report. I will be in a position soon to obtain about $15,000. This is a private student loan. Would their collection work with me on settling this debt for ~50% or less? I realize they don't need to, but they haven't even bothered attempting to contact me regarding this in years. What are my options on something like this?
@neverrain wrote:I simply made the payment of $13,482.58 on the Sallie Mae website? Loan is well past default and this is the only negative reporting on my credit report. I will be in a position soon to obtain about $15,000. This is a private student loan. Would their collection work with me on settling this debt for ~50% or less? I realize they don't need to, but they haven't even bothered attempting to contact me regarding this in years. What are my options on something like this?
I would offer a settlement in writing via certified mail return receipt requested. Only problem is that they may turn around and pursue a judgement if you wake the sleeping bear.
this is infomation copied and pasted from creditcard.com
I think that is my main fear is waking the giant. I don't want to not repay my debts, but I also don't want to be in a worse position than I am already in.
I think I was more curious what would actually change about the tradeline if I made the payment on their website without talking to anyone. I doubt it would bring my loan current.