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Established Member
Posts: 61
Registered: ‎02-02-2011
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What would happen if...

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?

 

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Posts: 7,225
Registered: ‎09-16-2011
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Re: What would happen if...


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

 

  • Contact the collection agency. Those notices you've likely gotten in the mail about your delinquent debt should include a number to call. Well, pick up the phone and start talking. What do they want? The money. If you have some cash to offer, you may request a lump-sum settlement or ask them to at least reduce the fees and financing charges that have surely been tacked on. If you can't pay it all at once, you'll have to deal with the remaining sum. Present your payment plan. If they don't think it's enough, explain that you've completed a budget and that is all you have after reducing your spending to dinners of rice and beans. Still, it can help to offer a bit more, but never -- ever! -- promise what you can't deliver.


Read more: http://www.creditcards.com/credit-card-news/erica-sandberg-4-steps-negotiate-settlement-private-stud...
 
You can always get your local legalaid involved and hire a lawyer on the cheap to contact them and negotiate a settlement on your behalf.

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Established Member
Posts: 61
Registered: ‎02-02-2011
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Re: What would happen if...

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.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: What would happen if...

At 15k you would be paying the loan, but you wouldn't be paying all the fees and charges they have added ...

What was the original amount of the loans you took out?

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