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?
Starting Score: ~570s
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-
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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.
What was the original amount of the loans you took out?
Starting Score: 08/29/2011 TU 671 EQ 674Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!
Take the myFICO Fitness Challenge
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