What are my options?

[Anonymous]

Hi everyone, I have been making very good progress on my credit as far as getting some collections removed. I had only one medical left and then out of nowhere my truck driving school Roadmasters had sent my student loan to collections. I called them to try and work out some sort of re-age possibility for me to pay it off monthly, that was a no go. They told me I had three options...
1. To pay it off monthly but they would still report it as negative until it was PIF.
2. To offer them some stupid amount (which I don’t have) to get it removed.
3. To peruse legal action and sue me.

I kind of don’t know what to do, I went off on them for not accepting a re-age option. After that they threatened to resolve this through legal litigation. They seem like a bunch of douches not really trying to work with me. I’m willing to give them my money but they don’t seem to want to take it on my terms lol. What should I do? Is it to late to dispute this? I wish I never called ughhh.

CA- Pathfinder Credit
OC - Roadmasters Orlando
Date opened- 03/1/2019
Account status - Closed
Balance - $7,651
120 days late reported

[Remedios]

What do you mean by re age option? 

[Anonymous]

Basically to re start making payments on the loan so it doesn’t go to collections or gets out of collections. A lot of places such as capital one, they let you make 3 monthly payments to I guess let them show that you are worthy to be responsible of making payments again. After that everything goes back to normal. They call it re-age.

[Remedios]

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@Anonymous wrote:
Basically to re start making payments on the loan so it doesn’t go to collections or gets out of collections. A lot of places such as capital one, they let you make 3 monthly payments to I guess let them show that you are worthy to be responsible of making payments again. After that everything goes back to normal. They call it re-age.

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I see. I think there is a different name for that, it's  not re aging  (re aging bad word!) 

I dont know anything about student loans but @Anonymous might 

[calyx]

Honestly, your best bet is probably to pay it down as quickly as possible. 
As it sounds like it's new enough to be inside the statute of limitations, and they would have every right to sue you, so there's no incentive for them to take your money on your terms.

And I assume by "re-aging" you mean bringing the account current ("Re-aging" is a dirty word around here that means something very specific, so don't mind us panicking over that word!).   I'm not sure what your tone was when you spoke with them, but if you call them back and are very, very nice, you might find someone willing to accept an amount to bring it current and then finish off by paying it monthly.  But that'll depend on how nice you are, their mood, and the alignment of the stars.  But sugar/vinegar and all that.   

I am assuming this student loan is private through the school (and therefore not a federal student loan - I did a quick google).  If I'm wrong on that, you'll have a lot of good options, so please let us know if it is.

[Anonymous]

Haha okay I will be sure to stand clear if this “bad word”. And yes it is a private loan through the school. The worst part is that it has a co signer - that being my wife. I really don’t think there is any more talking to these people. They hung up on me the first time we spoke lol. Although, I do not have that much pride to not try and give it another shot, I just know how it’s gonna go.

[Anonymous]

+1 on everything Calyx said.
Since these are private student loans, sounds like there isn't an option for these to go back to the original creditor.
They offered you a good deal. At this point the whole balance is due so make whatever payments they were willing to set up. In my experience, when you set up payments they generally leave you alone. If they think you have money and you're holding out on them, they might sue to get a judgement. This opens you up to wage garnishment, a bank levy... everything ugly.
I also know that if you pay diligently, they are more likely to offer a settlement later.
If it were me I'd keep in regular contact with them until I could set up a payment plan that I could afford.

One thing you might also want to research is if there is any sort of good faith payment or payment plan to a CA that prevents a lawsuit while it's in effect.
Good luck.

[calyx]

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@Anonymous wrote:
Haha okay I will be sure to stand clear if this “bad word”. And yes it is a private loan through the school. The worst part is that it has a co signer - that being my wife. I really don’t think there is any more talking to these people. They hung up on me the first time we spoke lol. Although, I do not have that much pride to not try and give it another shot, I just know how it’s gonna go.

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Yeah, my partner wishes I were as half as sweet with him as I am with strangers on the phone when I want something from them - But it can definitely be frustrating to deal with people when they don't want to work with you.

Is there a possibility of getting a personal loan and paying the account off in full and then just paying back the loan?  I don't know your credit score/profile (probably not great if you're rebuilding, I know), but if you can get a decent rate on a loan to pay it off, that could at least bring your accounts current and give you a nice current installment loan for your profile.

Good luck!

[Anonymous]

Thanks for the idea but I am also currently paying on a personal loan lol, 😂 used this method for another reason. But I did call them, changed my tone..which changed theirs. In the end they offered me to remove it from collections in return for 6 months of proper on-time payment of $177. Done deal, I accepted!

[calyx]

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@Anonymous wrote:
Thanks for the idea but I am also currently paying on a personal loan lol, 😂 used this method for another reason. But I did call them, changed my tone..which changed theirs. In the end they offered me to remove it from collections in return for 6 months of proper on-time payment of $177. Done deal, I accepted!

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Wow, that's awesome - big congrats!