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Settled a charged off private student loan

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Anonymous
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Settled a charged off private student loan

Hi everyone,

 

I just wanted to share my success story in an attempt to clean up my credit & own up to the financial mistakes I made at a younger age...maybe this will give others some hope.

 

My Sallie Mae private loans that I had ignored for a long time had finally caught up to me & were incessantly knocking at my door.

 

I agree with what the main contributors in this forum suggest: do NOT ignore the CA's calls...this will only exacerbate the situation.

 

Let them know you are owning up to your financial responsibility, be honest about your current financial situation. Not all CA's are bad guys...some are actually willing to work with you, above all knowing that this nation is going through some rough financial times.

 

The amount owed on my last SM private loan was $5000. I had been managing to put some money away, to attempt to make a bulk payment. I called the CA told him I had X-amount of $$$ to give by X-date. We settled for $2600, that's almost 50% off the original debt.

 

I may have been one of the luckier ones to deal with an understanding person (plus having the ability to save some $ here & there), but you have to let them know you are owning up to the debt (if it's yours, of course) & that you want to pay it off & that you're willing to work out a plan.

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