Hi guys, I defaulted on my private student loans some time back. I am in a much better overall situation now to afford payments and would like to figure this out.
The statute has passed in my state for the lender to sue me according to my state. The loans will also fall off my report in 2 years. I want to buy a house before that so I think paying them or at least settling is my best bet. Can I use the fact that they can no longer legally sue and that the collection account will fall off my report shortly as leverage to settle for pennies on the dollar? Why would they reject this when they have no recourse? I called them recently and they won't budge on anything more than 20% off! I've heard people settling for way more than that. If I hire an attorney will I get better results?
I'm on the verge of cleaning up my old debts and this student loan is the only roadblock. The amount due is huge and I couldn't afford to pay what they want. Any advice? Thanks !
