This might be a little long.
I have two loan groups held by two different companies.
Nelnet - I owe 47,000 dollars from 5 different student loans from years ago. But I love Nelnet. I can track how my payments are going. I can pay my minimum and then attack the higher interest rate loans. They really are great to work with. I haven't missed a payment in 5 straight years and it has helped my credit score.
KeyBank - I owe 29,500. Years ago I had a really hard time paying bills and this loan ended up being charged off. It is the only negative thing on my credit report. I make minimum payments just to show activity. I have read through various forum posts and online comments that even if you do a 70% payout they still end up ruining your credit report.
Last night some things changed and I might be able to pay a large portion of this in one shot. How do I research this? Who has done this before? What issues did you run into? Anything you would have done different? How aggressive were you with the lenders as far as meeting at an agreeable payment number? How long did it take for you to get it cleared from your report? Were you able to pay to remove it from your report.
Never in a million years did I think I would have a chance to pay it like this (It will be a personal loan from a family member so I will still owe it but it would be gone from my credit report) I don't know. Let me know what you folks think.
Thanks
