Default on Salie Mae Loan

[joeshmoe1]

Hi,

 

I have defaulted on my sallie mae loans for aproximatly 4 years now. I know they are with a collections company (DCS) and they are sending me letters saying they will garnish my wages. I am now able (financially) to start making monthly payments. A few questions

 

1) WHo should I talk too? Sallie Mae or the collections company?

2) What credit reporting options can I negotiate in order to start cleaning up my credit?

3) How hard can I push them on negotiating points?

 

Im new to this whole website so the more information the better.

 

Thank you all,

 

One stupid college grad

[LynnInMN]

Hi,

 

I have defaulted on my sallie mae loans for aproximatly 4 years now. I know they are with a collections company (DCS) and they are sending me letters saying they will garnish my wages. I am now able (financially) to start making monthly payments. A few questions

 

1) WHo should I talk too? Sallie Mae or the collections company?

You must deal with DCS.

2) What credit reporting options can I negotiate in order to start cleaning up my credit?

None.

3) How hard can I push them on negotiating points?

Actually if they are in the garnishment phase, your negotiating options may be very limited. My advise is to call them ASAP as once the AWG letters start flying, the clock is ticking. They have obviously verified your employment already. How much do you owe??

 

Im new to this whole website so the more information the better.

 

Thank you all,

 

One stupid college grad

[joeshmoe1]

Hi,

 

I have defaulted on my sallie mae loans for aproximatly 4 years now. I know they are with a collections company (DCS) and they are sending me letters saying they will garnish my wages. I am now able (financially) to start making monthly payments. A few questions

 

1) WHo should I talk too? Sallie Mae or the collections company?

You must deal with DCS.

2) What credit reporting options can I negotiate in order to start cleaning up my credit?

None.

3) How hard can I push them on negotiating points?

Actually if they are in the garnishment phase, your negotiating options may be very limited. My advise is to call them ASAP as once the AWG letters start flying, the clock is ticking. They have obviously verified your employment already. How much do you owe??

 

Im new to this whole website so the more information the better.

 

Thank you all,

 

One stupid college grad

 

 

I owe 11k.

[joeshmoe1]

I owe 11K

[LynnInMN]

If you have started getting garnishment letters, you generally have only 30 days to respond and get set up on payments. Have you talked to them at all?? With an $11k balance your best option is rehab and a "standard" payment for that program is $110/month. It requires you to make 12 on time monthly payments to qualify to be rehabbed...your loan will then be taken out of default and your guarantey agency (not Sallie Mae...you didnt say who the current loan holder is) will then remove the default status.