Starting payment on defaulted student loans.

[brklyn]

In the process of making my initial payments towards rehab on a student loan debt of 29k, the collection agency I’m dealing with is: Windham Professionals

 

I let them know that I couldn’t start payments on the loan until Aug. 15th but they need me to make a good faith payment of $370 by July 31st. Now I’m going to have to turn my budget upside down to make the kind of payments they want me to make ($650 for the next 9 months). So I’d like to get my other bills in order so I won’t miss any of the regular monthly payments they want me to make.

 

Is it in their rights to ask me to make this payment before the initial payment of $650? What are my legal rights in the matter?

 

Also:

I've read in other posts that people have usually started with about 1% of the overall debt (290-300). I know if I pay the $650 per month i'll get a bigger jump on the overall debt but can the deal be established at $300 & per month I contribute $650. This would give me some breathing room in case my daughter got sick & I needed the extra money that month.

[ChrisAZ]

In the process of making my initial payments towards rehab on a student loan debt of 29k, the collection agency I’m dealing with is: Windham Professionals

 

I let them know that I couldn’t start payments on the loan until Aug. 15th but they need me to make a good faith payment of $370 by July 31st. Now I’m going to have to turn my budget upside down to make the kind of payments they want me to make ($650 for the next 9 months). So I’d like to get my other bills in order so I won’t miss any of the regular monthly payments they want me to make.

 

Is it in their rights to ask me to make this payment before the initial payment of $650? What are my legal rights in the matter?

 

Also:

I've read in other posts that people have usually started with about 1% of the overall debt (290-300). I know if I pay the $650 per month i'll get a bigger jump on the overall debt but can the deal be established at $300 & per month I contribute $650. This would give me some breathing room in case my daughter got sick & I needed the extra money that month.

 

Generally, from what I have read here, the payments are around 1-1.5% of the balance. Do a search in this forum and read some past posts for more info.