Posted 01 October 2009 - 01:02 AM
Interestingly enough I'm going through something similar with Sallie Mae (Tuition Answer Private Student Loan)
My 10 day payoff as of today is roughly $61,500. The loans have gone in and out of forbearance since November, 2008. I have never made a single payment due to the fact that I've been able to take a class here and there or apply for a forbearance to keep delaying the inevitable HUGE payment. Recently, a family member got wind of my debilitating debt and offered to help me pay it off, but they only had $39,000 to give me.
I stayed on the phone with Sallie Mae for hours one day last week asking questions about a settlement. Finally, I was told that they would settle for 80% of the balance (roughly 49k). I asked the rep if the offer would still be valid if I called back in a few hours as I wanted to get some advice from my lawyer first. The rep said that wouldn't be a problem...she notated my account.
The lawyer was no help, told me that when dealing with a private student loan from Sallie Mae you are on your own. I called back and spoke with a different Rep at Sallie Mae, told him that I wanted to discuss an earlier offer that was given to me for settlement (this is Sallie Mae, not a CA by the way). The rep took a financial statement from me and placed me on hold (he seemed surprised that I was offered a settlement of 80%). The rep came back on the line after about 15 minutes, he was extremely kind and apologetic and said that "the previous rep I spoke with had no business offering a settlement." He stated that my loan was insured by a trust and it would be impossible to settle due to banking regulations and the fact that they had not tried to sue, obtain tax returns, or charge the account off yet. He basically said that to be honest, they'll try anything before accepting a settlement.
I remained extremely calm and continued speaking with this rep for nearly an hour...I asked questions and even asked him if they would reconsider a settlement if I was to file for bankruptcy (chapter 13) and then try to settle after the BK when I know the account would be charged off. At this point, he transferred me to a manager. The manager went through the same series of questions and then stated that I cant settle. Once again, I stated that I was offered a settlement just 3 hours earlier and I asked what would have happened if I took that settlement! The manager replied..."you were offered a settlement?" He then researched the account to find the settlement offer. After yet another 15 minutes or so on hold the original rep came back on and said that his manager thinks its crazy that I can't settle the account especially after it was already offered. Long story short...The rep worked with the manager, who worked with the senior manager to get the legal team to look at my account and manually consider a settlement due to my situation. The Senior Manager asked me how much I could pay, I stated $39,000 to pay off the entire account. The Senior Manager told me that she would forward it to the legal dept and would give me an answer in the morning.
The next morning I received a call from the original rep, he excitedly told me congratulations! Our legal department has accepted your $39,000 settlement offer! (The principal of the loan was 45k!!) I could hardly contain myself! Just being cordial and respectful and patient with Sallie Mae on the phone for a few hours won me a settlement offer of 63% on a private student loan. I accepted, and they have sent my packet certified mail with the settlement offer and directions for wiring the money.
So...they will settle for less, but it doesn't come easy, patience is a virtue. Likewise, you have to call back until you find someone willing to help. I recommend you ask for the Delaware Office, they seem to be the best from the 4 to 5 different sallie mae call centers I've dealt with. Good Luck!
Sincerely,
FREE AT LAST!!!
