How to Get it in Writing

[keeliebee]

I unknowingly* defaulted on a private SL serviced through AES which has been sent to collections. I am certain of the amount owed and that it is a private SL, not federal. The CA agent I've spoken with offered a settlement amount far beyond my means, but I've asked some family members for help to meet it. She said the settlement amount will remain in my file and I can "take advantage" of this amount at "any time." Also, I've made two payments so far (at 74% of my monthly income) and want to be sure these are deducted from the settlement amount. My concern is that I only have her word and I'd like to get it all in writing before I make the settlement payment. Because it's a private loan can I also negotiate to have the default removed from either mine or my co-signer's CR? He's trying to buy a house and this has really put a crimp in things.

 

* As for how one unknowingly defaults - when I switched schools and states it took a while for AES correspondence to catch up with me. They claim I sent in the enrollment verification for my new school too late for processing. I'm still in school - I'd thought deferrment was active. I had no idea about the default until my co-signer went for his mortgage.

[LynnInMN]

I unknowingly* defaulted on a private SL serviced through AES which has been sent to collections. I am certain of the amount owed and that it is a private SL, not federal. The CA agent I've spoken with offered a settlement amount far beyond my means, but I've asked some family members for help to meet it. She said the settlement amount will remain in my file and I can "take advantage" of this amount at "any time." Also, I've made two payments so far (at 74% of my monthly income) and want to be sure these are deducted from the settlement amount. My concern is that I only have her word and I'd like to get it all in writing before I make the settlement payment. Because it's a private loan can I also negotiate to have the default removed from either mine or my co-signer's CR? He's trying to buy a house and this has really put a crimp in things.

 

* As for how one unknowingly defaults - when I switched schools and states it took a while for AES correspondence to catch up with me. They claim I sent in the enrollment verification for my new school too late for processing. I'm still in school - I'd thought deferrment was active. I had no idea about the default until my co-signer went for his mortgage.

 

 

Payments per se do not count towards settlements. You have to actively be making the settlement payemnts. Settlement offers as a general rule are only good for a limited time.

 

You will not get a pay for delete...student loans dont do them.

 

With student loans, it is your responsiblity to notify the lender of any change of address. Postal forwarding is not notification. Failing to update them is grounds for default.