New Here...I need MAJOR help!!!

[DeSSeRs]

Today was the first time I had been in contact with this CA. The lady I spoke to told me I had until Monday, Feb. 28th to come up with almost 40K. If I didn't have that, she gave me the option of giving a "good faith" deposit of 28K and a monthly of 3K. Or, I can give 18K and a monthly of 4K. Is this legal to do??? That a weekend to settle this defaulted student loan!

 

Can someone please help me to either 1) Buy more time or 2) Come up with a reasonable solution??

 

PLEASE HELP!!! I'm freaking out over this!

[LynnInMN]

Today was the first time I had been in contact with this CA.  The lady I spoke to told me I had until Monday, Feb. 28th to come up with almost 40K.  If I didn't have that, she gave me the option of giving a "good faith" deposit of 28K and a monthly of 3K.  Or, I can give 18K and a monthly of 4K.  Is this legal to do??? That a weekend to settle this defaulted student loan! 

 

Can someone please help me to either 1) Buy more time or 2) Come up with a reasonable solution??

 

PLEASE HELP!!! I'm freaking out over this!

<{POST_SNAPBACK}>

 

Technically, it is legal! But relax...she is simply doing her job! When I was collecting, they always wanted us to dunn for the full balance on the 1st call.

 

Questions...Is this a new default?? Have you been in contact with the lender or others CA's??

 

You can always get a payment plan...ask them about rehabilitation!!

[pt0872]

Are these Private loans or Gov. backed?

 

Makes a big difference....REHAB if you can. But you need to know if these are private loans or not.

[DeSSeRs]

apparently this loan is in second default...almost seven years ago my wages were being garnished and i consolidated into one loan...i was put on an income contingent program, and when i got my bills it said i didn't owe anything at that time...through the years, i have moved and i assumed i was still under the same guidelines because my income didn't change...so now, seven years later, i get the call from that lady and she says i have to pay all of it at once...

 

what exactly is rehab??? how do i qualify for it??? cause really, if she can't accept any of my offers for payments that is affordable to me, i'm either 1) thinking of quiting my job and working under the table or 2) just letting her garnish my wages...she's only gonna get $200 to $300 a month anyways...so i don't see why she wouldn't accept my offer...

[LynnInMN]

Under the ICR payment plan, they re-evaluate your payment plan every year based on your tax return. When you moved, did you inform them of your change of address? If not, that may be the reason you are in default again....if they couldnt locate you, they will default you.

[DeSSeRs]

hey lynninmn...

 

i would have emailed you this post, but when i tried to hit the "email user" icon, it wouldn't go...so anyway...i found this letter over the internet...will this help me or are studen loans in a whole different league of their own??

 

 

Today's Date

 

Your Name

Your Address

 

 

Attention: {name of collector}

Name of Debt Collection Agency

Address

 

RE: Your {letter dated} or {phone call on date} reference account #: {place account or reference number here}

 

Dear Mr./Ms. {Collector's Name}

 

I am not disputing this debt however, given my current financial situation, I am unable pay the amount you are requesting.

 

I am able to make (monthly, weekly, every two weeks etc.) payments on this account to your company in the amount of $ _________. I promise to mail payments every {day of week, or date of month} until my account is paid.

 

As a show of my good faith, please find enclosed my payment in the amount of $________. Please note that accepting (cashing) this payment constitutes a payment agreement between us according to the terms outlined above. If you refuse my offer I expect the enclosed payment along with written confirmation that you refuse my "good faith" offer to resolve this issue be returned to my above address.

 

In accordance with the Fair Debt Collection Practice Act, Section 805©: Ceasing communication, please do not contact me again accept for the following reasons and then, only by official mail:

 

to advise me that further efforts are being terminated;

to notify me that you may invoke specified remedies;

to notify me that you intend to invoke a specified remedy.

If my financial situation improves, and I am able to increase my payment, I will contact you immediately.

 

Thank you for understanding.

 

 

 

Sincerely,

 

 

 

Signature here

Your Printed Name

 

 

Thank you so much for taking time to help me out with this!!!