Hi all!
I just joined the other day. Finally decided it was time to fix the mess I made!

I've been reading all of your posts and great advice, I hope to learn a lot from all of you. But I still don't know nearly enough, so please excuse me if any of my questions are already posted elsewhere.

I have some questions about my SLs, do you mind helping me out? -

On EXP the OC is DOE, but I've been making the payment arrangements with Nationwide Credit. I only have one last loan, the original amount was about $3100. After all the interest and charges it's now about $4600. I want to pay this off, who do I deal with DOE or NWC?

One of the other loans is paid but it just says under 'Recent balance' $0/ Collection Account.
What is the best way to negotiate a PFD (hopefully for a reduced amount) to get rid of both of these?

Thanks
~Christi

Since you are assigned to a CA, you must call them.

You can call and ask for a settlement. They will probably settle off on a good portion of the collection costs. You will not be able to do a PFD..they just dont do it.

No, they don't do PFD. But they will do rehab. Call the CA you're assigned to and ask them for rehab.

Before you request rehab, be sure you read up on that here and know exactly what you're asking for before you call them.

Good luck!

I hope they settle for a lesser amount. Then they can have my tax offset (for the settlement amount).

Any chance of that happening?

Thanks for your suggestions.

You do realize that if you settle, your CR will be noted as such? That won't do you a lot of good if you're trying to clean up your credit. Why wouldn't you just do rehab so you can get the negative information off your report instead of adding negative?

Nope this is not a settlement option. Tax offset is basically a garnishmnet. Settlement involves you calling, asking for a settlement and you sending the funds within a set time period...usually 10-14 days.

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You do realize that if you settle, your CR will be noted as such? That won't do you a lot of good if you're trying to clean up your credit. Why wouldn't you just do rehab so you can get the negative information off your report instead of adding negative?

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No I don't realize - not trying to be stupid - that's why I'm asking. After I was reading about rehab last night, understand now. I'm just not in a postion to make payments now. And I didn't know your tax offset was considered a garnishment.

Thanks for your posts- very useful.

If you can't afford payments, how are you going to be able to settle with the CA?

I wanted them to take my tax offset. I could just file my taxes and not owe anymore SLs. This is my last one. I was hoping to knock off some of NWC ridiculous fees. But if applying for rehab and showing that I made their agreed payments for a year would be best for my CR - maybe I should just wait till I can make payments and work it out this way.

Tell me if I'm completely wrong...

Have you been already talking to the CA?? You said that you had been making payment arrangements with Nationwide. If you are working and they know where you are working, you really dont have a choice on making payments right now. You either start making payments or they will initiate a garnishment of your wages.

You haven't filed taxes yet?

About a year or so ago when I was not repaying my last SL I got a letter saying DoE referred my acct to NWC. I set up a payment plan, I don't know if it was rehab. I was making payments for about 5 months when we decided to move out of san diego. I stopped making the payments. I wasn't working and now I am on unemployment. CR shows late as of 5/05.

Honestly I'm so tried of these SL. I graduated college in 1991. Total of about $9K in SL. I can barely make ends meet now. I'd like to just let them have my tax offset and be done with it - but if it's going to make CR look even worse than a repayment plan ?.........

I didn't file my taxes cause I knew they were just going to take it - NWC said if I could make 12 consecutive payments it would take my debt out of default, then I would be able to get my refund.

That would be rehab. You need to call the CA and set up payment arrangements on this - it shouldn't be more than the $50 minimum required.

Good luck.

This is SUPPOSED to be rehab, and with most CAs, it probably is, but you need to make sure that's really what they mean and they're not trying to pull one over on you. I was also told the same thing (make 12 payments, which I did, you'll get your refund, which I did, and you'll be taken out of default, which they SAID they did), but it apparently wasn't "rehab" because I never mentioned the magic word, so all of my SLs are now marked as "paid after collection" or something to that effect. If you say to them you want to rehab, they have to let you, but I don't think they're required to mention it to you first. Fun, isn't it!!

I hope this helps! Good luck!