OK, I was contacted by a collection agency today offering me to Re-Hab my defaulted student loan. I need someone who knows more that me to tell me if this is a good deal or not, Please.
OK, my total balance is 6,???...they offered me a pay-off of 4,000, which I can not afford, the other option was $90/month for 10 months, after which time, I will be Re-Habed, my payments will go down and my loan will go back to the origional lender and all notations will be deleted from my CR.
Currently it is listed as a charge-off with $0 balance...I specifically asked the gentleman if this chargeoff would be deleted as well as any other derogatory notations, and he said yes. I am waiting for the agrement in the mail to see what it says.
Well, do you think that this is what will happen, or am I being scammed??
thanks
Full Version: Re-Hab and Charge-Offs
QUOTE(tobi @ Dec 5 2006, 02:54 PM) 
OK, I was contacted by a collection agency today offering me to Re-Hab my defaulted student loan. I need someone who knows more that me to tell me if this is a good deal or not, Please.
OK, my total balance is 6,???...they offered me a pay-off of 4,000, which I can not afford, the other option was $90/month for 10 months, after which time, I will be Re-Habed, my payments will go down and my loan will go back to the origional lender and all notations will be deleted from my CR.
Currently it is listed as a charge-off with $0 balance...
No such thing as a charge off with student loans..it is a default. The lender listing listing the zero balance defaulted you.
I specifically asked the gentleman if this chargeoff would be deleted as well as any other derogatory notations, and he said yes.
Only the current loan guarantor will be deleted...the original lender who defauted remains.
I am waiting for the agrement in the mail to see what it says.
You will not receive an agreement. You might receive an information sheet. The CA cannot have you sign anything that violates your original prom note. You can also read this forum for further information....
Well, do you think that this is what will happen, or am I being scammed??
Read this forum. Or do a google search.
thanks
OK, my total balance is 6,???...they offered me a pay-off of 4,000, which I can not afford, the other option was $90/month for 10 months, after which time, I will be Re-Habed, my payments will go down and my loan will go back to the origional lender and all notations will be deleted from my CR.
Currently it is listed as a charge-off with $0 balance...
No such thing as a charge off with student loans..it is a default. The lender listing listing the zero balance defaulted you.
I specifically asked the gentleman if this chargeoff would be deleted as well as any other derogatory notations, and he said yes.
Only the current loan guarantor will be deleted...the original lender who defauted remains.
I am waiting for the agrement in the mail to see what it says.
You will not receive an agreement. You might receive an information sheet. The CA cannot have you sign anything that violates your original prom note. You can also read this forum for further information....
Well, do you think that this is what will happen, or am I being scammed??
Read this forum. Or do a google search.
thanks
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.