In the process of making my initial payments towards rehab on a student loan debt of 29k, the collection agency I’m dealing with is: Windham Professionals
I let them know that I couldn’t start payments on the loan until Aug. 15th but they need me to make a good faith payment of $370 by July 31st. Now I’m going to have to turn my budget upside down to make the kind of payments they want me to make ($650 for the next 9 months). So I’d like to get my other bills in order so I won’t miss any of the regular monthly payments they want me to make.
Is it in their rights to ask me to make this payment before the initial payment of $650? What are my legal rights in the matter?
Also:
I've read in other posts that people have usually started with about 1% of the overall debt (290-300). I know if I pay the $650 per month i'll get a bigger jump on the overall debt but can the deal be established at $300 & per month I contribute $650. This would give me some breathing room in case my daughter got sick & I needed the extra money that month.
Full Version: Starting payment on defaulted student loans.
QUOTE(brklyn @ Jul 20 2007, 10:33 AM) 
In the process of making my initial payments towards rehab on a student loan debt of 29k, the collection agency I’m dealing with is: Windham Professionals
I let them know that I couldn’t start payments on the loan until Aug. 15th but they need me to make a good faith payment of $370 by July 31st. Now I’m going to have to turn my budget upside down to make the kind of payments they want me to make ($650 for the next 9 months). So I’d like to get my other bills in order so I won’t miss any of the regular monthly payments they want me to make.
Is it in their rights to ask me to make this payment before the initial payment of $650? What are my legal rights in the matter?
Also:
I've read in other posts that people have usually started with about 1% of the overall debt (290-300). I know if I pay the $650 per month i'll get a bigger jump on the overall debt but can the deal be established at $300 & per month I contribute $650. This would give me some breathing room in case my daughter got sick & I needed the extra money that month.
I let them know that I couldn’t start payments on the loan until Aug. 15th but they need me to make a good faith payment of $370 by July 31st. Now I’m going to have to turn my budget upside down to make the kind of payments they want me to make ($650 for the next 9 months). So I’d like to get my other bills in order so I won’t miss any of the regular monthly payments they want me to make.
Is it in their rights to ask me to make this payment before the initial payment of $650? What are my legal rights in the matter?
Also:
I've read in other posts that people have usually started with about 1% of the overall debt (290-300). I know if I pay the $650 per month i'll get a bigger jump on the overall debt but can the deal be established at $300 & per month I contribute $650. This would give me some breathing room in case my daughter got sick & I needed the extra money that month.
Generally, from what I have read here, the payments are around 1-1.5% of the balance. Do a search in this forum and read some past posts for more info.
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