Hi guys,

I just found the forum, and have been reading the 'newb' section all morning.

Here's the quick version of my story. Questions follow:

In 1999 I left college due to $$ problems, and moved to Ireland where I found a great job.

During this time, my loans went into default because I wasn't here to pay em, and because I dropped out of school.

I returned to the US in 2000, knee deep in bad debt from these loans. During the next 3 years, I paid off 90% of them, and thought I had just got the last one out of default, and re-habbed.

A month ago, I got a call from Zwicker and Associates, stating that they now have a student loan that I owe over $5000 on. It was a TERI loan, if that makes any difference.

They have refused my payment offer of $150/month, and are demanding payment in full, or litigation. I've heard that they actually can proceed with this litigation, and that they can freeze accounts and such demanding this $$. My only checking account is a joint account with my fiance, that we use to pay our mortgage (it's in her name)

I don't have the $$. I don't know where this loan came from. I don't know what to do...

_______________________________

After reading all of the information on the site, I've prepared a Validation letter that I am ready to send out today. Is this the correct first action?

What else should I be doing? How can I stop them from going after the Joint account? Not only would that be damaging to me, but that would hurt my fiance, and our mortgage payments, which would crush everything we've been working for... :oops:

Thanks for all the help!!!

I will let someone else chime in with the best way to face off with the c/a's but I can help with the student loan info. Terri is considered an alternative loan to help with student education costs. If you took out a signature/alt loan, this is not part of your federally backed student loans and not eligible for rehab and is viewed as consumer debt.

If you are not sure of the status of this loan, you can go out to NSLDS's website and look at your loan history. If this Terri loan is not listed, it is a private loan.


www.nslds.ed.gov

Sending a validation letter is a good idea. It is best to send it by certified mail return receipt requested. That way you will have proof that they received it. Collection agencies are not to be trusted and they are known for ignoring validation letters and pretending they were never received.

And, as a result, DOES expire with a statute of limitations, which may have passed, if one can get around any tolling issues.

PS - major envy about you moving to Ireland, btw, because I wanted to and didn't.