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stephv710

Need to Settle private SL

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I am the co-signer on my daughter's private SL. She made a few payments then defaulted and I wasn't aware. First was approached by DCS who was collecting for AES. Sent a DV, heard nothing for months and now are being approached by Plaza. DV to them, I got back the copy of the promissory note and a computer printout, pages long, that I can't figure out. The original amount was $6600, now inflated to $9500. It's pretty new, so well within SOL. DD will be making payments to us from now on :)

 

We are retiring next year and will be buying another home so I will need this taken care of. I would like to offer a settlement, but I'm not sure what to offer. I don't want to offer too much and shoot myself in the foot, but then again, don't want to lowball it and p*ss them off.

 

Any suggestions or anyone with experience with this type of situation? I was thinking of going out with 40%....

 

Thank you!

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I am the co-signer on my daughter's private SL. She made a few payments then defaulted and I wasn't aware. First was approached by DCS who was collecting for AES. Sent a DV, heard nothing for months and now are being approached by Plaza. DV to them, I got back the copy of the promissory note and a computer printout, pages long, that I can't figure out. The original amount was $6600, now inflated to $9500. It's pretty new, so well within SOL. DD will be making payments to us from now on :)

 

We are retiring next year and will be buying another home so I will need this taken care of. I would like to offer a settlement, but I'm not sure what to offer. I don't want to offer too much and shoot myself in the foot, but then again, don't want to lowball it and p*ss them off.

 

Any suggestions or anyone with experience with this type of situation? I was thinking of going out with 40%....

 

Thank you!

 

Bump...

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You can try offering 40% but keep in mind they will pull your credit. Seeing a mortgage and other accounts in good standing may make them decide you can afford more. Also, remeber you will receive a 1099 for anything written off.

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You can try offering 40% but keep in mind they will pull your credit. Seeing a mortgage and other accounts in good standing may make them decide you can afford more. Also, remeber you will receive a 1099 for anything written off.

 

 

Thanks Lynn, That's exactly what I was going to offer. I know I run this risk, and I may be able to bump it to 50%, but I just want this taken care of. THanks for the response.

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Ignore all interest and fees. Subtract all payments made, divide by 2. That's your highend offer.

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Ignore all interest and fees. Subtract all payments made, divide by 2. That's your highend offer.

 

 

That sounds even better...do you have personal experience?

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Ignore all interest and fees. Subtract all payments made, divide by 2. That's your highend offer.

 

 

That sounds even better...do you have personal experience?

 

Yes. It's generally a number they will accept albeit grudgingly and with lots of screaming. The amount of screaming is determined by how much leverage you hold over them. That being said, record every phone call. The amount is REALLY not all that high, and a few mistakes on their end can easily result in a lawsuit which would effectively wipe out everything they'd get out of it.

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