question
Date: Sat, 06/04/2011 - 20:43
I have a CA calling me demanding payment in full for a student loan that supposedly went into default, even though I did not receive anything from the original loaner. I owe the money but cannot pay the entire amount they are demanding, but they will work with me they say. However, I have never heard from this company before and they want an immediate down payment then 6 post dated checks with no assurance that they won't take more in the future. I keep telling them that I want stuff in writing and they give me a tap dance so I'm, thinking of using most of this form letter but nit sure it applies since I know I owe who they say they represent the money...if they are legit. Any suggestions?
Have you read the student loan forum? Is this a private or feder
Have you read the student loan forum? Is this a private or federal loan?
In the case of federal loans, the school receives the funds and any overage is paid out to you. Default occurs if you do not make payments which come due 6 months after leaving school. If it is federal, they have the ability to garnish your wages without a court order and seize your income tax return.
You will not get anything in writing. Your prom note note sets the terms. You agreed to balance in full on demand upon default. Any payment plan they set you on is only temporary and may be revoked at the end of the six months.
