I've read the articles you have here - great information!!! I attempted to negotiate payment terms with National Enterprise System on a private loan I took out for college that was unfortunately co-signed by someone that is no longer in my life. I fell behind on the payments when I was laid off my job in November 2012 but have since started working again. These collectors called me and my co-signer and I finally set up a payment arrangement with them (after much begging and pleading) that would be difficult to meet but still do-able at the time it was agreed. My co-signer has excellent credit and I would like to do everything I can to ensure that her credit is not affected by my situation.
I set up the arrangements because I had a second income from another contract job. This second job fell through and so I am no longer able to meet the amount that we had recently agreed on.
They have already debited one payment of $200 from my bank account and were scheduled to debit another payment at the end of June for $300 (which was returned do to insufficient funds). I called them immediately after and attempted to renegotiate the payment terms. I thought my offer to pay $150 at the end of July, two payments of $150 in August and then continue making monthly payments of $150 moving forward was very reasonable and within my range of what I could realistically afford to do. They were uncooperative and said that they would not renegotiate the payment amounts because my co-signer is able to afford to pay off the loan based on their assessment of her credit/income, etc.
How do I work with them on this to pay this loan off myself, as I am the primary on the loan, when they keep threatening to harass my co-signer for the payment? How do I get them to be reasonable and accept my payment offers? My co-signer is aware of the situation and my efforts to resolve this without her financial intervening. Are there any other solutions you can recommend to me? I don't know if I qualify for a loan consolidation (the total amount of the loan is $3000) in order to pay this off and get a more reasonable monthly payment amount. My credit score is still very low as I am still recovering from being laid off but I am working very hard to pay all my accounts on time and have been arranging payment plans with other collectors as well. Any help or advice you can provide would be highly appreciated! Thanks so much and thanks for all the information you provide on this website! It's been very helpful and I almost cried when I saw the amount of information available to help people in my situation.
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