Private student loan/Windham
Few things...they are not required by any law to provide proof t
Few things...they are not required by any law to provide proof that the debt has been assigned to them.
They will not negotiate in writing...simple fact of all student loans is that all negotiation is done over the phone. This debt is based off a promissory note...they will not put anything in writing that will contradict that agreement.
On settlements...you have probably been offered as good as you are going to get., They do not settle like credit cards. Nor will you get a settlement thru payments.
The harsh reality is that this debt will sue...this is standard practice for private loans.
When you read of so called shady dealing with Windam, you are only hearing one side of the story. The truth of the matter with student loans is that all payment plans if offered are temporary. There is a default clause in her prom note that states that if she defaults, she agrees to pay the loan balance in full on demand. There is nothing outlining payment plans or settlements in this agreement. The guarantor will allow the collection agency to settle or to set up temporary payment plans ....but the ultimate job of the CA is to liquidate or litigate quickly.
SOAPLADY - thank you for your informative (albeit not super enco
SOAPLADY - thank you for your informative (albeit not super encouraging) response.
Are you saying that I am inaccurate and there is no Statute of Limitations on a private student loan?
And also, you are saying that IF they were willing to accept some temporary payment plan in order to hold them off from suing us, they could one day just decide that they no longer want to honor that plan.
Given this information, I guess I will call them - any advice as to what I should offer them? I certainly have no way of getting $30K right now, but I'm thinking somewhere close to $10,000 is probably more than most people come up with...
There is a SOL on private loan...but they always end up suing be
There is a SOL on private loan...but they always end up suing before the sol expires.
Payment plans are always temporary. And often people will get sued while making payments.
$10k...there is no way they will accept that as a settlement.
sorry, I meant give them $10K now and suggest some kind of plan
sorry, I meant give them $10K now and suggest some kind of plan for the remainder...I realize that they are not going to just take $10K and poof it disappears.
what I don't understand is why would someone sue you if you are adhering to a payment plan that they agreed to? I'm not saying that I don't believe you, but if that's really the case, then it almost seems like I might as well just wait until they sue us rather than pay them a bunch of money and then get sued anyway. I realize that they are not obligated to work with me but I don't really understand why a company would agree to a payment plan and then turn around and sue six months later, whether it is within their rights to do so or not.
Your interest is accruing on a daily basis....it is to your adva
Your interest is accruing on a daily basis....it is to your advantage to get as much paid off as possible.