Sallie Mae offering to release co-signer obligation
Never heard of this wording but sounds like a fancy term for a s
Never heard of this wording but sounds like a fancy term for a settlement. Won't do a thing for your credit since the loan is in default. And there could be major tax implications. Call and ask. Do you have the $13k available to settle??
So, if paying the $13K to them won't do anything for my credit s
So, if paying the $13K to them won't do anything for my credit score, why would I choose to do it? Yes, I could take the $13K out of my IRA but I certainly don't want to. I would only do it if it helped my credit score. Can I deal directly with Sallie Mae at this point? What effect does the statute of limitations have on collecting this debt? It was originated in 2001.
When you borrowed the loan is irrelevant...student loans, becaus
When you borrowed the loan is irrelevant...student loans, because of in school deferments based their SOL on the date of default or when the last payment is made.
If you decide not to settle, sallie mae WILL sue both of you. That would result in property leins, bank account levies and wage garnishments.
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why cant the borrower pay???
Just to clarify, this was a loan for flight training provided by
Just to clarify, this was a loan for flight training provided by a private helicopter company. It was not a private or public college/university and he was not attending to receive a "degree". I'm not sure that makes any difference but thought I'd state it anyway.
He does not make enough from his job to pay what they want after his child support payments are deducted from his check. They quit calling him long ago and started in on me. I'm not denying that I am responsible as the co-signer nor that the loan should be repaid. Nor am I saying that he shouldn't be responsible for paying it either. Bottom line, I want to do what ever I can to ameliorate the effects on my credit.
My question is should I contact Sallie Mae directly or are they completely out of this at this point? From what I've read about Allied Interstate, I don't trust dealing with them. There is never any detail about what the $13K is...is it interest? Is it their collection charges? Is it an amount that Sallie Mae has approved and if so, what does AI get out of it? Will this have any positive effect on my credit if I pay it? It's been this long, why hasn't Sallie Mae sued us already?
Quote:Just to clarify, this was a loan for flight training provi
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Just to clarify, this was a loan for flight training provided by a private helicopter company. It was not a private or public college/university and he was not attending to receive a "degree". I'm not sure that makes any difference but thought I'd state it anyway. |
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He does not make enough from his job to pay what they want after his child support payments are deducted from his check. They quit calling him long ago and started in on me. I'm not denying that I am responsible as the co-signer nor that the loan should be repaid. Nor am I saying that he shouldn't be responsible for paying it either. Bottom line, I want to do what ever I can to ameliorate the effects on my credit. |
Nothing is going to improve your credit....the loan is already in default. Paying on a default is paying on a collection account....it does nothing for your credit score.
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My question is should I contact Sallie Mae directly or are they completely out of this at this point? From what I've read about Allied Interstate, I don't trust dealing with them. There is never any detail about what the $13K is...is it interest? Is it their collection charges? Is it an amount that Sallie Mae has approved and if so, what does AI get out of it? Will this have any positive effect on my credit if I pay it? It's been this long, why hasn't Sallie Mae sued us already? |
No you cannot work with Sallie Mae. They hired Allied under contract...meaning they cannot interfere with allied's collection efforts without due cause.
As for collection cost, depending on your prom note, collection costs may have been added. Allied probably gets about 15-20% of what you pay.
Good Old Sallie Mae
:DBeware of what they tell you. I am in the same boat as you. Thought I had it all worked out. They outright lied. Told me they would drop the loan to original amount at .001% interest for the duration of the loan. It would cost me $1000 and then a monthly payment of $155.90. I could make the $1000 payment in 2 payments. They would send me paperwork. They took my 1st $500 last month but I never received any paperwork. I made numerous calls and was told the paperwork would be emailed to me. Have never received anything and last I talked to them they outright lied and said they never made that offer and would not send any paperwork because I was not the actual borrower. I stopped payment on the second $500. They'll get nothing else until the provide proper paperwork!
Good Old Sallie Mae
Just FYI - Allied Interstate is a part of Sallie Mae... both crooks!
Quote:Just FYI - Allied Interstate is a part of Sallie Mae... bo
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Just FYI - Allied Interstate is a part of Sallie Mae... both crooks! |
FYI. .... Allied is NOT part of Sallie Mae. Please do not make up information.
Quote:Beware of what they tell you. I am in the same boat as yo
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Beware of what they tell you. I am in the same boat as you. Thought I had it all worked out. They outright lied. Told me they would drop the loan to original amount at .001% interest for the duration of the loan. |
Who is they???? Sallie Mae or Allied?? Neither are going to reduce your interest. They have a prom note....they are not going to re-write it.
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. I stopped payment on the second $500. They'll get nothing else until the provide proper paperwork! |