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I just received a call from a collection agency telling me that my loans had been turned over to their law office. (Weltman Weinburg) The guy is telling me that I have until the end of may to come up with 17k to satisfy the debt of 24k or they are going to pursue myself and cosigner on the student loan. I had been making payments on a consistent basis to NES until they just stopped in January. I had deferred my other student loans due to me being unemployed at the time. I was under the assumption that this loan was deferred as well. Apparently not and now they are threatening me. I explained to the guy my situation and attempted to work out a repayment plan but he is not budging on this. I have worked entirely too hard to pay theses loans back and now to have this hit me at the most inopportune time in my life is very discouraging. Can anyone help me out with where to go for help?

Were you making the required payments to NES or were they less than what was required?

At this point, since it is with an attorney I would say that you have defaulted on the loan. When they "stopped" taking payments, why did you not contact them?? They must have sent you notices or started calling. I dont know why you would assume you private loans being serviced by a different company than you federal loans would automatically be deferred.

When you default, there is nothing that can be done. You and your cosignor agreed to balance in full on demand if you defaulted on the account. They are under no obligation to offer you payment. This is the reality of private loans. If you do not pay up, they will sue both you and your cosignor. Even if they relent and allow you to make payments, they still will sue you. That is just how it works.

Sub: #1 posted on Mon, 05/20/2013 - 14:02

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