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NES & a private loan settlement

Date: Wed, 10/03/2012 14:26

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After about 1.5 years of not being able to pay my student loans, I've begun the process of ting to repair my credit. I called NES regarding one of my accounts today and offered them a settlement of approximately 60%. Based on some of the other threads I've read, I've learned I may have offered too much.

I have a few questions, did I offer too much? Are there any things I should keep in mind while attempting to settle this? Any best practices or advice?

I sincerely appreciate the help.

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Total Replies: 10

As a general rule, private student loans do NOT settle at 60%....if you can get it, take it!!! Keep in mind that you will receive a 1099 for anything they write off, so it will become taxable income

Sub: #1 posted on Wed, 10/03/2012 - 14:42

SOAPLADY
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(Posts: 17310 | Credits: )

You must have had student loans mixed up with credit card loans, at least as far as the data on this forum is concerned. Credit cards usually settle for anything between 70 and 20 percent depending on how old the debt is.

Sub: #2 posted on Thu, 10/04/2012 - 00:14

Unregistered

I spoke with them again today and they offered to settle a $16k debt for $10.9k. I thought something was funny because they wouldn't offer a letter stating that those terms in writing. I've read it's generally a good idea to get it in writing prior to paying.
He was giving me the run around after I said I would be able to return his call tomorrow and that the offer would not be available. I just don't trust this for some reason. I have a letter from his firm here, NES. He states this as validation.

Sub: #3 posted on Thu, 10/18/2012 - 14:11

Jamescarltonconnell

(Posts: 4 | Credits: )

THere is no reason why he cannot fax you a settlement agreement. It is standard with student loans.

As a general rule you do NOT DV student loans. You call the guarantor to verify placement.

Sub: #4 posted on Thu, 10/18/2012 - 20:09

SOAPLADY
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Dv? What does that stand for?

Sub: #5 posted on Fri, 10/19/2012 - 12:09

Unregistered

Debt validation/verification

Sub: #6 posted on Fri, 10/19/2012 - 15:38

waffles
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Would you guys be willing to review the offer they sent me? I could post a link to a PDF copy with the sensitive information obscured. I would really appreciate the help.

Sub: #7 posted on Wed, 10/24/2012 - 19:05

Unregistered

Sure@!! And register with the forum...it will make getting responses easier!

Sub: #8 posted on Wed, 10/24/2012 - 20:43

SOAPLADY
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I've attached the image I mentioned. I sincerely appreciate your help.

Attachments:-

untitled.JPG

Sub: #9 posted on Thu, 10/25/2012 - 10:27

Jamescarltonconnell

(Posts: 4 | Credits: )

Any advice regarding the attached document? If it is legitimate, I would like to get it paid right away.

Sub: #10 posted on Mon, 10/29/2012 - 05:03

Jamescarltonconnell

(Posts: 4 | Credits: )