Volunteer Credit
Date: Mon, 03/14/2011 - 21:22
I defaulted on a student loan 27 years ago that is with a debt collection lawyer.
The interest on the loan has now made the total amount due five times the principal.
I tried several times to negotiate with the collection lawyer to reduce the interest payments
and pay towards the principal -but he refused.
I have been living and working overseas since 1992 primarily doing volunteer work with
children and youth in communities in need. I can prove this with my passport and letters
from the Non-Profit organizations where I've been serving.
Is any of this useful in trying to negotiate a reduced payment on the high interest
this loan has accrued?
Thank you!
Jeanne
The interest on the loan has now made the total amount due five times the principal.
I tried several times to negotiate with the collection lawyer to reduce the interest payments
and pay towards the principal -but he refused.
I have been living and working overseas since 1992 primarily doing volunteer work with
children and youth in communities in need. I can prove this with my passport and letters
from the Non-Profit organizations where I've been serving.
Is any of this useful in trying to negotiate a reduced payment on the high interest
this loan has accrued?
Thank you!
Jeanne
Nope....key is you are in default. If this is a federal loan, yo
Nope....key is you are in default. If this is a federal loan, you are not eligible for any cancelation program while you are in default There are specific programs eligible for this mostly US based...lets face it...why should the US taxpayers subsidize you for overseas long term volunteer activities. Peace Corps is eligible but only for a specific period of time.
If it is private, there are no programs.
