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re: How f***ed am I?
Posted on 3/7/17 at 8:40 pm to Bluegrass_Cat
Posted on 3/7/17 at 8:40 pm to Bluegrass_Cat
quote:
How f***ed am I?
In the grand scheme of things, not very.
Call the collection agency and see what they'll take for it. I promise you'll be nicer than a majority of the people they deal with. Do a payment plan if dropping the whole amount puts you in a bind.
0
Posted on 3/8/17 at 7:12 am to Bluegrass_Cat
If the debt has truly been sold off to a private collection agency, I see no reason why you can't deal directly with the university to get your transcripts.
If it's sold off - literally sold off - then AFAIK the university isn't going to receive anything you pay to the collection agency anyway. Therefore the university no longer has anything to gain by holding your transcripts.
So either there are still leftover fees or some other grounds on which you can rectify the situation directly with the university, or what has actually happened is that it has been placed with/assigned to a collector. In that case you'll have to workout a way to pay off the debt if you want your records.
If it's sold off - literally sold off - then AFAIK the university isn't going to receive anything you pay to the collection agency anyway. Therefore the university no longer has anything to gain by holding your transcripts.
So either there are still leftover fees or some other grounds on which you can rectify the situation directly with the university, or what has actually happened is that it has been placed with/assigned to a collector. In that case you'll have to workout a way to pay off the debt if you want your records.
Posted on 3/8/17 at 7:31 am to Huey Lewis
Quick little update.
I did reach out to the University - and they will not release transcripts until the collection agency says it's been paid. I tried to negotiate with them and they weren't having it.
What's funny is, for my current job I did have a background check where they verified my degree, and the University did confirm both my attendance and graduation to the employer/background check company. So I don't think I'd run into any issues there.
However, I want that damn diploma, and possibly grad school. I'm going to negotiate with the collection agency after they send me validation. Can I suggest that once I start paying they notify the university that it's settled that way the damn University will send my diploma?
I appreciate all of the feedback and advice.
I did reach out to the University - and they will not release transcripts until the collection agency says it's been paid. I tried to negotiate with them and they weren't having it.
What's funny is, for my current job I did have a background check where they verified my degree, and the University did confirm both my attendance and graduation to the employer/background check company. So I don't think I'd run into any issues there.
However, I want that damn diploma, and possibly grad school. I'm going to negotiate with the collection agency after they send me validation. Can I suggest that once I start paying they notify the university that it's settled that way the damn University will send my diploma?
I appreciate all of the feedback and advice.
Posted on 3/8/17 at 7:45 am to Bluegrass_Cat
10 K isn't that much money. Call him and work out a deal. don't freak - you can fix this
Posted on 3/8/17 at 7:59 am to Overbrook
Of course the university is not going to negotiate. You no longer owe them money.
You owe the collection agency which bought the debt at a huge discount.
You owe the collection agency which bought the debt at a huge discount.
Posted on 3/8/17 at 8:05 am to ItzMe1972
quote:
Of course the university is not going to negotiate. You no longer owe them money.
You owe the collection agency which bought the debt at a huge discount.
Correct. Does anyone think it's odd that the University still confirmed my attendance and graduation to my employer, though? I know some said I'd have no way to verify (for future jobs) that I did, indeed, graduate.
Posted on 3/8/17 at 8:30 am to Bluegrass_Cat
the collection company isn't going to tell the university it is paid until the last payment is made. Otherwise you would make one payment get the diploma and hang them out to dry. I am surprised they let you continue attending with that hanging over your head.
Posted on 3/8/17 at 8:33 am to Bluegrass_Cat
quote:
Does anyone think it's odd that the University still confirmed my attendance and graduation to my employer, though?
I would they couldn't legally withhold that info. They can legally withhold release of transcripts and your diploma.
But I don't know. I don't think it's that odd the confirmed dates of attendance and graduation.
Posted on 3/8/17 at 8:41 am to Bluegrass_Cat
quote:
However, I want that damn diploma
That's an expensive diploma. But I guess we can all say that.
quote:
and possibly grad school.
If the school confirmed your graduation before, wouldn't they again? Can a grad school request your transcript on your behalf?
This post was edited on 3/8/17 at 8:43 am
Posted on 3/8/17 at 8:43 am to GaryMyMan
quote:
If the school confirmed your graduation before, wouldn't they again? Have you tried to get a transcript?
I've tried to get the transcripts and they won't release them to me. But they did confirm to employer.
Posted on 3/8/17 at 9:09 am to Bluegrass_Cat
You should be able to settle with the debt collection agency for around 50% after negotiation if you can make it a single payment instead of a finance deal.
Posted on 3/8/17 at 10:19 am to Bluegrass_Cat
Curious how you were able to pay for tuition and other expenses if you lost the scholarship last semester without a loan. Was the scholarship still in effect until after you graudated? Its actually a good thing you didn't have the loan and not pay, you would have accrued a ton of interest.
Posted on 3/8/17 at 10:25 am to AUtigerNOLA
Why not just go take out a small loan through your bank and pay it off all at once and just pay the loan through your bank/lender so you can begin to improve your credit while at the same time build it with a reliably paid trade-line?
I wouldn't pay that thing monthly through the collection agency at all. In fact I'd be willing to pay a bit of an elevated interest rate in order to pay the collection off immediately as long as it was replaced by a brick-and-mortar bank (NOT a finance company; STAY AWAY FROM THEM).
I wouldn't pay that thing monthly through the collection agency at all. In fact I'd be willing to pay a bit of an elevated interest rate in order to pay the collection off immediately as long as it was replaced by a brick-and-mortar bank (NOT a finance company; STAY AWAY FROM THEM).
Posted on 3/8/17 at 10:32 am to GFunk
quote:
Why not just go take out a small loan through your bank and pay it off all at once and just pay the loan through your bank/lender so you can begin to improve your credit while at the same time build it with a reliably paid trade-line?
I wouldn't pay that thing monthly through the collection agency at all. In fact I'd be willing to pay a bit of an elevated interest rate in order to pay the collection off immediately as long as it was replaced by a brick-and-mortar bank (NOT a finance company; STAY AWAY FROM THEM).
I think this is a viable solution and one that definitely appeals to me.
My question is this - do I call the collection company first and try and figure out an amount they'll settle - or contact the bank first and see what they can do? I have a good relationship with my personal banker if that matters at all.
Posted on 3/8/17 at 10:38 am to Bluegrass_Cat
quote:
my car is paid off
This could be a source of eliminating that bad debt if your credit is in bad shape and you can't get an unsecured loan. My bank loves to do cash back refinance type loans on vehicles.
ETA-Not 'my' bank as in come let me give you a loan in your time of need. My bank as in USAA.
This post was edited on 3/8/17 at 11:51 am
Posted on 3/8/17 at 10:55 am to Bluegrass_Cat
When you have enough to pay, call them and offer 30% paid in full today. They will counter. Tell them you can't pay that but you could maybe pay 10% now and 10% later until paid off. They will lower it again. Stick to it until they agree to take 40% to be done with it.
Posted on 3/8/17 at 11:05 am to Huey Lewis
If I'm a university, I don't want to have a reputation of going soft after selling off your debt to a third party at 50%. Starts a vicious cycle if that became the norm.
Posted on 3/8/17 at 12:05 pm to Swoopin
Get the full amount of what they say you owe. Then try to secure 40, 50, 60, 70% or whatever amount you can pay at once to settle the debt immediately. A lot of times, these places will take whatever they can get. I'd offer them 30-40% right now to settle the debt completely. You can always work out a payment plan and then call back and offer to pay X percent right now to settle the debt. They have very low expectations to getting anything out of people so they'll likely work with you if you pay something.
Posted on 3/8/17 at 12:07 pm to Swoopin
quote:
If I'm a university, I don't want to have a reputation of going soft after selling off your debt to a third party at 50%. Starts a vicious cycle if that became the norm.
They don't care once it gets to that point. They've already likely recognized it as a bad debt and written it off.
Posted on 3/8/17 at 8:42 pm to Serraneaux
OP: Take the original principal balance you owed at the time they bought the debt.
Offer 10% of it. They paid PENNIES on the dollar so swallow your pride. You don't know these jokers. Stick to 10%. If they keep countering tell them you've got zero reason to pay this off. Tell them you've got a letter from the dean of the college your degree is in, and you've got copies of your transcript. If it comes to verifying your education professionally, you don't have to pay them in order to do it. Especially at [insert their amount offered here].
Tell them basically you can live without a physical copy of your degree. Period. Stick by 10%. Don't waver. Let them know they have <0 leverage against you. This is a wanna have, not a need to have for you.
Wait for them to sink down to 25%-35%...It will work.
Offer 10% of it. They paid PENNIES on the dollar so swallow your pride. You don't know these jokers. Stick to 10%. If they keep countering tell them you've got zero reason to pay this off. Tell them you've got a letter from the dean of the college your degree is in, and you've got copies of your transcript. If it comes to verifying your education professionally, you don't have to pay them in order to do it. Especially at [insert their amount offered here].
Tell them basically you can live without a physical copy of your degree. Period. Stick by 10%. Don't waver. Let them know they have <0 leverage against you. This is a wanna have, not a need to have for you.
Wait for them to sink down to 25%-35%...It will work.
This post was edited on 3/8/17 at 8:48 pm
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