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Message
re: How f***ed am I?
Posted on 3/8/17 at 9:10 pm to Bluegrass_Cat
Posted on 3/8/17 at 9:10 pm to Bluegrass_Cat
What's the value of your car? You said it's paid off, right? Cash out refi of your car and you can probably get a low rate at a credit union on an auto loan.
0
Posted on 3/8/17 at 9:26 pm to GFunk
quote:
How f***ed am I?
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.
This is great advice.
Posted on 3/9/17 at 7:03 am to GFunk
quote:
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.
Only question is - what if they threaten to sue me?
Posted on 3/9/17 at 11:44 am to Bluegrass_Cat
They won't sue for 10 grand, they will threaten, but actually doing it will cost them more money than they paid for the debt. They know if you didn't have the money to pay the debt to begin with it is unlikely you can pay a lawsuit settlement, and they want money up front not long term wage garnishment. After a period of time they will just give up and sell your debt to yet another collection agency who will start the process all over again.
Posted on 3/9/17 at 11:59 am to Bluegrass_Cat
quote:
Only question is - what if they threaten to sue me?
Oh they'll definitely THREATEN to sue you. The problem, from their aspect, is that if you don't have the money already then suing you is going to do nothing for them except cause them to spend money in court. I'm not saying they absolutely won't, just that they most likely won't.
I have a co-worker who takes out loans from time to time and always puts the work number as his main number. I've gotten the call a few times and enjoy telling them I won't pass along the message for him to call them back.
My favorites thus far have been the guy that stated he was "Investigator" so-and-so and another guy who got all pissed and told me he was sending the cops over (to which he got the old "I. fricking. Dare. You." response
). This has gone on (off and on) for years now and not a single thing has happened (he hasn't been sued, no cops showed up, etc).
Posted on 3/9/17 at 12:06 pm to Bard
Right on. I appreciate the responses. As soon as I figure out the amount I will low-ball the shite out of them.
Posted on 3/9/17 at 1:32 pm to Bard
quote:
The problem, from their aspect, is that if you don't have the money already then suing you is going to do nothing for them except cause them to spend money in court. I'm not saying they absolutely won't, just that they most likely won't.
Suing her allows them to garnish wages should the court rule in their favor. It's no guarantee they won't take her to small claims court, which really doesn't cost them very much. They get a judgment, they start garnishment proceedings, and then you're also on the hook for all of their court costs.
Not a chance I would take.
I'm just not sure if the collection agency has jurisdiction to sue if they're not the original holders of the debt. I don't think they can, but I'm not a lawyer. They could always send it back to the school for them to sue though.
Posted on 3/9/17 at 6:01 pm to The Spleen
quote:
Suing her allows them to garnish wages should the court rule in their favor. It's no guarantee they won't take her to small claims court, which really doesn't cost them very much. They get a judgment, they start garnishment proceedings, and then you're also on the hook for all of their court costs.
Never heard of a collection agency doing this, it is too much trouble for the amount of money, they want the low hanging fruit, once a account starts taking too much time they will just sell the debt to another agency, and move own.
Posted on 3/9/17 at 7:53 pm to Bluegrass_Cat
Call & negotiate
Start low
Start low
Posted on 3/10/17 at 10:39 am to Bluegrass_Cat
quote:
Bluegrass_Cat
quote:
Only question is - what if they threaten to sue me?
Judging from some subsequent responses, this has been a multi-year saga that may have changed hands multiple times. There is <0 chance they have your information so well documented that they can take legal action against you, much less small claims court.
If has been handled by a few different entities, you'll be fine. I'm sure you have been threatened a few times already by these yokels. Don't let them scare you one bit.
Like I said...Just stick to 10%. Don't let them see you sweat, and don't negotiate with their alleged leverage points in mind. Let them know there is ZERO reason for you to pay this off if you haven't done so already (Hit them with the DL Hughley, "What you gonna do, staple some sh!t to my credit report?") and stick to your guns.
They'll meet you and chances are they may even make money on it if this is the 2nd or 3rd outfit that's bought this debt.
Ultimately this isn't for the faint of heart and while you'll be avoiding-literally-a large portion of your original balance you rightfully owed in exchange for your education for that semester, I wouldn't recommend you do this moving forward.
Posted on 3/10/17 at 10:44 am to The Spleen
quote:
The Spleen
quote:
Suing her allows them to garnish wages should the court rule in their favor.
Which I'm honestly shocked Sallie Mae didn't simply garnish her wages already to retire the debt to be honest.
If they didn't-and there's absolutely, positively no way to get around not paying when you owe Sallie Mae-then Shady McShaderson Collection Services ain't going to, either.
quote:
It's no guarantee they won't take her to small claims court, which really doesn't cost them very much. They get a judgment, they start garnishment proceedings, and then you're also on the hook for all of their court costs.
Yeah...no. This isn't going to happen. If they coulda, they woulda.
quote:
Not a chance I would take.
That route ain't for everyone. I agree totally with you.
quote:
I'm just not sure if the collection agency has jurisdiction to sue if they're not the original holders of the debt. I don't think they can, but I'm not a lawyer. They could always send it back to the school for them to sue though.
The collection agency paid money to get ahold of the debt, and in order to transfer it back to the school they'd have to relinquish their ability to collect on the debt. The entire reason the school sold it is because they didn't want to go this route in the first place. There's no logical reason or scenario this would happen. It makes zero business sense for either entity-educational institution or collection agency.
Posted on 3/10/17 at 10:47 am to GFunk
quote:from what I gather, it wasn't a loan.
Which I'm honestly shocked Sallie Mae didn't simply garnish her wages already to retire the debt to be honest.
Posted on 3/10/17 at 2:03 pm to castorinho
quote:
from what I gather, it wasn't a loan
Correct. It wasn't a loan and also I've seen "her" - I'm a dude
But yeah I haven't heard from any agency in like 2 years regarding the debt. I just want my damn diploma and it off my credit report.
quote:
Ultimately this isn't for the faint of heart and while you'll be avoiding-literally-a large portion of your original balance you rightfully owed in exchange for your education for that semester, I wouldn't recommend you do this moving forward.
I completely agree. Absolutely the worst decision I've ever made.
This post was edited on 3/10/17 at 2:04 pm
Posted on 3/10/17 at 4:10 pm to Bluegrass_Cat
quote:
Bluegrass_Cat
FAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAaCKED
kentucky...........................
STAAAAAAAAAAAAAAAAAAAAAAAAAACKED
Posted on 3/27/17 at 8:03 am to Bluegrass_Cat
Update?
Posted on 3/27/17 at 12:59 pm to castorinho
I'd be curious to hear an update also. I have a hard time believing the University would allow this to be paid for with pennies on the dollar simply because that could set a bad trend for students their last semester.
Posted on 3/27/17 at 2:16 pm to Weekend Warrior79
get the agreement in writing
Posted on 3/27/17 at 9:26 pm to baldona
The University isn't still holding onto that debt. It's been sold off to a collection service. Potentially multiple times.
Posted on 3/27/17 at 10:06 pm to Bluegrass_Cat
I guess I am kind of old fashioned, but I believe that you ought to just pay what you owe. if you can't possibly come up with that kind of cash right now, tell them that you have to save up the cash, but will pay in a lump sum when you have it. I would also ask for a bottom line settlement just for kicks and tell them that the lower the settlement, the sooner you will be able to pay up.
honestly, no good will come of this and you need to get it cleared up when you can...but you already know that.
honestly, no good will come of this and you need to get it cleared up when you can...but you already know that.
Posted on 3/28/17 at 9:26 am to Spankum
i agree with this full heartedly.
I don't know you personally, but here is my opinion on the situation you laid out ...
You should change the title to "How irresponsible, unaccountable, and entitled am i?"
You owe money, you are able to work, and you have assets.
Be responsible and pay others what you owe them. What's wrong with that? Sell your car if you have to, buy a bike or take the bus, get a flip phone, cancel cable, find a smaller apartment, take on a second job, etc. You received an education and you stiffed the one that provided that to you with the bill. That is the situation - not all of the other white noise of who do i negotiate with to get the best deal for me ... what happens to my credit score ... can they withhold my diploma or transcripts .... what is the statue of limitations, etc. That's all secondary to the real issue.
The real issue is you really do have a means to pay your debt (over time but in full). However, doing that would require sacrifices by you and you are unwilling to make those sacrifices. You just want the benefit without any sacrifice. That is the real issue.
You have a choice to make of being a responsible and accountable citizen or not being one. Being responsible in this situation will now require sacrifices on your part.
There is a difference between negotiating the best deal for you now and doing what is right and being a man of your word.
We live in a world today where being accountable for your own actions is no longer a higher priority than just seeing what you can get away with; because after all it is difficult to do what is right and that required sacrifice sometimes.
You want your "damn diploma" then find a way to pay your "damn obligation".
I don't know you personally, but here is my opinion on the situation you laid out ...
You should change the title to "How irresponsible, unaccountable, and entitled am i?"
You owe money, you are able to work, and you have assets.
Be responsible and pay others what you owe them. What's wrong with that? Sell your car if you have to, buy a bike or take the bus, get a flip phone, cancel cable, find a smaller apartment, take on a second job, etc. You received an education and you stiffed the one that provided that to you with the bill. That is the situation - not all of the other white noise of who do i negotiate with to get the best deal for me ... what happens to my credit score ... can they withhold my diploma or transcripts .... what is the statue of limitations, etc. That's all secondary to the real issue.
The real issue is you really do have a means to pay your debt (over time but in full). However, doing that would require sacrifices by you and you are unwilling to make those sacrifices. You just want the benefit without any sacrifice. That is the real issue.
You have a choice to make of being a responsible and accountable citizen or not being one. Being responsible in this situation will now require sacrifices on your part.
There is a difference between negotiating the best deal for you now and doing what is right and being a man of your word.
We live in a world today where being accountable for your own actions is no longer a higher priority than just seeing what you can get away with; because after all it is difficult to do what is right and that required sacrifice sometimes.
You want your "damn diploma" then find a way to pay your "damn obligation".
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