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Started By
Message
How f***ed am I?
Posted on 3/7/17 at 3:15 pm
Posted on 3/7/17 at 3:15 pm
Let me preface this by saying I am absolutely not asking for sympathy whatsoever, but rather legit advice for anyone who has remotely been in any kind of situation like this before.
Graduated 3 years ago from a state SEC school. Had a full-ride scholarship. First semester of senior year, failed one class, that dropped me below full-time hours, therefore negating my scholarship for the following semester (scholarship rules said you couldn't fall below full-time)
I re-took the class the following (and my final) semester, passed with a B, and had the failure removed from my transcript. I appealed the scholarship loss to the financial ombud and lost.
It's been 3 years, and I'll admit I was a fricking moron and practically ignored the debt as I wasn't really in a position to pay it off. I thought the statue of limitations, etc. would take care of it. I was a naive moron, and plus now, the university still has never mailed me my diploma which I'd like to have, and I am unable to request any sort of official transcript should I want to pursue grad school, etc in the future.
The debt has been sold to a collection agency, and while they harassed me for the first year, I haven't heard from them since. However, I reached out to the school and the only way to get my diploma, and transcripts is to settle with the agency.
I've never owed on anything before, my car is paid off, I've never missed a rent payment, utility bill, etc. This is literally the only thing (rather big one, though) hanging over my head. And if for nothing else I want my damn diploma and to get rid of this black cloud hanging over my head.
My question is this - what is my course of action in hoping to settle with the collection agency? It is with ERS (or as they're called now Alltran). I'd like to not get completely bent over by them, but also understand it is my obligation to pay. It is one semester of out-of-state tuition to a public SEC school - you can probably guess who. So - any advice is much appreciated here. I know it's not the end of the world and I'm trying not to freak out, but I also want to get this behind me.
Thanks in advance.
Graduated 3 years ago from a state SEC school. Had a full-ride scholarship. First semester of senior year, failed one class, that dropped me below full-time hours, therefore negating my scholarship for the following semester (scholarship rules said you couldn't fall below full-time)
I re-took the class the following (and my final) semester, passed with a B, and had the failure removed from my transcript. I appealed the scholarship loss to the financial ombud and lost.
It's been 3 years, and I'll admit I was a fricking moron and practically ignored the debt as I wasn't really in a position to pay it off. I thought the statue of limitations, etc. would take care of it. I was a naive moron, and plus now, the university still has never mailed me my diploma which I'd like to have, and I am unable to request any sort of official transcript should I want to pursue grad school, etc in the future.
The debt has been sold to a collection agency, and while they harassed me for the first year, I haven't heard from them since. However, I reached out to the school and the only way to get my diploma, and transcripts is to settle with the agency.
I've never owed on anything before, my car is paid off, I've never missed a rent payment, utility bill, etc. This is literally the only thing (rather big one, though) hanging over my head. And if for nothing else I want my damn diploma and to get rid of this black cloud hanging over my head.
My question is this - what is my course of action in hoping to settle with the collection agency? It is with ERS (or as they're called now Alltran). I'd like to not get completely bent over by them, but also understand it is my obligation to pay. It is one semester of out-of-state tuition to a public SEC school - you can probably guess who. So - any advice is much appreciated here. I know it's not the end of the world and I'm trying not to freak out, but I also want to get this behind me.
Thanks in advance.
15
Posted on 3/7/17 at 3:19 pm to Bluegrass_Cat
Hurry up and pay. Malik Monk needs his weekly "stipend"
Posted on 3/7/17 at 3:40 pm to Bluegrass_Cat
how much do you owe?
Posted on 3/7/17 at 4:44 pm to Bluegrass_Cat
So did you actually not borrow the money, but rather, just didn't pay your tuition and fees? And now the school is who you owe the money to, via the collection agency?
Are you in a position to be able to pay 7-8K cash, now?
Are you in a position to be able to pay 7-8K cash, now?
Posted on 3/7/17 at 4:59 pm to Bluegrass_Cat
quote:
I thought the statute of limitations
Applies to crimes, not debt.
It's going to be with you for at least seven years. However, as you stated, the problem is that you can't prove that you have a college degree. No pay the tuition, no get the diploma. It's as simple as that.
Setup a payment plan. However, first try to negotiate a reduced settlement. If you can pay in one payment this is much easier to accomplish.
Posted on 3/7/17 at 6:46 pm to Bluegrass_Cat
(no message)
Posted on 3/7/17 at 7:39 pm to Bluegrass_Cat
I was in a somewhat similar situation coming out of college.
Didn't pay my last semester (around 14k), so when my employer did a background check the degree didn't come up. I just explained the situation and had the Dean write a letter to my employer confirming it.
After that I pretty much just ignored it (my SSN wasn't tied to that debt somehow), but I was saving money for it. After two or three years, a debt collector contacted me and I paid them at a discount and called it good. I was finally able to frame that damn diploma!
Didn't pay my last semester (around 14k), so when my employer did a background check the degree didn't come up. I just explained the situation and had the Dean write a letter to my employer confirming it.
After that I pretty much just ignored it (my SSN wasn't tied to that debt somehow), but I was saving money for it. After two or three years, a debt collector contacted me and I paid them at a discount and called it good. I was finally able to frame that damn diploma!
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.
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 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 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.
Posted on 3/9/17 at 7:53 pm to Bluegrass_Cat
Call & negotiate
Start low
Start low
Posted on 3/10/17 at 4:10 pm to Bluegrass_Cat
quote:
Bluegrass_Cat
FAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAaCKED
kentucky...........................
STAAAAAAAAAAAAAAAAAAAAAAAAAACKED
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 5/7/18 at 7:42 am to Bluegrass_Cat
10k Dave Ramsey would say deliver pizza. Get a second job. Join a credit union
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