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re: How f***ed am I?
Posted on 3/7/17 at 3:56 pm to Bluegrass_Cat
Posted on 3/7/17 at 3:56 pm to Bluegrass_Cat
Negotiate with the debt collection company. They bought the debt for less than what it is worth, so low ball them. Also do not pay anything unless they will remove the negative marks from your credit, this is referred to as a "pay for delete". Whatever you do, do not pay face value for the debt since it has already been sold. They sell debt at a fraction of face value, so the creditor does have wiggle room where you can negotiate. I would start off by offering 30% of your debt. Just tell them this has gone on for years, and you really dont care (even though you do) if you ever pay it, but that is the highest your willing to pay and see what they say. Work up from there. I'd bet they will take 50 percent since it has been so long.
Have you looked at your credit report on www.AnnualCreditReport.com? LINK
Id first go there and see if this is even hitting your credit since it isn't actually a loan, more of a "bill". If it's not hitting your credit it may be cheaper for you to get an attorney to get you your diploma rather than paying back tuition. If you have any other questions, go ahead and ask!
Also here is a good link to read about negotiating with collection agencies: LINK
Have you looked at your credit report on www.AnnualCreditReport.com? LINK
Id first go there and see if this is even hitting your credit since it isn't actually a loan, more of a "bill". If it's not hitting your credit it may be cheaper for you to get an attorney to get you your diploma rather than paying back tuition. If you have any other questions, go ahead and ask!
Also here is a good link to read about negotiating with collection agencies: LINK
Posted on 3/7/17 at 4:18 pm to darnol91
Is this a federally subsidized loan? I doubt it is if they've sold it to a collection agency(I believe they have their own in-house collection agency). But if it is, you're a little more on the hook than with a private loan. They can garnish your wages without taking you to court. But they also have loan rehabilitation programs to get it back in good standing, though this collection agency probably doesn't.
Best thing to do is call them up and negotiate a way to satisfy the debt. Obviously the sooner, the better.
Best thing to do is call them up and negotiate a way to satisfy the debt. Obviously the sooner, the better.
Posted on 3/7/17 at 7:43 pm to darnol91
quote:
They bought the debt for less than what it is worth
This isn't always true. Many debt collection companies operate without becoming owners of the debt via a contract with the company who extended credit.
This post was edited on 3/7/17 at 7:45 pm
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