Settlement amount
Date: Thu, 10/30/2008 - 05:12
Settlement amount
I'm like to pay off a long defaulted student loan in full today. My principal is 2600, with fees and interest it's 5000. In addition to waiving fees/interest I'd like to reduce the principal payoff amount. Who do I contact? The collection agency? Is there someone else to negotiate with that's better than a collection agency? Any suggestions for the amount I should aim to settle in full?
I have good credit and own a home, so I'm not as concerned about how the resolution is reported to credit agencies.
I have good credit and own a home, so I'm not as concerned about how the resolution is reported to credit agencies.
Federal or private loan? Sorry.. what you are looking ain't g
Federal or private loan?
Sorry.. what you are looking ain't going to happen. With federal loans, the most they will waive the some or all collection fees, especially because you have good credit and home...they know you have the ability to pay. You may have borrowed $2600, but your interest and fees pre default have already capitalized into your balance. Private loans wont be much different...and they can and will sue.
You will have to deal directly with the CA...there is no option on this. And keep in mind that you will receive a 1099 for waived over $600...your settlement is taxable.
