Sallie Mae 771 days delinquent

You can glance through the following threads where a lot of consumers have shared their experiences with Sallie Mae:
http://www.debtconsolidationcare.com/settlement/thread81729.html
http://www.debtconsolidationcare.com/student/salliemae-settlement.html

I feel it will better if you deal with the collections branch of SM directly. They can sue you for the debt any time. It depends upon them as to whether they want to file a lawsuit against you.

Is this is private loan or federal loan?

EIther way you have no option but to deal with the collection agency, You cannot negotiate thru the mail either. Any payment sent in for a student loan is applied to the fees and interest first and then principal,....so no, the fees would not go away.

You can only be sued it this is a private loan.

Thanks for the replies!

Yes, this is a private loan : (

What I don't understand is it's been 772 days now past due. Just to be sure I'm emptying all my bank accounts of cash and moving it to a safe place.

I have a question: when I log in online to salliemae.com, it says nothing of the huge fees that the collection agency person mentioned. Is this the start of the runaround??? I really hope not...

Since you are defaulted, your account online will not be up to date.

Sallie Mae adds the collection fees, not the CA. It is generally up to 25%, or the cost of collections. Plus your interest is accruing daily.

OK, I will not believe what the numbers say on the salliemae website now. I will just have to call them tomorrow, and then get automatically transferred to their collections department.

I asked them to send me a statement to me in the mail. It hasn't arrived yet, it's been probably 3 or 4 days. I just wanted something in writing of how much they say I owe, and I'm glad seeing how the website has different number. Could they be dragging their feet or something?

I really don't want to deal with them over the phone, b/c it seems to me that if it's not in writing it's not for real...

Who is collecting it? Sallie Mae or an outside CA? If it is Sallie Mae internal collections, there is probably no letter. If it was a CA, the collector generates the notice...it is then printed the following day either in house or by a printing service. It is then mailed the day after...so as a general rule it takes 2 days to get the letter into the mail. Besides, being in default, you dont get a statement....you get a demand.

They will not deal with anyone in writing. It is standard in student loan collections partly due the prom note. Everything is outlined in the prom note and you agreed to the terms including interest, penalties, collection fees/court and legal costs plus your agreement that you would pay the balance in full on demand upon default.
Any payment agreement in writing would contradict your prom note, and they just wont do it. If you cease and desist them, they will sue you quickly.

It says on the website I have:

Signature Student Loan - UNSUB /
SLM PRIVATE CREDIT STUDENT LN TR

So I take it that's a private loan then. I'm going to call them tomorrow.

I don't know if it's in house or not. When I call Sallie Mae and enter my information on the telephone, they transfer me over to another place that I haven't successfully gotten through to yet. I told them to send me a statement, and I think that's what they were going to do, but I guess maybe not.

Also another thought, have they not sued me so far because it such a low amount?

And how do I cease and desist them, so I don't make the mistake of doing it?!?

You are only 2 years behind...give them time...they will sue.