Stupid offers
Date: Sat, 09/08/2012 - 21:02
i have a debt with a college, they loan me cash to pay for books and it was interest free. it should hadn't happened that they needed to loan it to me, cause it should of been included with my already borrowed student loan, but anyways, they scammed me by doing this so called interest free loan. now, of course, i cant pay it. they now offered me with a letter: pay half of what you owe us, we will give you 30 days, and the loan will be paid in full, that's 50% discount ! Where the heck can I get half to pay, when I can't afford the monthly payments. So,,, if they can offer this 50% off , but given the time restrain, why not give me 50% off and say 6 months / then I could pay it off? Why pressure me to pay it in 30days, its too hard to come up with the lump sum to pay off, yet they can offer 50% savings, so whats their problem, obviously, they can wait, why can't they wait 6/months?
Quote:i have a debt with a college, they loan me cash to pay for
Quote:
i have a debt with a college, they loan me cash to pay for books and it was interest free. it should hadn't happened that they needed to loan it to me, cause it should of been included with my already borrowed student loan, but anyways, they scammed me by doing this so called interest free loan. now, of course, i cant pay it. |
If you didnt qualify for loans to pay for the books, how else would you have paid for them??? Why are you calling it a scam? What type of college? Was this an instituation loan? Usually these types of loans are interest free while you are in school but once you graduate or default, interest starts to accrue.
Quote:
they now offered me with a letter: pay half of what you owe us, we will give you 30 days, and the loan will be paid in full, that's 50% discount ! Where the heck can I get half to pay, when I can't afford the monthly payments. So,,, if they can offer this 50% off , but given the time restrain, why not give me 50% off and say 6 months / then I could pay it off? Why pressure me to pay it in 30days, its too hard to come up with the lump sum to pay off, yet they can offer 50% savings, so whats their problem, obviously, they can wait, why can't they wait 6/months? |
This is how collections and settlements work. They may not want to wait six months. It is possible that they are trying to liquidate the account quickly to avoid suing you, which would end up costing you more money.
The loan does seem to be interest free and it also seems like a
The loan does seem to be interest free and it also seems like a pretty good settlement offer. What is the total repayment amount as of now? Did you make any payments against this account at any point in time?
