private student loan settlement
Date: Thu, 05/27/2010 - 08:21
private student loan settlement
I sent them a debt validation letter via certified mail because they amount they wanted was double the amount of the original loan. They only thing they sent me was a computerized printout of where the debt was from (my university) and the balance. No interest, collection fees, etc, even though my validation letter stated I wanted an itemized account for all monies owed. Then I sent a cease and desist letter because they couldn't provide me with the proper validation. I never heard from them again until recently. Seems they sold or passed off the loans to a few more debt collection agencies. I didn't respond to any of them due to the original issue with Meade and Associates. Now I have a law firm contacting me wanting the monies in full or possible legal action. How do I respond to this law firm? I plan on sending a debt validation letter...but it seems like the original guys (Meade and Associates) should be the only agency I deal with.
Should I contact my lawyer? I want to repay the loans...it is my debt. but At the original principal not at the outrageous fees and collection fees. I don't have the money to settle at a full lump sum but would be willing to make hefty payments. how should I proceed?
It sounds like these were institutional loans as you state the c
It sounds like these were institutional loans as you state the college sent them to collections. Do you know what type they are? Instituational?
Schools loans generally have no SOL. When you signed the prom note, you agreed to all costs including interest, collection fees and attorney fees. These types of debts are NOT sold, only assigned to collection agencies and law firms. Collection fees can run up to 40%.
They effectively validated the account by sending you a print out of your student account. You could call the school yourself to verbally get a breakdown of the account.
You start involving an attorney now they probably will sue.
ok..
Quote:
Originally Posted by SOAPLADY It sounds like these were institutional loans as you state the college sent them to collections. Do you know what type they are? Instituational? Schools loans generally have no SOL. When you signed the prom note, you agreed to all costs including interest, collection fees and attorney fees. These types of debts are NOT sold, only assigned to collection agencies and law firms. Collection fees can run up to 40%. They effectively validated the account by sending you a print out of your student account. You could call the school yourself to verbally get a breakdown of the account. You start involving an attorney now they probably will sue. |
If you mean institutional as in a private student loan made by the university, then yes. How do I legally obtain a copy of the original prom note (I do not have)? Should I request it in writing? Also the university is liable to breakdown all the fees and interest, not the collection agency? Do I include that in my letter to the university? And after all these years (6) wouldn't they just want to settle for the original principle amount? The one loan was 5K and the other was 2K. Now together it is somewhere near 12K.
SOL -private loan
Heard from collection agencies that student loans have no statute of limitations? They leave out an important part - that is only true for FEDERAL student loans. But private student loans - loans offered by private banks and NOT federally insured - do NOT fall in this category.
Isn't this true? These were not federally funded loans. If there is a SOL, which I believe there to be, does it have to fall in Ohio, since that is where the loan was originated, or Arizona where I lived for sometime, and am now back in Ohio? I lived in Ohio until November 2005, and moved to AZ until July of 2008 and am now back in Ohio.
Nope.....school loans for state or non profits also have no SOL.
Nope.....school loans for state or non profits also have no SOL. State schools are federally funded. Private non profits also have this option. I used to collect for Loyola University in Chicago at the agency I worked for....there was a rule that applied to them.
then how will I go about figuring out all my fees, interest, etc
then how will I go about figuring out all my fees, interest, etc?? I'd like an itemized list so I know what I am paying. Also would like copies of the orginal loan prom notes. Should I just contact the OC (the private college)? What if they say I have to deal with the CA? Isn't the whole purpose of a debt validation letter to get those things? I never got anything but a lump sum total.
Asking for the prom note at this point although your right, is g
Asking for the prom note at this point although your right, is going to show you as being difficult. Prom notes are generally request by those disputing the debt. Plus you should have a copy of your own.
Try calling the school directly for a breakdown of fees. The CA does not of the calculations....they have to depend completely on the numbers provided to them by the school.
Student loans are not dischargable in the bankruptcy, you must k
Student loans are not dischargable in the bankruptcy, you must keep it in mind they will follow you forever, unless paid off or settled.I would suggest you contact some one who can help you with easier settlement of the loan so that you dont have to pay half of the amount of $$ up front in order to go through with the settlement.
As for the breakdown of the fees,its better to contact the people who have sent it to you rather than the school directly.