Settling a debt with original creditor [student loans]
Date: Sat, 11/08/2008 - 12:20
Settling a debt with original creditor [student loans]
For the last six months or so I have been trying to contact the company I used to take out my student loan, TERI. I knew that I owed them several payments, but I had not heard anything from them in months and months regarding my debt or how much I owed. I tried calling them for months but I was never able to talk to anyone, I just kept getting voicemails in their customer service. I even sent them a fax and got no response at all.
So yesterday I get a letter from a debt collection agency telling me that they have my TERI debt and I have to pay everything to them. Of course I can't pay the whole sum, and I read online how I set up a payment plan with the debt collector. I can do that.
But what I would REALLY like to do first of all is talk to someone at TERI and hopefully work out a payment plan with THEM instead of with the debt collectors. However I am now reading at the TERI webpage and in news that TERI has declared bankruptcy.
Is that why I haven't been able to talk to anyone whenever I call the TERI offices? Can I still even settle this with TERI? How does my debt work with an agency that has declared bankruptcy? Will I still be able to even talk to TERI?
THanks and sorry for
OK... I've moved your thread to the Student Loan board. You'll g
OK... I've moved your thread to the Student Loan board. You'll get more exposure and better help here.
Was this a private student loan, or Federal? And how far behind are you on it?
Since your are being contacted by a CA, I would assume that your
Since your are being contacted by a CA, I would assume that your loan is defaulted. TERI as the guarantor has assigned it to a CA under contract which basically means that all negotiations must go thru the CA. Your payments would be accelerated due to the default. They will take payments but you also must be aware that making payments will not prevent them from filing a judgement against you.