FMC Private Loans

Date: Tue, 03/17/2009 - 19:47

Submitted by jessharris77
on Tue, 03/17/2009 - 19:47

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Total Replies: 3

FMC Private Loans

I got three loans from TERI in 2006-2007. They were cosigned with my mother. They were also in Deferrment until I filed for Ch. 13 Bankruptcy last august. Now they are in default. (my attorney did not tell me this would happen, and I was stupid and did not do my research) Do I have any options about doing a settlement, etc for these loans? I need to get this taken care of so it stops hurting
my moms credit report. Help please!

Settlements are usually quite minimal 10-15% on private loans...

Settlements are usually quite minimal 10-15% on private loans...and teri is a stickler.

lrhall41

Submitted by SOAPLADY on Tue, 03/17/2009 - 20:03

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Well, they cant try to collect from me or her for the next 5 yea

Well, they cant try to collect from me or her for the next 5 years, so do you think that will make them more apt to settle?

lrhall41

Submitted by jessharris77 on Tue, 03/17/2009 - 20:16

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Actually while you are in BK, they cant negotiate with you perio

Actually while you are in BK, they cant negotiate with you period. So settlement is out of the question until after the bk is discharged. Any discussion would be a violation of the bk stay.
Plus your trustee might not be happy about an account being settled outside the BK.

Also, keep in mind that your interest will be updated after the bk is discharged so your balance will be significantly higher.

lrhall41

Submitted by SOAPLADY on Tue, 03/17/2009 - 20:23

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