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Help me settle with student loan debt collection

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  • kyoko
    replied
    I am very, very sorry to hear what you are going through...! I am not sure why they stopped withdrawing from your bank account after September, but did you make a payment for 9 months? You contacted them almost two years ago, starting your loan rehabilitation and the auto-payment stopped last September, so I am not sure if you made it 9 months.

    If you completed that 9 months consecutive payments, you should have 9 years and 3 months to pay off your remaining balance.
    If you could not make that 9 months period, then unfortunately, I think only option you have is to pay in full (or whatever the collection agency agreed upon).
    Last edited by kyoko; 02-08-2014, 01:45 PM.

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  • snafu
    replied
    Student loan debt is nearly unique in that it cannot be discharged, not even in bankruptcy. It's your name on the documents and you will need to pay whatever sum you can negotiate with Collections. Meanwhile I presume the penalties continue to escalate and the amount owed increases.

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  • PSUgirl
    started a topic Help me settle with student loan debt collection

    Help me settle with student loan debt collection

    I will make this short but try to share all necessary information. I took out a student loan for half of my school and waitressed to pay off the rest while I was attending school. My greatgrandfather passed awhile while I was in school and my mom said she would pay off my loan per his request with the money he left our family. This never happened and I went into default. I found out about this debt about 2 years ago when I tried to rent an apartment and was denied for a low credit score. This is my only debt I i have never owned a credit card.

    My loan has been assumed by Account Control Technology, Inc and when I spoke with them nearly two years ago they said my credit report would be cleared and I would have many fees/penalties removed if I linked to my bank account and made 9 consecutive monthly payments. I linked the account as they asked.

    I called earlier this month just to make sure my credit has been restored and I find out they stopped withdrawing from my account in Septemper of last year and I'm back in default.
    With penalties I owe just over $17,000, I was told by a supervisor of this company that they would likely accept $13,500-$14,000. I told her the truth and that I have no home, car or any other asset in my name and my bank account has $8,735 in it. I offered her all that account has and he kind of laughed and said they won't accept anything that low. She told me she had to call the Deprtment of Education and she will call me back in an hour with a total payoff amount. This call never came, two days later I called back and she said she never got in touch with Dept of Ed but she will try again today. I still haven't heard back. I'm 24 years old, married in October 2013, my husband wants this taken care of and though he doesn't have a large amount of money he will pay the difference so we can be out of debt.
    I'm sorry this is so long but I don't know what to do or who to contact and hope someone here can help. I'm trying to settle this debt and I keep going in circles and don't want to just wait by the phone as interest accumulates until someone calls me back. I hope I've come to the right place for help or direction.
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