I'm hoping someone here can provide me with some guidance. I've been in the process of repairing my credit and only have one negative left on my credit report... a Direct Loan which was consolidated, defaulted and is now with ACT. No excuse, but I was young and didn't realize how important having good credit was and I ignored my student loans. I have a good paying job now, own a home with my partner (using her credit obviously), 2 cars, etc so we have gotten by with our salaries and using her credit, however, it is time to repair my credit. I'd like to rehabilitate the loan making REALISTIC loan payments to ACT each month but they have requested LARGE, unrealistic payments in the past at $4,000 each payment on a $20,000 debt. I'm willing to pay the loan off and rehabilitate making 1%-2% ($200-$400) a month ON TIME payments for a year. What would be the best way to approach ACT to get them to accept that payment amount? They do not have my contact info anymore as I have moved but in the past have harassed myself, family members and even employers. I'm concerned if I contact them again, they'll require large unrealistic payments again, request new employer information and family contacts and if an agreement isn't made by me to pay $4,000 payments, will begin to harass them again. I'm willing to pay the debt, but I'd like to have more control over the situation this time. Thanks for the help!
I have never actually... only spoken with them over the phone. I think I will begin there, thank you. I'll report back my progress. Any recommendations as to specifics that MUST be in the letter? Thanks
Sorry for the delayed response. Did you already contact them in writing regarding the loan? If not, just remember to keep it simple and to the point. Don't go into a long story about why you ended up defaulting. Simply tell them what you can realistically afford and that you have a strong desire to get this debt paid off as soon as possible. Hopefully you'll receive a positive response from them.
