I want to settle an outstanding student loan. The collection agency is Delta Management. In settling, I want to pay both principal and interest, but not collection fees, in exchange for a clean trade line. Any advice on how to go about this? I've read I should get an agreement in writing. Anyone have a sample agreement, or can you point me to one on the forum? What is the precise lingo I should be requesting for the clean credit, i.e. a "paid in full tradeline"? Finally, should I negotiate with the loan originator, or Delta? Will the student loan originator deal with me even though the loan has gone into default and collections? Thanks.
I'm assuming the OC charged off the debt and it's now owned by Delta. If that's the case, then you'll need to negotiate directly with Delta. The OC won't want to deal with you if they've charged it off and sold the debt. I would shoot for complete removal of the negative marks from your credit reports. Get your agreement in writing and you may want to browse through some of the templates in the Sample Letters section first. However, I would recommend writing a letter in your own words. Is the OC reporting this as a charge off as well?
Is the OC reporting this as a charge off as well? I'm unsure. If they are, should I negotiate with the OC as well concerning the settlement?
