I have a student loan that is in default. My goal is to remove the negative mark on my credit report ASAP by making one payment. Recently I contacted the collection agent who has the account and requested a statement of what I owe. The original balance was $1900. When I spoke to the collection agent on the phone, he tried to get me to agree to pay $2500, but I told him I wouldn't make any arrangements on the phone. So the collection agent sent me a letter stating that the amount due is $2800. How should I go about getting the collection agent to accept a lower amount as payment in full? Should I offer to pay what I think is reasonable or should I simply write back requesting an offer? Thanks.
Is it possible for you to Re-consolidate your loan ...I had a student loan that was in default and was able to Re-consolidate it with this comapany http://www.dlssonline.com/index.asp it took the status right out of default and worked like a charm for me and most of the old student loan stuff I got removed from my report ..But someone else please respond ..I don't want to give bad advice ..Im a newbee
A lot of factors determine the correct amount that can be charged for interest and collection fees. Also, a rehabilitation loan can/should remove all derogatory references on your credit report. However, it may be of some use for you to know that some states, such as the state of Washington void all collection fees and interest on a loan if a false representation is made in a prior contact with a collection agency. You should email me to let me know what the principal and interest amount is of the loan and I can let you know how to calculate the collection fee. What state was the student loan issued in, who was the guaranty agency of the loan, and who is now attempting to collect on it?
Thanks for your response. The principal on the loan was $1900, with an interest rate of 5%. It's a Perkins loan, and the guaranty agency was the City University of New York. Date Entered Repayment: 06/01/2001, but I have never made any payments on the account. My credit report shows the date of last activity as 07/2001, and it has been in collection since 04/2002. And one more question, regarding loan rehabilitation: I have read that in order to have the negative record deleted from the credit report, I have to apply for loan rehabilitation and make 12 consecutive payments. However, I would prefer to make one payment in full without applying for rehabilitation. Will this also remove the negative record on my credit report? Or do I have to go through the rehabilitation process in order to improve my credit? Thank you again for your help.
