Ok here the jist of it Got a Educaid loan from First Union at the time before the Wachovia merger. Long story short because of stupid people at my college my deffered loan turn into pay us now as the school has kicked you out for non payment (college never finished there paperwork for my standford loan. so i got the boot) Educaide wainted there money up front I had no job at the time and 3 months later I was getting calls from bill collection Asset Managerment which later merge with some one else who became west assest management. I have had a hard time finding a regular job afor the last 3 years and I work with the temp places can get me a job or I do side work. Apparently west asset management lost the educaid account contract with educaid accordin to them. Now it under the hands of these pitbulls General Revenue Corp. West Asset management was understanding and let me pay as much as i could each month. Lon store short I pulled my experian credit report asand see the account say Purchase by another lender which i conclude to be General REvenue as they seem to like to buy debt. So here are my questions they say I owe 6900 on a 4928 dollar loan ( what they say i own with interest even thougn i was paying the others all this time) they are offering me a 65% settle ment over the phone at 4250 dollars A can they remove the negative mark by wachoiva if i make a settle ment. will a settlement even do me any good . I cant afford the outrageous amounts of money they want a month. Should i be pushing them for more than a 65 % settlement considering that they are really being *******s and I been up to this minute making payments in good faith to the previous place. Any help on what I should do would be great.
First you need to determine what you actually owe, and make sure they aren't just "settling" on an amount they have added a bunch of fees onto. Get any settlement agreements in writing. If you don't, they may just sell the difference between the amount due and the settlement amount to another CA.
This has raised new questions 1. Is there any way of getting this monkey off my back Wachoiva states they still own the paper. 2. Is 65% really fair I have people who are going deal with this alot ans told me to half that amount and argue it out with them to get a more reasonable deal. 3. I called General Revenue today and got some one else as the pitbull of a agent was on the phone and I wanted to see there terms of the settlement so I had a chance to look it over. and come up with a good counter offer. 4. Wachovia said they cant give me a exact figure on what I owe so I dont know how to get the numbers or who the get them from?
What interest rate gets you from 4920 to 6900 in 3 years? 12% APR compounded yearly, or 11.5% APR compounded monthly, with no payments applied during that interval. Is that about the interest rate on your loan? Is $6900 likely to be the amount due?
14.50% compounded monthly I was paying West Asset Management what i could which was 30 dollars every month. I am so backwards GRC says I ow 1000 dollars in back interest. All I know is I am going to have to force them to prove everything before they get any money at all.
At $30/month, you only pay half the new interest on $4920 at 14.5% due each month. You are going deeper at $30/month.
See the 14.5 % is what I told is was by GRC , West assest management was telling me that the intesters per month was only 27 dollars a month so I thought I was at least making interest. But, I am trying to do a setllement so any links or information you can provide would be a big help. As even paying in full the 6900 they say I owe is cheaper with a personal loan per month then what GRC wants per month.
