Hello good.nelly, I'm hoping you can provide me

Hello good.nelly,

I'm hoping you can provide me with some insight with my problem. I am trying to settle a debt of $18,000 (student loans). I have been in contact with an agent and requested that I pay this over a 3 year period, in writing. She then called and said that I needed to pay this amount all in full one time. I explained to her that I have no way of doing this since I absolutely have no money to pay it all at once. After this conversation, she has not been in contact with me whatsoever about settling this debt. Can you please let me know what I should do so that this won't come back to haunt me (again) legally?

Thank you in advance,
Helen

4 Answers

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Again, you will want to look at consolidating with the Direct Loan Consolidation Loan program thru the Department of Education.  SInce you are in default, you will automatically be put into the income contingent repayment plan.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

The loan is federa and she works with Direct Loans (NY Higher Education). The loans became default because the statements were being sent to a wrong address, which I explained in the letter. I wrote that I do want to settle the debt but do not have $18k in full at the moment. If I can't pay it in full, what are my options? 

Thanks for your help, SOAPLADY!


Is this a private or federal loan??

All student loans when they default become due in full immediately per your agreement.  No collector is going to set up a 3 year payment plan...their job is to get the account paid in full immediately.

If it is federal, consolidate with the Direct Loan Consolidation Program. 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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