Original creditor offered to settle, through CA, $

Original creditor offered to settle, through CA, $5200 private student loan debt for $1350. I know the tax implications. They sent me a letter saying the balance will be "adjusted" to zero and I will not owe anything on the account. I want to make sure that if I pay the $1350, they do not sell the balance to a debt buyer. What language should be included in their offer letter to ensure this will not happen/I will be protected? Thanks in advance.

2 Answers

You can go through a sample settlement letter. You can get the letter from the "letters" section of this website. You can also view such letters from different websites. This will give you some idea. 


You wont be able to change any of the language on the letter.  It is standard.  As a general rule, student loan balances are not sold off to debt buyers.

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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