Sunrise credit agency has been calling me for the

Sunrise credit agency has been calling me for the last two years to collect on a student loan I defaulted on. I borrowed 74,000. They propose to settle for 59,000. I'm in a position to settle with them now. He says if I give him $50,000 he'll let me pay the rest ($9,000) off through his agency for $50 a month with 0% interest until the full $59,000 is paid off.

How can I trust them to do what they say? They could potentially take the $50,000, ask for more, and ignore the $9,000 agreement with 0% interest.

How can I know for sure that the debt will be settled once I give them that amount of money.

Any advice? I'm thinking of getting a lawyer to possibly handle the contracts.

Thanks,
David

Also, what do you think my chances are of getting a "Pay for Delete Agreement" on this amount?

2 Answers

Is this a private or federal loan?

I have major problems with this arrangement....

1.  This is is not a settlement but a payment arrangement. Student loan settlements NEVER excced 90 days.  What they are proposing is a 15 year plan...aint going to happen. 

2.  Accruing interest is NEVER waived meaning they cannot put it at 0% interest

There realy is no point contacting a lawyer....since you have a prom note already, the CA will not (forbidden by the guarantor) but any agreement in writing.  If you have the funds to settle it, do it now.  Until the account is settled or paid in full, this monkey will be on your back.  If it is a private loan, you can be sued.  If it is a federal loan, you would be subject to wage garnishment and federal tax offset.

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

Is this a private or federal loan?

I have major problems with this arrangement....

1.  This is is not a settlement but a payment arrangement. Student loan settlements NEVER excced 90 days.  What they are proposing is a 15 year plan...aint going to happen. 

2.  Accruing interest is NEVER waived meaning they cannot put it at 0% interest

There realy is no point contacting a lawyer....since you have a prom note already, the CA will not (forbidden by the guarantor) but any agreement in writing.  If you have the funds to settle it, do it now.  Until the account is settled or paid in full, this monkey will be on your back.  If it is a private loan, you can be sued.  If it is a federal loan, you would be subject to wage garnishment and federal tax offset.

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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