A little embarrassing for me to post but its a topic I could definitely could use help for. Around the end of college, 2016, I pulled out a loan for a very low interest rate and refinanced some of my private loans with higher interest. I wasnt able to find a decent job after college for the first year so I just was able to get by with side gigs. I ended up defaulting on the loan and the loan seemed to have been sold off to Sarma, a debt collections agency. The total is roughly 20,000 but they sent me letters to settle for half. I defaulted back in 2018. Today, I purchased a car, with a cosigner because now I have a stable job with fairly decent income but that, now, third party loan came back to haunt me. I prioritized other student loans and paid those off first, as I did not default on them at the time. This is the only loan I have left under my account. It was embarrassing to have that loan come up. Im trying to fix my credit and the only reasonable option I can think of is settling. Ive researched and ive thought about getting some consulting advice but I wasnt too sure. Is the settlement price something that is not negotiable? Is there a way to remove the damage on my credit report? Is the debt often something a third can prove? I feel like I have a moral obligation to at least try to settle but any advice would be helpful. I understand that the total sum is my responsibility but any help would be appreciated. Some things I did find out:

  1. On the phone, request a physical copy of the agreed upon amount and on time payment.
  2. Send a physical cashiers check instead of account information.
  3. Have confirmation of the approved payment, in case Sarma sells off the remaining debt so that other third parties can come for me.

Any help would be greatly appreciated.

submitted by /u/Breaking_Brian
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