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Agreed to pay, can they still sue?


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My student loan collection agency offered a settlement which I accepted verbally. The next day they were to send the agreement but decided they wanted more money and would not honor the agreement. I do not have the ability to pay the higher amount and thus agreed to the payment plan they had presented me. Now they are refusing to allow payments and state I must pay one lump sum or they will seize my home.

Since I have agreed to a settlement and to a payment plan are they still able to take my house? What happens if I am sued? Will the fact that they lied and withdrew the settlement make any difference in court?

Thanks for your help!

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just from what i have read on the boards, if you didn't agree in writting and they didn't record the conversation, I don't see how they can prove you agreed to anything. Someone else on this board will be able to correct me if i am wrong, and answer the 2nd part of your question.

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Wow! For me, they just took my tax checks until it was paid off. Is your name the only one on your house? That seems pretty drastic...but it's the gov't... :eek: From here on out, I would just tell them to "put it in writing" and don't talk to them on the phone!

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StressCase, I am not aware of anyone who has lost a home due to delinquent student loans unless somehow you shifted equity from your home to pay down debt. The collector must have meant placing a lien against your home which can be done if you are successfully sued.

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