studentls Posted November 24, 2004 Report Posted November 24, 2004 I am desperate to resolve of my student loan mess! I have had a lot of family problems which great impacted my ability to pay my student loans. Looking for a better life, I moved to Europe in 1989.Presently my defaulted student loans are with: 7 with GS - USA Funds Guarantee Services - collection agency 2 with US Dept of Ed 1 private organization Per phone conversations with the organizations listed above, I owe over $72000 with interest rates varying from 5.9% to 9%. The original principal for these 10 loans was $34000. In Oct 2003, according to Equifax, I have no existing credit report (no negative or positive listings.) I live outside of the US and have not applied or used any credit in the USA in over 14 years. My last address in the USA was in Arizona in 1989, but I received the student loans in Illinois in 85 and in AZ in 88-89. They have been in default since 1990. I plan to return to the USA within the next 5-7 yrs and will need a good credit rating. 1. Since I do not have any of the original promissory notes, should I send debt validation letters to USA fund Guarantee Svcs, Us Dept of Ed and the private organization?2.After receiving the promissory notes, should I then try to settle the amounts?3.How much do you think they would settle for? I have investigated rehabbing & consolidating the loans but it seems that I would pay less if I settled. I have heard that they may settle for 50% of the total. I have also heard that they will settle for the principal and interest and will only remove the collection fees. 4.Could they garnish my wages and seize my assests in Europe? Would they do it for the amount of $73000? 5.Should I use a mailbox address in the US or an overseas address when communicating with these organizations?I am sorry to ask so many questions but would greatly appreciate your help.Thank you in advance, Worried about Student Loans
edubb007 Posted November 29, 2004 Report Posted November 29, 2004 Man... What a mess! How about using a mailing address in US that can be forwarded to you?I think not having a CR w/ EQ is good for now! I THINK?!?!?I have heard of a 50% settlement on SL's but I would want to verify first through CMRR.You definitely could consolidate for a better rate and settlement amount all at once. Get a loan for 1/2 of the 70K+ and than play with the money! What are your other scores and CR's looking like?
studentls Posted November 30, 2004 Author Report Posted November 30, 2004 What is CMRR?I don't have any other scores.
edubb007 Posted November 30, 2004 Report Posted November 30, 2004 CMRRCertified Mail Read (Receipt): Basically a letter you send for like $4 that sends you a green card once the person you sent it to receives it and starts the perverbial clock that everyone is talking about. I.E... 30DAYS for CRA to respond to dispute and other deadlines...Cool?
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