Jump to content

CAN I DO BETTER THAN 92% IN STUDENT LOAN SETTLEMENT?


debtvoodoo
 Share

Recommended Posts

My student loan with Sun Tech has gone into default, but has not been reported yet. I am in the process of negotiating with CA (General Revenue Corporation) to get this settled. This loan was opened in 10-1997 and recently reported as 9-98. It went into default and to a CA, they are giving me 60 days to resolve it before it goes on CA as default.

They tell me they don't have to settle for this loan at all, but are offering a 10K settlement for my 11K loan. Is this a trick? Can I do better?

If I am going to take a 10K hit, I want it to really be great for my CR. In process of cleaning up big mess from 2 yrs ago...settling several accts. These CAs lie so much I always feel like I'm being tricked.

Of course they are rushing me to get this 'great offer' so advice would be great! Thanks!!

Link to comment
Share on other sites

  • 1 year later...
My student loan with Sun Tech has gone into default, but has not been reported yet. I am in the process of negotiating with CA (General Revenue Corporation) to get this settled. This loan was opened in 10-1997 and recently reported as 9-98. It went into default and to a CA, they are giving me 60 days to resolve it before it goes on CA as default.

They tell me they don't have to settle for this loan at all, but are offering a 10K settlement for my 11K loan. Is this a trick? Can I do better?

If I am going to take a 10K hit, I want it to really be great for my CR. In process of cleaning up big mess from 2 yrs ago...settling several accts. These CAs lie so much I always feel like I'm being tricked.

Of course they are rushing me to get this 'great offer' so advice would be great! Thanks!!

Hi. One thing you should know is that in most cases GRC does not have any control over how much you can settle for. Since they are a 3rd party collector they have to go with what the school tells them. If the school instructs them to report the account to your credit, then grc will do that, if the school says no settlement then grc has to inform you that no settlement will be accepted. Lastly if the school informs grc that they must request a settlement then grc has to put in a settlement amount and the school either says yes, no, or will counter. When your in a position to settle, call them and let them know exactly how much you have to offer and tell them thats all, if the school allows them to make a request they will do that for you and hopefully it will be accepted. Good Luck!

Link to comment
Share on other sites

My student loan with Sun Tech has gone into default, but has not been reported yet. I am in the process of negotiating with CA (General Revenue Corporation) to get this settled. This loan was opened in 10-1997 and recently reported as 9-98. It went into default and to a CA, they are giving me 60 days to resolve it before it goes on CA as default.

They tell me they don't have to settle for this loan at all, but are offering a 10K settlement for my 11K loan. Is this a trick? Can I do better?

If I am going to take a 10K hit, I want it to really be great for my CR. In process of cleaning up big mess from 2 yrs ago...settling several accts. These CAs lie so much I always feel like I'm being tricked.

Of course they are rushing me to get this 'great offer' so advice would be great! Thanks!!

Just as a note...Sun Tech is a lender/servicer. If you have defaulted, the loan has been defaulted back to your guarantee agency. The school (as the GRC collector writes) has absolutely nothing to do with your loan. They are not involved with loan. Period.

If your loan has just defaulted, they may not have added the collection fees on yet. A lot of agencies will wait until 60 days post default to apply this 18.5% charge. If they are offering you a 92% settlement now, RUN WITH IT!

If you have been in default for longer than 60 days and the collection fees have been applied, you may be able to get a bigger settlement. However they do not have to offer you ANY settlement. The loan is guaranteed, which means they will get the funds from you in one form or another, whether it be garnishment, tax offset or legal proceedings.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.