NiceGuyUT Posted November 2, 2012 Report Share Posted November 2, 2012 I have a 10k student loan from a local Credit Union that I defaulted on in 2009 It was sold to a CA. I have talked to them before and they said I can make payments but they refuse to give me anything in writing. what are my options? I don't want to ignore it since I do owe it and its within the SOL. they will not agree to a payment plan in writing. I can't afford to pay 10k all at once.edit: I understand its all due by law and they don't have to agree to anything in writing but what else am I supposed to do? just send them what they want every month and document every payment? Then hope for the best? Link to comment Share on other sites More sharing options...
Coltfan1972 Posted November 2, 2012 Report Share Posted November 2, 2012 I understand its all due by law and they don't have to agree to anything in writing but what else am I supposed to do? just send them what they want every month and document every payment? Then hope for the best?Now let's ask ourselves why they won't put it in writing and then if you think hoping for the best will work in your favor. You're right, they don't have to agree to anything. However, neither do you. What is their reason for not putting it in writing. Would they agree to a call being recorded? Link to comment Share on other sites More sharing options...
racecar Posted November 2, 2012 Report Share Posted November 2, 2012 If they wont put it in writing,hold out till they do. Link to comment Share on other sites More sharing options...
Flyingifr Posted November 3, 2012 Report Share Posted November 3, 2012 If they won't put their verbal agreements in writing, they are telling you:"Our verbal agreements aren't worth the paper they are printed on." Link to comment Share on other sites More sharing options...
NiceGuyUT Posted November 3, 2012 Author Report Share Posted November 3, 2012 Man I'm frustrated. I understand everything you guys are saying but I can't ignore it. I'm already dealing with a midland lawsuit and this student loan is way more. /sigh Link to comment Share on other sites More sharing options...
Torden Posted November 3, 2012 Report Share Posted November 3, 2012 (edited) I wonder how chapter 13 works when a student loan is in the mix with a creditor that won't agree to a fixed payment schedule. Does that force it to chapter 7 to just discharge everything but the student loan?FYI, I am glad I didn't do the student loan thing when I went to college. My period of being unable to pay bills that followed the first job loss cycle I went through would have forced me to another country. OTOH, I'm still thinking of going there before THIS country starts circling down the drain. Hint: they just recently circled the drain and got out of it. Edited November 3, 2012 by Torden Link to comment Share on other sites More sharing options...
BV80 Posted November 3, 2012 Report Share Posted November 3, 2012 Man I'm frustrated. I understand everything you guys are saying but I can't ignore it. I'm already dealing with a midland lawsuit and this student loan is way more. /sighThis is just another suggestion. To whom were you speaking? Just a rep for the company? Ask to speak to that person's supervisor or manager. If it were me, I'd work my way up the chain of command. They may not be legally required to put the details in writing, but there's no reason they shouldn't. Putting the details in writing protects both parties. Link to comment Share on other sites More sharing options...
NiceGuyUT Posted November 5, 2012 Author Report Share Posted November 5, 2012 I am beyond words. Nobody will send me anything in writing. all I can do is send the money and hope for the best. This is all against my better judgment. however a 12k student loan isn't something I can ignore.what the hell is wrong with these people. Link to comment Share on other sites More sharing options...
1stStep Posted November 5, 2012 Report Share Posted November 5, 2012 In that case I would do one of 2 things... first write your own letter to the local CU - pitch them terms.Second send a refuse to pay letter to the CA - state that you are negotiating with the CU and that your refuse to pay XYZ Collections. Link to comment Share on other sites More sharing options...
NiceGuyUT Posted November 5, 2012 Author Report Share Posted November 5, 2012 In that case I would do one of 2 things... first write your own letter to the local CU - pitch them terms.Second send a refuse to pay letter to the CA - state that you are negotiating with the CU and that your refuse to pay XYZ Collections.I should have updated this but I walked into my local CU and spoke with the branch manager on Friday. He tried to get my account back with them but it has been Sold/Charged off and he says they cannot bring it back. seems this is a JDB and not a CA? or it could be the CA but its so far out that the CU won't take it back. Link to comment Share on other sites More sharing options...
1stStep Posted November 5, 2012 Report Share Posted November 5, 2012 Credit unions rarely sell their debt...what's the name of the company contacting you? Link to comment Share on other sites More sharing options...
NiceGuyUT Posted November 5, 2012 Author Report Share Posted November 5, 2012 Credit unions rarely sell their debt...what's the name of the company contacting you?Knight Adjustment Bureau Link to comment Share on other sites More sharing options...
S. Louis Blisko Posted November 5, 2012 Report Share Posted November 5, 2012 Ok some issues to discuss here.1) Age of student loan and more importantly exactly how delinquent is it now?2) Stipulation agreements now matter how they are constructed represent an indicia. An admission of guilt or debt. You must be very careful here. If you sign a "repayment agreement" you give them license to report the charged off loan for "another" seven years. 3) What type of loan was this student loan? Government backed, Sallie? etc.. There are programs depending on the number of months it is delinquent to resolve this issue.There are other ways to skin this cat depending on the particulars.Check out studentaid.ed.gov - Link to comment Share on other sites More sharing options...
1stStep Posted November 5, 2012 Report Share Posted November 5, 2012 Knight Adjustment is a collection agency... they are probably collecting for either the CU or the a new owner.My suggestion is to call the CU - ask for their CFO. Generally, collections is placed under a CFO to avoid conflicts with having them report to the CLO - chief lending officer. Link to comment Share on other sites More sharing options...
NiceGuyUT Posted November 5, 2012 Author Report Share Posted November 5, 2012 Knight Adjustment is a collection agency... they are probably collecting for either the CU or the a new owner.My suggestion is to call the CU - ask for their CFO. Generally, collections is placed under a CFO to avoid conflicts with having them report to the CLO - chief lending officer.thanks for the information. I will give them a call and ask for the CFO. Link to comment Share on other sites More sharing options...
admin Posted November 6, 2012 Report Share Posted November 6, 2012 Is this a federally guaranteed student loan? If it is, then there is no SOL on this. If it's a private student loan (which it kinda sounds like it is), you have more options when dealing with a collection agency. Link to comment Share on other sites More sharing options...
BTO429 Posted November 6, 2012 Report Share Posted November 6, 2012 I wonder how chapter 13 works when a student loan is in the mix with a creditor that won't agree to a fixed payment schedule. Does that force it to chapter 7 to just discharge everything but the student loan?FYI, I am glad I didn't do the student loan thing when I went to college. My period of being unable to pay bills that followed the first job loss cycle I went through would have forced me to another country. OTOH, I'm still thinking of going there before THIS country starts circling down the drain. Hint: they just recently circled the drain and got out of it.if it is a private student loan not a Government loan it is treated like any other loan. Link to comment Share on other sites More sharing options...
NiceGuyUT Posted November 7, 2012 Author Report Share Posted November 7, 2012 Is this a federally guaranteed student loan? If it is, then there is no SOL on this. If it's a private student loan (which it kinda sounds like it is), you have more options when dealing with a collection agency.I just checked with the CU and they said that the loan was funded by the hair styling school that my wife attended. so it was not a federally backed loan. Link to comment Share on other sites More sharing options...
WhoCares1000 Posted November 7, 2012 Report Share Posted November 7, 2012 If this is not a Sallie Mae loan, then see if you can get together $2k - $4k and offer that as payment in full. Just make sure to get it in writing or as you found out, they act like it never happened. Link to comment Share on other sites More sharing options...
Torden Posted November 7, 2012 Report Share Posted November 7, 2012 This issue ... they won't send it in writing ... is one of the MAJOR reasons I tell people to ALWAYS demand that ALL of the communications be in writing UP FRONT. If they call, say "do you have my address on file?". If they say "yes" then respond "then use it because I only handle business matters in writing" and hang up. If they say "no" then say "then you have the wrong <ME>" and hang up."Only our attorney can do communications in writing" ... "ah, so no one else there got past the first grade?" Link to comment Share on other sites More sharing options...
BTO429 Posted November 7, 2012 Report Share Posted November 7, 2012 Actually i would write them a letter that says all communication has to be in writing and that you will not accept any more phone calls...Another question,,did you give your number to the junk debt buyer? if not also include in that letter that you are revoking any express consent that they think they may have to call your phone. I would call them one more time,,,the ca, and ask who they are collecting on behalf of,, who owns the debt. We need to know thisIf it is a junk debt buyer it is a whole different ball game dealing with them.. Link to comment Share on other sites More sharing options...
Beergoggles Posted November 8, 2012 Report Share Posted November 8, 2012 if they will not put settlement in writing then do not write them any checks Link to comment Share on other sites More sharing options...
NiceGuyUT Posted January 29, 2013 Author Report Share Posted January 29, 2013 they began calling me again. They will not put anything in writing but they did say I can make monthly payments. I do not want this to get to the courts. I supposed all I can really do is start sending my monthly payments Link to comment Share on other sites More sharing options...
inthesticks Posted January 29, 2013 Report Share Posted January 29, 2013 If THEY won't put it in writing why don't YOU? Call them again, get the rep to tell you you can send payments and how much the payments have to be, then send a letter to them CMRRR saying something along the lines of "this is a follow up to our phone conversation of x/x/2013. I spoke to your representative Sally at 1:14 pm. Sally informed me that it was acceptable to your company for me to make monthly payments of $150.00 on this account. Unless I hear otherwise from you within 10 business days of receipt of this letter I will consider that we have agreed that I will make payments of $150 per month." If you can find out who the top dog is at the CA send it to them directly. Link to comment Share on other sites More sharing options...
NiceGuyUT Posted January 30, 2013 Author Report Share Posted January 30, 2013 That is a great idea thanks! Link to comment Share on other sites More sharing options...
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