Not Subsidized? Not a Problem with Credit 911
 |
At Credit 911 we are having a really tough time keeping up with our processors. It’s really not their fault, they see a debt, any debt, and they want to make it smaller. We know, we know! We’ve already told them that Student Loan’s can’t be settled easily and never for any large discounts, they just will not listen. They think they can settle anything, and the crazy thing is THEY KEEP ON DOING IT!
We’ve come across the articles just like you have, “Settling Student Loan Debt Not a Slam Dunk,” by Christina Couch, as one example…
 | “Unlike personal loans and credit card debt, federal and private student loans can't be dismissed in bankruptcy except in rare cases of permanent disability and undue hardship, says the Department of Education. While education loans are harder to shake than other kinds of debt, there could be recourse for those who get financially snowed under by student loans. Here are the facts on settling student loan debt. You'll have to pay the principalStudents who dream of taking on massive loans and then settling them for pennies on the dollar are living in a fantasy world, says Greg Meyer, community relations manager for Meriwest Credit Union in San Jose, Calif. |
‘(Lenders) aren't going to settle for less than the principal balance on a loan," says Meyer. "Students may be able to get some of the collection fees and back interest waived if the loan is in default and if the lender knows that you'll never be able to pay it back.’”
Well our readers know already, our processors don’t believe in listening to the Rules that other folks have made up, they have to see for themselves. We told them what was out there, things like “Generation Debt":Why Now is a Terrible Time to Be Young.” by Anya Kamenetz which states that “When it comes to settling private student loans, you’re basically on your own.” But they just don’t like leaving people on their own.
So we spoke to a few clients that weren’t having an easy time of things, folks who just couldn’t afford those loan payments for some time already, no matter how they tried. We asked them if they wouldn’t mind if we had a crack at those pesky student loan creditors. They saw the glint in our eye, and they let us have at it.
| So the first thing our team did was review every law and rule associated with student loans. We did find some troublesome information, that loans subsidized by the government have already been offered an income based repayment plan. So those are a no go (for now), but we also found that unsubsidized loans bore no difference to regular unsecured debt, you just couldn’t get rid of it in Bankruptcy. |  |
A few weeks after they started with this insanity, I walked over to the processing department, smirking that perhaps they hadn’t proven everyone else wrong again, but they stared back at me with the usual, “The proof is in the pudding Alex, and we’ve always got lots of pudding!”
The bottom line, a Sallie Mae loan consisting of four notes together totaling $46,535.72 was settled for $8,000.00, that would be a settlement of 17%. Our client couldn’t believe it, and frankly neither can I. So they did it again, and again, and so it’s official folks, Credit 911 is happily adding STUDENT LOAN SETTLEMENT into any client debt settlement program.
Take a look:
 |
The entire agreement is posted below for your review. We scanned every page so that you would know if you had seen this kind of proof anywhere else. This is the real pudding, and as always, Credit 911 has lots of it!
Related Posts
No comments:
Post a Comment