Who can help me negotiate a reduced settlement for a defaulted private loan?
I have a Sallie Mae Signature Student Loan that has defaulted. I am trying to rectify the situation, but would like to speak to someone about my options for solving the issue. Who can I contact to help me fix this problem? The only information I have right now is the original balance (from approximately 10 years ago), the name of the guarantor, and the name of who is handling the loan now; it is a different company than the guarantor. I am hesitant to contact the company handling it without consulting someone that knows how to handle a situation like this. Any help?
This is a private loan, NOT a Federal Student Loan.
If you have a SallieMae Signature loan it is still with Sallie Mae but placed with a collection agency for collection…if that collection agency isnt in contact with you or cant get a payment from you in so many days Sallie mae places you with a different agency…this cycle goes on and on until either a judgement is place against you or a wage garnishment is in order…your options are limited to none…when you contact an agency they will make you pay the balance in full, high monthly payments, garnish your wages, settle your account or place a judgement on your account. For a settlement they will usually accept 60-80% of the current balance as a settlement…email me for any additional questions.
