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Defaulted Student Loan
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Posted by Ginger
(67.75.22.238) on October 30, 2003 at 02:15:48:
I have a student loan orig amt of $5000 that defaulted......i received a notice in september from dept of educ saying how much i owe($9000) and how much tax money was seized and applied.......now today i get a letter from NCO saying since i never responded to their request for payment of this student loan they "suggest i line up a lender for securing the funds necessary to pay the loan".......the amount they say i owe is $12000.......they say they sent me a notice prior to this one.
My question is this......if i didnt respond within 30 days of the first notice can i still ask for validation of the debt.......( i would like to dispute the amount)
I called NCO today (i know big mistake) they said they could settle it for $7900......i dont have that much.......so they said ok you can do a payment plan for $1000 a month!! I dont work....have 2 small children......i cant afford that......
any suggestions as to what to do.....i offered to settle it for $4000 today and they said no. I called the dept of educ and they wont work with me they say because it is with a collection agency.
Oh and the woman on the phone today from NCO asked me about household income.....i said i have none but she wanted to know my husbands......what does that have to do with it.....also she asked where we bank but I didnt tell her.....she also asked household expenses which i did tell thinking that if they see income and expenses they will see that i really cant afford the payment plan she proposed.
Anyway does anyone have any suggestions for me......all i want is a reasonable settlement or payment plan.
I also told the collector that my husband would be filing an injured spouse claim if they take the taxes again since they are technically mostly his...(he works full time..i had a part time job for 6 months out of last yr)
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