how would you go about fixing your credit and paying back student loans??????

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  • tatgrrl
    Registered User
    • Jan 2005
    • 10
    #1

    how would you go about fixing your credit and paying back student loans??????

    i have been doing webmaster work for almost a year now and it is a lot better than anything i did before. i defaulted on my student loans when i was working crappy retail and they've been in default for a few years now. so i contacted the loan people and found out who had my loans.

    i wanted to just pay them off, but the people who have my student loan said it would be best for my credit if i agreed to pay the extra collection money and made little teeny payments for 12-14 months and then it would be deleted from my credit. not sure if the whole loan would be deleted or just the bad part. i'd still have a lot left to pay then.

    does anyone here know the best way to pay back student loans so that it fixes credit?

    how have other people here fixed their credit when they defaulted on their student loans? thanx
    Tags: None
    • chase
      Confirmed User
      • Jul 2004
      • 6019
      #2
      I entered into a "rehabilitation" agreement with my company. I make $70 payments for one year, then the default status gets removed from my report, and the old accounts show as transferred to a new loan, which I can pay off just as I should have paid my original loans.
      Need Hosting? Reality Check Network services me purrrfectly!

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        • tapatio
          Confirmed User
          • Aug 2005
          • 526
          #3
          Originally posted by tatgrrl
          i have been doing webmaster work for almost a year now and it is a lot better than anything i did before. i defaulted on my student loans when i was working crappy retail and they've been in default for a few years now. so i contacted the loan people and found out who had my loans.

          i wanted to just pay them off, but the people who have my student loan said it would be best for my credit if i agreed to pay the extra collection money and made little teeny payments for 12-14 months and then it would be deleted from my credit. not sure if the whole loan would be deleted or just the bad part. i'd still have a lot left to pay then.

          does anyone here know the best way to pay back student loans so that it fixes credit?

          how have other people here fixed their credit when they defaulted on their student loans? thanx


          You can settle alot of the time at abuot 50 cents on the dollars.
          Just make sure you get something in writing that states it will be removed form your credit history and show as paid in full.
          I would also check out that lexington law site I have heard they can do wonders.
          ttapatio@ Gmail dot Com

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            • chase
              Confirmed User
              • Jul 2004
              • 6019
              #4
              Originally posted by tapatio
              You can settle alot of the time at abuot 50 cents on the dollars.
              Just make sure you get something in writing that states it will be removed form your credit history and show as paid in full.
              I would also check out that lexington law site I have heard they can do wonders.
              Student loans are a federal debt..I'm not so sure they can settle.
              Need Hosting? Reality Check Network services me purrrfectly!

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                • Bama
                  Confirmed User
                  • Nov 2001
                  • 2727
                  #5
                  According to some of the galleries I've seen some of the webmasters post, teachers seem to trade grades for blowjobs and creditors accept sexual favors as payment - though I think they require some anal action for that!

                  ;)

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                    • Shoplifter
                      Richest man in Babylon
                      • Jan 2002
                      • 5848
                      #6
                      Originally posted by tatgrrl
                      does anyone here know the best way to pay back student loans so that it fixes credit?
                      Write them a check and then call the reporting bureau that you have paid it off. No problem.
                      I Like Blondes

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                        • woj
                          <&(©¿©)&>
                          • Jul 2002
                          • 47882
                          #7
                          Originally posted by Shoplifter
                          Write them a check and then call the reporting bureau that you have paid it off. No problem.
                          Sometimes the obvious solution is not the best. If you do this then the fact that you have defaulted in the past stays on your record, with some negotiation you can have the company remove it and end up with a completely clear record.
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                            • tatgrrl
                              Registered User
                              • Jan 2005
                              • 10
                              #8
                              Originally posted by woj
                              Sometimes the obvious solution is not the best. If you do this then the fact that you have defaulted in the past stays on your record, with some negotiation you can have the company remove it and end up with a completely clear record.
                              i had heard i could just pay like 75% of what i owed and pay it all at once, but the guy on the phone said it would still be on my credit then. i want to have it done with and i have the money now, but it seems like that will leave my credit bad.

                              they also want me to sign a thing saying i agree to let them add 18.5% collection costs. they say i agreed to that when i took out the loans, but it seems like they wouldn't need me to sign agreeing if that's the case.

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                                • Ninja Scripts
                                  Confirmed User
                                  • Jul 2005
                                  • 1032
                                  #9
                                  Originally posted by tatgrrl
                                  i had heard i could just pay like 75% of what i owed and pay it all at once, but the guy on the phone said it would still be on my credit then. i want to have it done with and i have the money now, but it seems like that will leave my credit bad.

                                  they also want me to sign a thing saying i agree to let them add 18.5% collection costs. they say i agreed to that when i took out the loans, but it seems like they wouldn't need me to sign agreeing if that's the case.
                                  I don't think you would have huge problems with your credit later even if it stayed. Most places now take into account that you did pay regardless of what your score is. I bought my first car with horrible credit and $5500 cash down, after a year of payments I could get a loan for most anything.

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                                    • MickeyG
                                      Confirmed User
                                      • May 2004
                                      • 4134
                                      #10
                                      take out another student loan, they offer them for like 5% interest. Use that loan to pay off the original loan which will then clear your credit.

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