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lenorapike

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Collections agency claims it'll go to my credit report if I don't pay in full by Monday?
I had some unpaid tuition owed to my university. I didn't receive their mail or the collections agency's mail until recently, because they went to an old address. Now I've called the collections agency, and they're claiming it will be a huge dent in my credit score if I don't pay in full by Monday. It doesn't appear to be on any of my credit reports yet. But could it really make a difference to pay the whole thing before next week, or is it just a high-pressure "sales" tactic? Does it make a difference if I pay part of it before then? Also, does anyone know if my school can take it back from collections if I offer to pay them in full?

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You should try to work out a payment plan, and negotiate the total. Sadly, the negative marks will go on your credit report after 30, 60, and 90 days of deliquency no matter what happens, but you can try to work out a pay-for-removal arrangement where they remove the bad marks off your credit report in return for prompt payment.
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As for who owns the loan? Unfortunately, once an entity (school, lender, whoever) sells a deliquent loan to a collections agency, they're not going to take it back, because the collections agency has already paid that entity (at pennies on the dollar, mind) for your debt. You see, the way a collections agency works is this way: Your school sold the loan to the agency for something like 30-50% of what was owned. The agency tries to collect the whole thing, or at least as much as they paid for it plus a small profit (but still less than what you originally owed.) It's up to you to negotiate with them for amount and terms.

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