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Posted in Student Loans
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Question By
jprev97

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25 People Helped
How to settle with Williams and Fudge?
Two years ago I attended George Washington University for a semester. I left the institution with an outstanding balance of approximately $10,000. I worked out a payment plan, but couldn't keep up with the high monthly payments [$500 a month for two years (I was unemployed)]. Eventually, the account went to collections (Williams and Fudge).

At the moment, I am gainfully employed with the United States Air Force, but being that I am military my paychecks are small. Currently, my outstanding balance is $13,400 [Williams and Fudge added 33% to the original amount as a fee for their services]. I have agreed to pay $125 on the 1st and 15th for the last 3 months, but I want to settle my debt quickly.

From what I gathered from my correspondence with the GW and W&F, W&F is acting on behalf the university to collect my debt in full. However, my debt isn't a loan (no promissory note was signed). I want to know if it's possible to settle my debt with GW/W&F?

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Top Contributor
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Paying them off in full is the only way

that I know of is to pay them off.

First, understand that student loans (and yes this is considered a student loan, even if you did not sign a promissary note, That payment was credited to you and used to pay for your schooling) are not dischargable. That means that even if you filed bankruptcy, this debt will not go away until it is paid in full.

Williams and Fudge is a Payment processor. Not a debt collector,  Debt collectors buy old debts for pennies on the dollar.

A Payment processors job is to send you bills and collect your monthly payments, Nothing more. They do not have the right or ability to negotiate a lower pay off or change the amounts you owe.

Student loans are one of the most horrorfing financial products that the banks have ever convinced the government to approve. 

Top Contributor
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As active duty military, check with your Commanding Officer about the Soldier's and Sailor's Civil Relief Act which may provide assistance in getting this resolved, if not partially forgiven.

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