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Question By
junk4anthony

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How would you get $10,000 in 48 hrs (w/ bad credit) if it saved you a lifetime of Student Loan Debt?
Hello Everyone!

I'm in a predicament where I need to come up with $10,000 dollars fast!

I've been in student loan debt (and lots of it) for quite some time now and as far as my private loans go, I'm over $90,000 in debt. Well, I've just been given a settlement deal from the collection agency who will except a lump sum of $10,000 but only if I can pay in the next 48 hours.

I need advice on where someone like me, considering my situation can get a loan like this, and fast with a "Very Poor" credit score (below 500).

I've never been able to get approved for any type of credit cards or car loans because my student loan history has completely destroyed my credit. I need that 2nd chance! The opportunity to pay on a $10,000 loan vs. a $90,000 loan would actually be reasonable for me to pay off and it would immensely help my credit!

Unfortunately I do not have any friends or family members who are in the position to help as a cosigner for me, so I don't have that as an option.

Please, any advice or leads for me would be appreciated SOOOO much!!!!

Thank you!

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1st,  take all the paper work and put it off to the side for now.   

2nd, Have a Beer or Glass of wine,   relax.

3rd,  No need to Stress,  if you don't have the money now,  48 hours you will won't have it.  ( don't worry too much right now )

4th,  Google  Dave Ramsey and start reading about the baby steps.   Read, Read and Read more,  Read about Student Loans,  Read about settlements etc and keep reading.   

Yes you owe the moneys for the student loans but you need to educate yourself on how to handle it.  You want to be in the driver seat not the collection company.

Good Luck

Reply by
junk4anthony

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Thank you for the calming advice :) It's much needed.

I'll definitely be checking the book out.

:)

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Reply by
icuhowie

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He has books, Website and station on iheart radio.

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If this offer is in writing, then it might be legitimate.  Frankly, I'm seriously doubtful because I never got any such offer of settlement on the student loans I had.  And, if this was by phone or Internet, please don't go there because it is likely a scam and you will get hurt.  I have this gut feeling that, especially given the short term of the "settlement" and the collection agency has to know what your credit is, this is a hoax.  Please check with your bank or credit union on this because they have good advice and can usually spot a hoax, too. 

Reply by
junk4anthony

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Hi, Jwister!

I can totally understand what you are saying. You are not the first one to think that. It does seem very odd and after a lot of research online, I did hear that it's rare to get such a settlement.  These loans have also been in default since 2009 so literally half of the $90,000 is all interest. The interest accruing on these loans every month is about $400 dollars, which would be my monthly payment if I decided to go with that option (and they would lower my interest rate to 0.01% or something like that I believe). I do think this agency knows that based off of my income and my income in the future, they will never be able to get a reasonal payment from me (considering the loan amount and interest is just way to high) Its litterally impossible to keep up with it.

A reason to why I don't believe it is a hoax is because I was directly put in contact with this company through NAVIENT, who has been handling and helping me with my federal loan side of things.

How is it though actually possible for someone to pose as a debt collector and scam people? Especially in my situation. I have however delt with some "minor balance" bill collectors who are unprofessional and seem extremely sketchy with the way they handle getting money out of me. 

As far as dealing with a this collection agent though, she was extremely helpful and walked me through all my options, and again, I was connected with her through Navient themselves. She knew more about my loan information than I did as far as the balances, interest rates and payment plan options on private loans. It would boggle my if this was a scam.

I have learned though, that if a miracle happens and I'm in the position to pay a lump some of $10,000 I will definitely get everything in writing and talk to someone who can let me know it is all a legit process.

Like with the debt collector I was speaking about about, I've learned and heard from others that if they really want the settlement, they will still more than likely allow it pass the time frame that they stress on you. They just may pretend that they had to work really hard for you in order to keep you with the settlement they offered. 

IDK but it's impossible to get that kind of money for me anyways. $10,000 sounds like chump change though when you put it next to $90,000. Regardless, it is still a lot of money!!

Thank you for you response.

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