Legal Question in Credit and Debt Law in Florida

I have a Private student loan which has gone into default. The loan was just assigned to NCO Financial Systems, Inc. for collections (amount: approximately $106,000). Simply put, I cannot afford the loan and they are not willing to work out a 'reasonable' payment plan based on my income. The collections company has been very polite, but so far are not willing to budge. I don't believe they have violated any of the collections laws. Basically, even if they go to court, I am judgment proof. What options, if any, are there.


Asked on 2/11/10, 11:16 am

1 Answer from Attorneys
Lucreita Becude Lucreita D. Becude, P.A.

You will probably have a judgment placed against you which will accrue interest as the time goes by. You will probably not be able to purchase a home or car with this collection sitting on your credit report. I suggest you contact Sallie Mae and see if they would be willing to take your student loan on their program and make arrangements for you to pay. Otherwise, contact the nearest debt agency and see if they will work with you on a payment plan and have them deal with the NCO people.

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Answered on 2/16/10, 12:12 pm


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