Legal Question in Credit and Debt Law in Massachusetts
Studen loan default, collectors won't put agreement in writing.
I have a FFEL loan, about 17 yrs old now. It was for $2449.00 and now it's up to $5,531.29 with interest and fees&cost. I made an arangement with West Asset Management, Atlanta, GA to take off $1,071.00 off the debt. They refused to put anything in writing until I made an initial payment of $65. I finally got the agreement, but the $1071 wasn't on it. Was told it comes off at the end of the program. They're planning to sell my debt which means the new collector won't have proof of my agreement. I paid their $300 down payment today. Should I stop payment on the check, is it common for them to do it this way? They know I'm low income, if that matters. I haven't signed anything, but I'm worried my check will mean they won't deduct the agreed amount off my account.
2 Answers from Attorneys
Re: Studen loan default, collectors won't put agreement in writing.
Although you seem well along in your debt settlement proceedings, you might benefit from a review by a lawyer. this Office specializes in debtor relief. Initial consultations are free.
Re: Studen loan default, collectors won't put agreement in writing.
It is always best to reduce any agreement to writing.;))
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