Legal Question in Credit and Debt Law in Minnesota
I was served with a summons from an attorney's office on behalf National Collegiate Student Trust who bought my loans from the previous lenders, for three private student loans totaling approximately $30k. My mother co-cosigned on these loans so bankruptcy is not an option. Is it realistic for me to hope that we can settle for $100 monthly repayment contract? My life is about to be ruined over this.
2 Answers from Attorneys
Further detail would need to be known in order to provide you with sensible advise for your personal circumstances. I suggest you focus on responding to the legal action (in the event one has been initiated) in a timely and proper manner. You may secure an attorney so she/he can assist you and seek to negotiate a settlement on your behalf. Tricia Dwyer Esq Phone 612-296-9666 Minnesota Civil Law, Minnesota Debtor Creditor Law, Minnesota Mediator http://dwyerlawfirm.net
You first need to make sure that National Collegiate Student Trust does not win a judgment against you by "default." If you fail to timely answer the summons and complaint, they will win by default and get everything they want. Thus, you'd lose settlement leverage. There is no way to know if they will work with you to reach a settlement, but you should contact an attorney right away to discuss your case further.
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