Legal Question in Credit and Debt Law in Missouri

i have many student loans and one private student loan bill was sent to wrong address (where i have not lived for 10 yrs). It went to the insurance company that held it and i received one letter once again sent to wrong address and my mother received the letter. I contacted them multiple times with no correspondence back. They turned it over to debt collector. The total was $16K. They said all they can do is offer pay off of $11k but if I was completely disabled and unable to work then $8500 (which in not disabled). its more than i can afford. $11k is more than I can afford. They said this is all they can do. Is this true? What are my options or is this it?


Asked on 4/05/16, 4:05 pm

1 Answer from Attorneys
Anthony Smith LawSmith

If you have been deemed disabled, your government backed loans may have gone away. If you have not been deemed disabled, then you're in the same situation as nearly every other debtor that didn't have enough assets I pay all their debts. A private lender may have no requirement that they accept less than what is owed. You should consult directly with a creditor's rights attorney, in your area, to assess your options.

Good luck

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Answered on 4/06/16, 12:20 pm


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