Legal Question in Credit and Debt Law in New York

Defaulted student loan

My husband was served with a post-judgment order to pay a defulted federal student loan in the amount of $14,192. We are going to take out a personal loan to re-pay this, but my question is, is this loan negotiable? My husband thinks that the original loan amount was for half the amount stated (back in the early 80's, judgement was in 1996.) If we hire an attorney do you think we might have better luck negotiating? Or are we just stuck paying this entire amount?


Asked on 5/27/06, 10:36 pm

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Defaulted student loan

If you hire an attorney, you might be able to vacate the default (propably how the judgment was obtained). You will be in a better position then to negotiate.

Good Luck

RRG

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Answered on 5/28/06, 6:43 am
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Defaulted student loan

If the debt is valid, then vacating the judgment will be difficult.

I would target 9,000 as the settlement amount and try to negotiate toeards that target. The fact that you can get that much in cash is a positive sign.

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Answered on 5/28/06, 5:54 pm


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