Legal Question in Credit and Debt Law in New York

Hi

I received a letter from a private university I graduated in 2005. It states thatI had an unpaid tuition and will be sued if I don't pay the tuition + late fee + legal fee, which is a little over $20,000.

I know I owed about 11,000 or so, but I was out of the country most of the time until last year. This letter was sent to my old address and was kindly forward by the new tenant who happened to be my friend. I can pay the full amount now but don't have $20,000.

Is it possible that they would let me pay the tuition in one sum payment and forgive the rest?

I would really appreciate your opinion and suggestions.

Thanks


Asked on 3/26/10, 8:54 am

1 Answer from Attorneys
Paula McGill Attorney at Law

You can try to negotiate with the school to see if it will take a lower payoff. Many schools are in dire financial straits and just want some cash flow. Therefore, it may be worth your while to contact the office.

If you do come to an agreement with the school, make sure you have the signed agreement in writing. Moreover, to protect your interests, you may want to take any proposed settlement agreement to an attorney for review.

Also licensed and practicing in New York.

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Answered on 3/31/10, 12:11 pm


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