Legal Question in Credit and Debt Law in New York

settling student loan debt

I have a large loan from 1998 that I

have not settled. I want to buy a

house and deal with it. The debt has

been sold to a collection agency. I do

have the chance to settle with the

originator of the loan. Whomever I

settle with can they then sell off

whatever my balance is? And who's

better to settle with collections or

originator?

THANKS!


Asked on 12/28/07, 10:28 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: settling student loan debt

With any settlement you MUST obtain a release for the remainder of the loan. The release should be signed by an officer of the company that made the loan, NOT the collection agency.

Mike

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Answered on 12/28/07, 11:16 am


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