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? asked in Education & ReferenceFinancial Aid · 1 decade ago

Sallie Mae Drama...can they do this?

2 years ago I sent to school & Sallie Mae was the only lender. After graduating I was only able to find one job working 8 hours per week. I tried to work out monthly payment arrangements with them, but it wasn't enough for them so they sent me to collections. The collections company called & demanded the whole $8,000. Naturally I didn't have it. They even researched me, found out I'm married, checked my husband's credit without our authorization, & saw that he has enough credit to put the $8k on his credit cards. We can't afford a higher credit card payment, so of course I said no. So they told me I would be going to court.

They called back saying they would settle the $8k debt for half, which is $4k, and to avoid court, I had one hour to call back with arrangements to pay that day. Frantic I called my parents, & they took the money out of their equity, & that $4k was paid that day. The collections agency then faxed back a letter saying that the $8k amount was settled for $4k, and the BALANCE IS ZERO.

That was like 3 months ago, & I thought Sallie Mae & that collections agency was history. This morning I got a call from Sallie Mae saying I still owe that other $4k. WHAT?!?!

I still have that letter from the collections company saying the debt was settled & the balance is zero. Can Sallie Mae still make me pay the other $4k???

2 Answers

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  • 1 decade ago
    Favorite Answer

    No, it is a scare tactic, to get the rest of the money. Whatever you do do not lose that piece of paper with the settlement on it. Copy the letter, and send it register with return address card, to the person who sent this letter, stating you still owe.

    My guess is that Sallie Mae sold your original loan and the new company wanted their money. It does not sound like a Sallie Mae tactic. The original letter was also scare tactic. Hold your ground and do not let them bully you, if necessary block their calls, if you have that feature on your phone.

    Source(s): I have loans with Sallie Mae, and they have been working with to pay them. They have never done anything like you described in your letter.
  • 1 decade ago

    We are going threw crap with Sallie Mae as well. They will not work with my husband on making monthly payments on his student loans, saying that they will take our IRS tax refund and that they will garnish his pay checks. It is a scare tactic trying to get you to pay more money. I think that's awesome that your parents helped you out. Good luck trying to deal with them cause they truly are a pain in the butt.

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