Is it possible to settle private student loan debt? | NACCC Certified Student Counselor, NACCC Certified Credit Counselor and a professional debt negotiator, I have the experience and knowledge to help you Negotiate student loan payoff settlements.
Six-figure balances require a more complex approach and strategy than average balances. However, I can help borrowers with private loans up to $10,000. My average client has a balance of $30,000 to $50,000.
I have successfully negotiated private student loans with some of the most prominent private lenders, including NCT, Wells Fargo and Key bank. I will ensure that the settlement is done correctly and credit reports from the lender are provided. People can run into severe problems if they try to settle their student loans on their own or hire settlement companies that aren’t specialized in private student loan settlement negotiations.
My charges are due at the time that the agreement is signed. I do not charge upfront fees. I am motivated to save my clients every dollar through my performance-based approach. Do not pay a percentage of your total debt amount to debt negotiation companies. This not only means they will charge a higher fee mathematically than mine, but it also means they have no incentive to save as much as possible or to go the extra mile to maximize what you keep. The “percentage-of-the balance” fee model means that they still get paid the same amount no matter how low your agreement is.
This is why I consider the “percentage on the total balance” fee model inferior to the performance-based “percentage for the savings” model.
How do I get results?
Strategie and tactic
Strategies and tactics that I have developed over the years are specific to lenders and different situations at different stages of the collection cycle. Even though the lender may be the same, my approach to settling with a collection firm differs from an internal collection department.
Industry Knowledge and Experience
Over a decade spent negotiating with various types of collectors, collection lawyers, collection supervisors and managers, and bank executives in hundreds of challenging situations. This has given me a vast negotiating toolbox and deep knowledge about lender behaviour. Private student lenders may have very different collection rates, (legally aggressive) aggression levels, and payoff ranges.
Negotiating Relationships
Because the student loan industry isn’t as extensive as credit cards in terms of lenders and agencies involved, I find myself negotiating with many of these same companies over the years. I have known some of the directors, managers, and supervisors at different lenders and collection agencies for many years. While I know that I work exclusively for my clients, and they only work for the lender when it comes time to negotiate an agreement, there is mutual overlap. These relationships are critical to the success of my negotiations.
