Received a letter from NCO the other day stating they can or are willing to offer a settlement.  Of course, there is no actual figure which they state, but wait, I'm gonna jump all over this one because........????

The tard agent knows that I was all ready refused for the amount he suggested when he called before....so...does he think this letter is going to open some mysterious avenue to available money around $9500.

I figure if, no when, he calls back I will ask that he formulates the offer in writing and make sure it is signed by his supervisor (if they are even called that).  Draw him along for a while......No..they're too smart for that!!  .

Should I make it sound like I have the money to settle??  See how much they will actually put in writing!!

What do you think??

I re-read the letter they sent me.  I guess I have to call them if I am interested in the settlement offer.

I don't know if I should even bother....I don't have the money to settle and probably can't get it.

They haven't yet asked for or sent a financial questionnaire.  What is their next step going to be?  Referral for justice??  Again??

What do I do?  Any suggestions out there???   Anyone?????

 Kwelmm,

 THe agencies are not allowed to offer or even suggest a settlement regarding GUARANTEED CSL'S. If the agency has issued you a document expressing that their client will settle, then it is student loan other than CSL, or a document sent to you in error.

 Financial questionaires and such submissions are mandated by the Federal and Provincial governments only. So, for guaranteed PSL and CSL, a financial disclosure is required. If the debt is a defaulted bank risk student loan, then there is no act or law that states this requirement. Banks and collectors request them all the same, however.

 If you choose to not respond, don't sweat it. These letters that agencies send out regarding "willingness" to settle are just a tactic to pique your interest and call them to discuss the option. THe collector then can continue his or her campain to try to instill fear and urgency in youre mind.

 Here is some more enlightenment ... 

Lesson #1 ...

  Collection agencies have absolutely no power over people. Their mission is to instill urgency in your mind  by whichever means to get you to pay your debt - and earn a commission pay in the process. It is a business transaction. THey are collectors, so if you owe their client money, they are going to try to collect it by whicheve rmeans they can - or can get away with.

 The only real threat that they can use against you is legal action, but it mUST be agreed to by their client (your lender), and if you are willing to comply by repaying your student loan, legal action can be negotiated out of the equation if it happened to be occuring. Now, the CSLP (HRDC) does not allow agencies to sue their products. This is something that can only be done by the Department of Justice via HRDC.

 If you choose to act and communicate with them, prepare yourself for what you are about to do - and receive. This is something I teach people every day. The objective is not to ignore the collectors - but to take control over your own affairs and not let some person at the end of a phone line dictate and try to take control over you. Remember, it is business. It should be treated as business.

 Lesson #2 ..

 If the collector is finding that they cannot assume control of the conversation and situation, he or she will always throw the suggestion of legal action in their spiel. If so, read lesson #1 again and again until you have it planted in your mind. Debt collecting from a collector's perspective is a "mind game" during as business transaction.

 So, if you throw the collector ofd his or her rythym, strong suggestions and overtones are going to be pointing towards the threat of litigation.

 Lesson #3 ...

 Once you have taken control of the conversation - and your own affair, YOU  set the terms of what you are prepared to do. If the collector objects to it, simply advise him or her that you are aware of the rules and regulations governing the agency. Also state that as the one who owes the debt, you are aware of your responsibility inthe matter - and you are doing everything within you power to rectify it.

 Lesson #4 ...

 If the collector is desperate enough to capture control over you and the situation by this point, they may try to make it "personal" by suggesting things - or making threats that are completely unrealistic. In this event, go back to lesson #1 and reflect on it.

 If you need help with this process, or feel that you cannot take control, let me know and I will put you back in control.

 Johnny   

It is a CSL, but not the guaranteed portion...that is all ready being taken care of by HRDC legal action.  It is the bank portion.

I'm pretty sure I can handle it ; with the advice from here of course!  I mean, I shot down NCN who had this loan in their hands before NCO with a letter stating all the rules they were breaking...funny...I never heard again from them.  And they were NASTY compared to this fellow I'm talking with now from NCO.

We'll see how things go.  When hubby's pay cheques start coming in, I can likely start paying toward this part of the loan.

Oh, thanks for replying....I started to think that everyone fell asleep out there.  I'm glad to see that one person off the site that took some low blows at ya....was also glad to see people sticking together like how Islander (and the others) came to your defence.  That was nice!