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Timothy D. Smith
Timothy D. Smith, Attorney
Category: Legal
Satisfied Customers: 2037
Experience:  10 years practicing IP law and general litigation
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I have a settlement offer from an LLC handling collection for

Resolved Question:

I have a settlement offer from an LLC handling collection for my defaulted Student Loan. Additionally, we discussed payment arrangements of 50/50 or possibly split into 3, but I'm awaiting their response re: status and timing. The para-legal is requesting an "extension form" ...in order to keep this from going into default. . I've called several times for a status and where to send payment... but so far I have received a return call. What to do???
Submitted: 1 year ago.
Category: Legal
Expert:  Timothy D. Smith replied 1 year ago.
I hope this message finds you well, present circumstances excluded. Just to verify that I fully understand the situation, it is my understanding that you are nearing default on a student loan and are in the process of trying to strike a payment deal. In that process, you are not getting a timely response with the entity you are negotiating with at the moment and are concerned about the elapse of time and how it may affect you financially and otherwise. Is that a fair assessment of the situation?

Assuming that is the case, I always tell my clients that if it is not written down, or there is not record of it, then it didn't happen. As such, and in order to protect yourself from harm due directly to their own lack of diligence, you need to make sure that you communications are recorded in some form. I prefer email and/or certified letter for these purposes with certified letter with return receipt being the best mechanism for conveying legal notice.

With that being the case, I urge you to send a certified letter with a return receipt in which you explain who you are, the negotiations that you have had and request that the issue be resolved as soon as reasonably possible. Tell them you are concerned that has time drags on, your financial status, including but not limited to, credit rating be will further damaged. Ask them to respond to you in writing within a reasonable time from the post mark on your letter (like 5 business days). Tell them you desperately need the extension form to prevent further damage. Finally, tell them you will seek legal retribution is damage takes place as a result of their inaction.

The reason you are doing this is actually two-fold: (1) it is legal notice; and (2) it is evidence to illustrate your diligence and attention to the matter in case you are adversely affected by their inaction down the line. It would essentially help you reverse damage that they have caused by their inaction.

The main thing you are trying to do is build a record of responsibility and diligence in case you need to use the court system at a later date.

Let me know if you have additional questions or concerns, or if I am misunderstanding the situation. I want to make sure you are satisfied with the answers and comfortable moving forward.

Best!
Timothy D. Smith, Attorney
Category: Legal
Satisfied Customers: 2037
Experience: 10 years practicing IP law and general litigation
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