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Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
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Experience:  Lawyer
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I am paying off a student loan that I co signed for my daughter.

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I am paying off a student loan that I co signed for my daughter. It has accumulated penalties and collection fees. Can the pay off be negotiated, and if so should I have legal help in this negotiation process?
Hi,

My name is XXXXX XXXXX I'd be happy to answer your questions today.

Most companies will negotiate a payoff, because they'd rather have a guaranteed sum of money now, rather than the possibility of small payments later - especially since it will take time and cost money if they have to go to court. So, chances are that you will be able to negotiate a settlement with the company. It is not necessary to hire a lawyer. However, having a lawyer can sometimes help if they won't work with you. The company may insist on a cash payment in order to settle the debt completely.

You could also try getting a book from the library on negotiation techniques and how to get what you want. That might help you negotiate with the company directly.

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.
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