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Money and Finances
Reply to "Trying to negotiate a debt with collection agency"
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[quote=Anonymous]If it makes a difference, the agency did not buy the loan, but rather, were hired by the college I owe the debt to. It is for an institutional loan that I thought was part of what I was already paying the feds, but recently popped up. Details: the loan is from more than 10 years ago Principal: $2,000 Interest: $2102.75 Creditor Assessed Costs: $1758.32 Total: $5861.07 What I can afford right now is about $75/month. I *could* get a loan for up to $3,000, pay off this debt, then pay the loan monthly, however, they said the college will accept no less than $4750. My concern about paying monthly is that interest will continue to accrue at a rate of 9.160% so the hole will continue to grow bigger while I try to get out of it. Any advice for me? My credit is decent and I've never gotten myself into this sort of situation before. [/quote]
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