Thread by @ashleyviceAG

How To Settled Private Student Loans!
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S/O @theinfamouscpa for inspiring my first thread!
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Thread Below 🧵.......#30DaysofThreads

My private loan eventually ended up with Navient. I attended @FullSail for Recording Arts!
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What was an estimated $28K loan eventually turned into me owing $60K plus

I was paying $550 monthly faithfully on an income based payment plan but when the time was up I was told my new payment would be $780.
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Paying that amount plus bills and other smaller FED loans would be tough so I started to do some research

Searching the internet I came across some random forum post about a guy who negotiates private loan settlements for settlements up to 50% or more of the loan amount depending on the lender

Unlike @theinfamouscpa friend's wife. The strategy was to let it go into collections and then start the negotiations process.
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I did called the guy and he explained the process. His fee was approximately $2K-$3K to negotiate on my behalf

My husband did not want to pay the fee and said we can do it ourselves especially since I did so much research on it.
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And so it began. It was a collections company out of TX. You may be familiar with them. 😉

My person assigned to me gave me the spill about Navient being the type to not do 50%. Make an offer anyway! Build rapport and be cordial. Made an offer of 16K and started from there. Went back and forth a few days and settled on 23K

They will asked how you intend to pay the money. A family is lending me the amount was my answer. Once amount is agreed upon you have 3 business days to wire the funds in total. Paperwork to sign and return!

Major tip! 💎 Try and negotiate having the loan stated as PAID IN FULL!
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Something I did not do and on my credit report it is stated as - PAID BUT NOT IN FULL

Okay now to the taxes! When you pay off a loan you will receive a 1099-C Cancellation of Debt form. I believe you pay taxes on the difference that was paid off!
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🚫 I am not a tax accountant! 🚫

But my husband is a CPA and he had me document all my financials as soon as the settlement was finalized.
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At the time of me paying my settlement my debts were more than my assets. Something about insolvency!
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Tax Accountant Referral - @GandAgrp_llc

How was I able pay $23K?
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My husband paid it! Yes I am paying him back!
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I'm only answering this because I know how yall do! 😉
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And if he was not able to pay it, I had another source as well.

Once I got that weight off my shoulders, I told my homegirl the entire process and she did the same! She owed $200K plus and settled for $120K. 🥰 Not sure if it was the same lender. She was nervous because her loans were tied to her parents.

Let's Recap! This is for private loans only!
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Call and ask about making an offer!

Negotiate! Negotiate! Stand firm!

Have funds ready to pay! 💰

Try to get loan marked PAID IN FULL!

Document your financials once settlement is accepted and paid!

The same friend who settled is preparing her taxes and @GandAgrp_llc is doing them because they know how to handle the cancellation of debt issue.
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You can't escape those FED Loans so just pay them on time!
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It was such a relief to get that loan settled!!!