Anyone ever defaulted w/ Teri loan w/ AES?

[TeacherMomma]

Just wondering if anyone has info on the process once AES has sent it back to the guarantor (TERI)? NCO calls all the time with an automated voicemail, I have yet to talk to them. I assume that is who TERI has contracted with. No letter regarding default, but I have several other non defaulted loans with AES and when I log in it says those ones are "paid claim" and it says "these loans have defaulted. please contact us for contact information for the loan's owner". Just wondering what happens now?

[KeithDoxen]

What happens now is that NCO will keep calling you and perhaps even send you a letter. You can choose to try to negotiate a payment plan with them, or to do nothing at all. At some point TERI may decide to sue you to get a judgment against you, which will allow them to collect the balance in a number of ways depending on the laws of your state. If and when they will sue is impossible to determine. Some folks get sued right away and some get sued years later, if ever.

[TeacherMomma]

Thank you! Any idea whether the CAs payment plans are doable or are they just going to try to get me to pay the same payment I would have with AES?

[KeithDoxen]

Thank you! Any idea whether the CAs payment plans are doable or are they just going to try to get me to pay the same payment I would have with AES?

Impossible to say. In many cases, the CA will demand the entire amount upfront, or demand a huge percentage of what you owe and then put you on a payment plan for the rest. Think about it this way: when you defaulted, AES went to TERI, the guarantor, and collected the entire amount that you owed AES from TERI. So now TERI owns your loan and it has no reason to put you on any kind of payment plan, including the one AES used to offer you. If anything, TERI wants the entire balance right now. And NCO, being a CA, is used to scaring debtors into paying with all sorts of empty threats. So be prepared to be asked for all sorts of unreasonable amounts of money. If you do plan to talk to them, you need to be ready to convince them that you just don't have anything to give other than a small monthly amount. You may have to talk to them half a dozen times before they finally realize that you're not bluffing, but eventually they may realize that it's better to get something from you than nothing.

[TeacherMomma]

Is NCO considered a third party so if I tell them to communicate via mail they will-or are they just an extension of teri? (i know they are 3 companies but for C and D purposes)

[bcohen]

Is NCO considered a third party so if I tell them to communicate via mail they will-or are they just an extension of teri? (i know they are 3 companies but for C and D purposes)

Don't send a C and D letter--or even use the words "cease and desist" anywhere in the letter. Simply say that "it is inconvenient for [you] to receive telephone calls at any time, at any number regarding this alleged debt" and that "in accordance with the U.S. FDCPA, [you] hereby request that all communications regarding this matter be done in writing".

Send this Certified Mail, Return Receipt Requested, and keep the card when it comes back, just in case these people choose to "violate" and continue calling. Each call after receipt of your notice is a separate violation, so you might be able to sue and recoup a huge chunk of change!

[student2011]

are TERI private loans dischargeable?

are TERI private loans dischargeable?

[justbroke]

are TERI private loans dischargeable?

stgudent2011, you asked this question in two different threads. The other thread is here. Please do not post the same question to multiple threads as this will just split your answers and cause the responses to become disjointed.

[bcohen]

In answer to student2011's question, TERI is (was) a guarantor agency for private student loans. Thanks to the private student loan industry's "campaign contribution" bribe money, private student loans--including yours which was guaranteed by TERI--are pretty much impossible to discharge in bankruptcy. Instead, they get to "chase you to the grave" just like criminal fines, traffic fines, child support arrearages, and the like.

For some people, it is necessary to stay in a permanent Chapter 13 bankruptcy to prevent having their wages garnished to the point of being unable to afford the necessities of life!

[IHateChase]

Now I'm curious- how does one stay in "permanent" 13 bk?