Get Out of Debt Guy

How Can I Stop My Private Student Lenders?

Posted June 16, 2014

WRAL Reader Question

Dear Steve,

Defaulted on a private citibank loan/discovery loan. I have already sued them for DTPA collections and now they are back to calling me for payments. I do not have the 50% they want me to fork over to settle the $7500 debt.

What can I do to get this to stop negatively effecting my credit score?


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Dear Zee,

If you are delinquent in your payments under your original contractual amount you promised to pay each month then it seems they can continue to report your negative payment history for seven years and 180 days from when you first went delinquent.

To stop them you have several options. You could discharge the debt in bankruptcy, pay the debt, settle the debt, enter into a mutually agreeable repayment plan, or have the debt forgiven through some legal action against the noteholder.


Steve Rhode
WRAL Get Out of Debt Guy

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About this Blog:

Steve Rhode has had careers in opthalmology, real estate and as the head of a nonprofit debt counseling firm. On his blog, he offers hard-won, free advice about getting out of debt, consolidation and making the right choices as you manage your money.