In certain situations, settling student loan debt is the the way to go. If you have a lump sum of cash to offer, you might be able to get a very good deal and settle the debt once and for all. Sometimes debt collectors will offer a decent payment option. If you’re looking into settling the debt here are a few things to consider:
- Make sure you understand risks and rewards involved with debt settlement.
- Will there be tax consequences on the debt that is forgiven?
- If you acknowledge the debt by making payments that could impair any statute of limitations defense that you may have.
- Do your own research on the creditor/debt collector. Have others had good experiences?
- Sometimes debt collectors violate that law. Have you been harassed?
You should speak with an attorney to understand your rights regarding the debt and options regarding settlement. If you need help with the process, please use the contact form to get in touch.