Hello All,
I'm new here and very excited to have landed on this site due to the wealth of information.
I have an issue which I hope to find clarity. I currently have a debt in collections with Calvary Portfolio Services for $15,500, The original loan was a school long from 2009 and it seems to have passed on to multiple companies. In 2013 I feel on some hardships and couldn't make payments which landed the debt in default and sent to collections. Based on my credit report Calvary picked up the debt in 2014.
A bit more background on the situation: In 2013 I was contacted by another debt collector and was bullied and scared into making a deal where I paid monthly fee and at the end of the year we would discuss options of settling or continuing payment. At the end of that year, I was never notified by anyone and then it went back into in collections/default. At that point I figured my only real option would be to pay in full or make some lump sum when I was financially able. Well 2016, I'm still living paycheck to paycheck in NYC and clearly can't afford 16k.
Recently my father contacted me stating that he has been having issues with approval for a loan because of this very same loan since he cosigned at the time.
My question is what are my best options at this point?
Should I contact them and try for the best deal possible?
What would be a good range to start negotiating at?
As you can see the loan has not passed the SOL so I'm not sure how much bargaining I have.
Thank you for your help!!!