LCS Capital

Posted by Logical_Diver861@reddit | studentloandefaulters | View on Reddit | 17 comments

Has anyone had any luck negotiating and settling with LCS Capital (debt collect who buys Sallie Mae defaulted loans)?

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lf1216@reddit

I’m currently being sued by them. Heading to mediation this month.

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lf1216@reddit

I have to pay the full amount but they settled on a low monthly payment. So at least I don’t pay interest this way and my monthly payment is doable. Have you gone to trial yet?

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Logical_Diver861@reddit (OP)

We have court next month. I’m thinking we’ll end up going the same route you are, as that’s all they offered us so far. I’ll keep you posted

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Logical_Diver861@reddit (OP)

Let me know how it goes. Currently in the same boat, waiting for pre trial date to get set.

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g4rcia@reddit

hello, curious how it went? I would owe just under the same amount as you based on what was charged off

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lf1216@reddit

I don’t have any assets and I don’t make enough to get my wages garnished in FL

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Putrid_Factor_2660@reddit

How long you been in default and you might be judgement proof.

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littlewashu45@reddit

You are Judgment-proof too. Our economy will be crashing soon.

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Hello! I’m getting sued by them as well, I went to pre trial and remediation but we made no decision while in remediation, the lawyer representing LCS Capital did not want to accept my offers. So not sure what the next step is now, but I did receive a letter in the mail that looks like we’re going to court? Not sure, but they’re seeking a total of $5,252 plus an extra $1800 of filing and court fees. Not sure what to do, I offered to pay a lump sum of $3000 in remediation, the lawyer denied. Then I offered to do a $3000 lump sum and to pay the rest of in monthly payments of around $150 or $200; one of those two. He still denied and said that they’ll either take a full payment of $5,252 within 60 days that won’t include court fees, or I pay $300 something monthly payments but I would have to pay the court fees so the full total $7,052. These people are ruthless. Like I said, we didn’t reach a decision in remediation, they gave me till the following Monday to respond and I didn’t respond we would proceed with court. I did not respond because I didn’t agree with their options, so I’m not sure what’s going to happen now….

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Logical_Diver861@reddit (OP)

Thanks for sharing. From my understanding for your next steps: at court LCS will state that no agreement was made and they are seeking the full amount. Sadly, they will likely get judgement by admission unless you can prove you don’t owe the debt. Once they get the judgement, they can pursue garnishing your paychecks and taking any tax refunds. Your best option is to agree to the 5252 within 60 days, and pay them whether through credit cards or however you can swing the left 2525(since u already have the 3k in cash). What state are you in? How soon did they file your court hearing?

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Marjimmyy@reddit

I’m in Florida! They filed on January 28th, I don’t have a court date yet, should I contact a lawyer to negotiate a better payment plan?

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Logical_Diver861@reddit (OP)

I would definitely recommend a lawyer to negotiate a payment plan, if financially feasible. We got an attorney, they said LCS is ruthless.

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Putrid_Factor_2660@reddit

maybe you can get a free lawyer base on low income family.