Navient private loans being covered by Mohela

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SavagePlatypus76@reddit

Thought it was 270 days. That's the way it's always worked for me.

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i've been with navient for years and just got the notice about mohela taking over too. feels like musical chairs with our debt tbh. every time they switch servicers it's like they're hoping we'll miss a payment or get confused about where to send the money. just a heads up, make sure u document everything during the transition cuz these companies are notorious for "losing" payment records. btw, this comparison chart of student loans companies really helped me understand who's who in this mess.

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awe_me@reddit

Back in my day, we learned that it’s best to face these situations head-on, and if you’re considering settling, it’s wise to do so before they escalate to litigation, but always consult a legal professional to guide your negotiations, especially with private loans. It’s true they might sue before default, so acting sooner rather than later could be advantageous, but a lawyer can help you understand the best timing and negotiate directly on your behalf. Remember, honesty about your situation and willingness to settle might make them more receptive, but don’t forget to get proper legal advice. I found this Comparison Chart of Student Loans Companies helpful.

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brotatochip4u@reddit

Respond via email only with these assholes. Ask for debt validation first to see if they even have the correct documents for this debt. Verify the documentation with an attorney to be sure they have a leg to stand for being sued. Then you wait for an official summons with date, time, and location for court. Do not ignore this! This is the time to call and negotiate a lump sum payment, typically 20-30% of the debt. Good luck 🤞

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RevolutionaryEbb2522@reddit (OP)

The thing is I want to settle before it gets to that point

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Jumpy-Ordinary4774@reddit

My experience is that once the Navient loan defaults, Mohela no longer services the loan and Navient will still "own" the debt even though there is no Navient website anymore lol!

So just keep that in mind when going through the default process. Navient will probably send the debt to a collection agency who works on their behalf.

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Fluid_Plantain_Tour@reddit

If they didn't serve you then you aren't being sued. I essentially ignored these people until a year or two after I defaulted. They sent my loans to an internal debt collection agency so my credit wasn't completely destroyed. Then once they started offering 45% lump sum I would call them once a month (early in the month). You get a new handler every month or so and they all try to encourage you to pay the debt. I would offer them 25% (knowing I had 30%) lump sum until someone accepted 32%. It's real nerve wrecking so I had my aunt and cousin on the last phone calls. I was losing sleep. You could try to get lawyer for you do it but even a junior lawyer didn't want to take my "case". Kind of crazy because it would have saved me stress and he would have gotten $5k.

Everytime I write people I mean AH.

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HauntingGap4593@reddit

They are all monsters. Forgive the object generalization.

17k loan taken out 2008, with interest paid during college. Over 10 years of on-time payments, even as I battled family identity theft, medical, disability. Worked 2-3 jobs always to make sure I could pay. Then two years ago I reached out needing assistance, because of needing to pay for service dog. Was put on 6 month lower payment, never being told at end it recapitalized, so it didn’t help.

In the time since graduation, I have paid 22k, and still owe 22k.

I was pleading, and I was told there was nothing that could be done until after it defaulted, because they could give administrative forbearance till then. Waited, then was hit with the same litigation letter. I was getting multiple calls a day, I have 7 documented on same day. I asked not to be called during work hours, but they were hounding. I was actually told that in my state (FL), they can call as many times as they want by a manager (have it recorded). I asked for things in writing because of my disability, and they said they were not required to and would continue calling. It’s also calls from various phone numbers across country.

So I sent them official letter stating I did not wish to be co tasted by phone, and for about 3 months I haven’t heard back. Before “default” last year, they offered me settlement of 50%, but said it had to be paid in 6 months. I offered three scenarios, and they declined them and won’t even offer settlement now. I asked for 1) Settlement of 30% based on documentation of navient settling for less, 2) close account and pay the balance over the next three years (since it would still be 10 years till payoff) with 0% interest, 3) Split payment in half allowing me to contribute towards service dog (20k), then pay remaining balance to them.

They wouldn’t have any of it. So now I’m strategically defaulting. I have my recordings and attempts to resolve it, in spite of my disability. I also have documentation of the harassing phone calls, and being threatened.

My thoughts are that I save the money, which I can finally apply towards service dog and if I am sued, then I will provide the documentation and see where things go.

Politically, I am not too hopeful, but if it comes to me being sued then I’ll drop the money and start again with saving for service dog.

I’m going to request the debt validation, as this loan was originally taken out from Chase and transferred 4 times over course of decade.

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Fluid_Plantain_Tour@reddit

Settlement of 30% based on documentation of navient settling for less

Hold out for this. I got 32% like 2 years after I defaulted. There are some people on commission waiting for you to make this deal.

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shesfullofkarma@reddit

I feel we have a similar loan timeline in that I took out 22ishk in 2008, lived the good and hardship waves and wins, family and health expenses at time, took every deferment and forebearance, job loss window, etc and still owe 25k at 40. I refuse to pay any more than I have and I will ride it till hopefully something truly happens or they just pardon an old fart for playing the game for so long. I refuse to reach in to my home equity or retirement for life to pay it off because it's sadly meaningless, i'm bitter, i'd rather die with it then over pay at this point. we all learned on the job or have equivalent experience or double the loan amounts at this point. I have never consolidated bc that takes you out of any potential govt programs that can waive payments. Save is a reverse consolidation trap for at least getting some money and they add years on the back for a life sentence. I don't qualify for good payment plans - but stuck. I cannot pay over $400/month heck $150 for math 111 and the crimes the student loan shitstorm gave to us... sallie mae, navient, mohela night mares.. is morally a joke.. but I don't think I can do a full default plan or risk garnishment .. I'm also not a not for profit hero so not great on that front. The credit dings are real, so hopefully a new liberal will emerge and freeze us .. the loopholes suck

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Subtle_sloth_2024@reddit

You may never end up sued, I was you with the amount of debt but i could never afford it.I actually did the “right“ thing and tried to reach out before I became delinquent, disclosed my income, and tried to create a plan with them but all of them were to the benefit of the lender and none actually solved the problem. I got all those letters and never ended up in court and made it past SOL. I’m sure people can chime in but the catch with these settlements is a solid down payment and pay off the settlement in 2-3 years. The risk with these settlements if you miss payment it reverts back to the original terms. Past SOL settlement is 5-10% of principal @ lump sum.

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Odd_Investigator_736@reddit

Have you ever gotten a letter from them called "intent to litigate?"

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Subtle_sloth_2024@reddit

yea a few of them when I initially defaulted …I do remember checking clerk of courts to see if they actually do and found maybe 10-15 lawsuits but most were single loans under 15-20k. I had a buddy in south florida too who defaulted as well never was sued either but I think he was around 75k.

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Odd_Investigator_736@reddit

So scare tactics. What I think happens (just my opinion) is Navient does actually forward cases to their attorneys and only so many actually get retained to go to court based on likelihood to be able to win a judgment and alleviate a significant amount of the outstanding balance.

Sorey to be a bother, but just to be a thousand percent clear, did you get a few "intent to litigate letters," or a few "litigation review" letters?

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Subtle_sloth_2024@reddit

Yea I’d agree with you, based on the research back when I Initially defaulted it pointed to they had challenges providing legitimate promissory notes.Some judges tossed the cases as they just provided the initial application. I do think ability to pay has a part in it so if you could shoulder them and provide nothing about your financial state. It appears as a refusal so why not sue you, When they tried to collect from me the payment was like 50% to 75% of my income. There solutions were 40% of my income.You can’t get blood from a stone. I recognize both phrases but I think the key is whether it comes from a law firm or the lender. All of mine came from the lender. You can usually find the law firm that’s doing the suing on the clerk of courts to get an idea how the case looks . State law probably plays a big part for SOL my state was 5 years but there are other states with way longer.

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Odd_Investigator_736@reddit

They've gotten financial statements from me before in recalculating payments, and no solution was acceptable, so I certainly never cold shouldered them until defaulting, in which now I won't even talk to them because they're so predatory in looking out for themselves.

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Subtle_sloth_2024@reddit

See I didn’t even give them that… just gave them the bill list verbally …there 100% predatory… i remember when i did the math with the collector for their options I was out $16k for 15 months worth of payments on their plan and like 2k went to principle rest was all interest …like gtfo ..when i told them the math they had no rebuttal. I even filed a complaint with cfpb at that time and they gave some copy and paste answer about the loan terms.

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Odd_Investigator_736@reddit

Oh yeah, I did the same thing; that's what I meant by financial statement. It was verbal over the phone too.

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Odd_Investigator_736@reddit

Okay, thanks, I appreciate it. I'm not even quite sure what my SOL is because I borrowed in states different from where I live now. I've seen some people say SOL is the state from when you borrowed and others say it's from where you've defaulted.

I'm just glad I never lived in Massachusetts. Their SOL is a whopping 20 years!!

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RevolutionaryEbb2522@reddit (OP)

I see I think I'm more at risk due to my income they'd definitely sue me

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shesfullofkarma@reddit

Can we still apply for any apps to see if they will review payments or any try it but prepare for no things? I assumed the middle income but still not able to swing it ppl really have to eat the cost or consolidate to lower monthly up front but more and for legit forever not to mention just moving my new rate and state and company of torture to a riskier and random lender