Experiences With WWR
Posted by nfjfnfkdndnd@reddit | studentloandefaulters | View on Reddit | 12 comments
My Sallie Mae private loans have been sold to south wood financial and they are being represented by Weltman Weinberg and Reis. Any experience with them? How long do they take to serve? Etc.
I’ve looked up a lot and I’m aware they’re horrible to deal with. I have a balance over 100K in their hands now.
FloraAL66@reddit
My daughter’s Sallie Mae loans ($100K+) are close to going into default and I’m the co-signer on all of them. There’s no way she and I combined in our lifetimes will ever be able to afford the monthly payments .. Ever. I spoke with a student loan lawyer who is going to file a an adversary proceeding when a Chapter 7 filing. We aren’t looking for a discharge but rather a speedy lump sum settlement negotiated by our lawyer & Sallie Mae lawyers. The thought of defaulting & waking up everyday wondering & waiting to get sued - wages garnished etc for the next 6 years (that’s the statute in my State) is just too much stress for both of us. We had option to just wait until we got sued and negotiate settlement with SM lawyers ourselves but we just want this nightmare to end & get on with our lives. I wish you luck !
nfjfnfkdndnd@reddit (OP)
Thank you for sharing. I wish you the best of luck too. My cosigner is a grandparent that just got diagnosed with cancer so I’m trying to see what to expect. I have spoken to a lawyer as well and I think that I will be filing chapter 13, but I’m not a good case for an adversary proceeding apparently.
FloraAL66@reddit
One thing I’ve noticed is most bankruptcy lawyers don’t wanna touch a student loan adversary proceeding .. because private student loans are not dischargeable (or at least very difficult to prevail / get them discharged), all you can do is try & negotiate a lump sum settlement. It is my understanding the student loan lawyer who is filing the adversary has negotiated settlements very quickly with Sallie Mae lawyers (has built a “relationship” with them so-to-speak) over the years. By hiring him, he will also fight to deem my daughter insolvent (based on her ridiculously low income) and be around to help us “clean up” our credit reports because Sallie Mae is notorious for non-reporting / reporting what they should
domweis@reddit
Would you be about to share who the lawyer is? I’m in almost the exact same boat as you and OP.
FloraAL66@reddit
I will send you a DM ..
ArticulateIvy08@reddit
I’m in the exact same boat as a co-signer. Would you be able to share the lawyer info with me as well. I don’t know what to do. I feel so lost and overwhelmed!
shuttheduckup123@reddit
Just curious for kinda my own situation if maybe you know the answer to this… I have Sallie mai loans over 100K and my loans default at the end of May. I assume I will get sued. I can off a lump sum ~ but also don’t want to. I don’t work and everything is in my husbands name like literally everything he has no ties to the loans either and we’re taken out previous to us being together. If I were to get sued and they were to put a judgement against me are they just going to do it in case I ever have something to take?
jlhook2@reddit
Will Sallie Mae sue you right away or will your loan get sent to a collection agency first?
nfjfnfkdndnd@reddit (OP)
My loan was sold to south wood financial trust that is represented by a law firm
Misslieness@reddit
They just served me for over 70k in just about a year. I don't have much hope for the case, but thankfully I've been using my default period to save and now I'm just gonna hope an attorney can work something slightly in my favor.
littlewashu45@reddit
Hello there, I have a question. My Sallie Mae loan was sold/transferred to the same company as yours. My mom is a co-signer. I owe about 26,000 dollars; my mom's income is Ssdi, and I know the government money is protected. She only has a 1970 mobile home on a 3.1 arc land. She has two cars that are over 25 and 35 years old. I have no job, no income and I don't have assets like a car or house.
There another person here his loan was sold to the same company and he been in default for 3 years, and he has a thing today. He got a job of a bank around June.
FloraAL66@reddit
PS - I’m sorry to hear about your grandparent 😢