Default process with Navient/Mohela
Posted by RockyShea1986@reddit | studentloandefaulters | View on Reddit | 13 comments
I posted here previously about my situation recently. I'm getting close to the default mark, the end of the month. They said it will go to court or collections. But I also was offered a 70% settlement of my $150,000. I don't have that but will they start making more offers the closer it gets, and will they be lower offers or will they just take me to court? And how quickly do they take you to court?
wicket2003@reddit
I am two years post default and nothing so far. My most recent offer was a 30% settlement and payment plans were optional. No response, but i also live in a state that has specific laws around student loan garnishment, and if i was garnished, they would get about $35 bucks a month-so its not really worth it to them.
RockyShea1986@reddit (OP)
What should I expect after going into default in the next few days? I only ever got one settlement offer and it was still too much. I'm getting nervous.
wicket2003@reddit
I can’t help you, only a lawyer can advise you on what to do. I can just share my situation and what occurred/or could occur
MAM-25@reddit
Which state ar you in, if i may ask?
wicket2003@reddit
Washington state
davebone6195@reddit
I am almost 1 year after default. My Sallie Mae/Navient loans have been charged off for 6 months. They sent me a letter 3 months ago that they are "considering" legal action. I received a 55% settlement offer yesterday.
Still not responding.
RockyShea1986@reddit (OP)
I just received a letter stating "Account is now under review for litigation". Do you have any idea what their next steps would be? I'm starting to panic.
davebone6195@reddit
I received the same letter several months ago. Still nothing yet. I believe, from what I have read, is this is just their investigation stage to decide if you are worth their time and effort to sue. Freeze all you credit reports and LexisNexis plus your Work Number This will help slow them down or make them work harder to get the info they need/want.
RockyShea1986@reddit (OP)
How do they decide if I'm worth it to sue?
davebone6195@reddit
Honestly, no clue.
RockyShea1986@reddit (OP)
I just received a letter saying "Account is now under review for litigation". Do you have any idea what their next steps could be? I'm trying to keep myself from freaking out.
nfjfnfkdndnd@reddit
Good luck to you! I hope that you get a good outcome. I’m in a similar situation
dustystar05@reddit
I’m a year in default with navient and haven’t heard a peep in 6months. Credit report says in collections/charged off. Will to settle if they ever get low enough, otherwise I will run the clock on the SOL