Defaulted with Earnest/Navient
Posted by GTFOH_1453@reddit | studentloandefaulters | View on Reddit | 4 comments
Everyone's experiences here have been so helpful to me so I thought I would share mine (so far)
I defaulted about two months ago on a 65k private loan with Earnest that I refinanced from Sallie Mae a while back (and in the process removed my cosigner thankfully).
Before Default: Received many (many) emails and calls about being behind on payments, pay to avoid default etc. They also called my former cosigner many times (even though they are no longer part of the loan). I have my phone set to block all unknown numbers so everything goes straight to voicemail. They only left voicemails a couple of times. I received many letters from them including "Pending Litigation Review", and in some cases in unusual packaging (invitation envelopes, bright pink bubble mailers, etc.). This happened over the course of many months before I finally received my default letter (in a regular unmarked envelope).
After Default: They called several times from junk numbers shortly after default but have not called anymore recently. Today I received the first offer letter at 55%, which I thought was kind of low as a first offer. This makes me think they are less likely to sue but of course you never really know until/if they do.
I don't have any visible/tangible assets and I am fully self-employed through my own company. I keep very little in my personal bank account. It would be very hard if not impossible to get any money after a judgement. I do not care at all about my credit score. I am trying to wait out the SOL which is 5 years for where I live. My thought is that with the wave of defaults already here (or shortly coming) plus with all the lawsuits regarding Mohela and Navient they are too busy with their own problems and finding "easier pickings" than me :)
amo_01@reddit
Thank you for sharing, u/GTFOH_1453. Approaching default as well and have been harassed for months with calls and emails. It's a true game of Russian roulette, since I too am looking to wait out the SOL (also 5 years where I live). I know it's all part of their very effective strategy, but definitely difficult not to buckle under the pressure to attempt to negotiate with them.
wicket2003@reddit
We're in a similar boat. Im 3 years into default(3 to go) and have no tangible assets tied to me alone. I am married, but my spouse and I have different bank accounts and she buys all the fun stuff/has the savings account. My checks pay bills, bills, and more bills. I also drive a 20+ year old car and rent a home. There's not much in the way of seizing assets since they would have to prove that the assets belong to soley to me, so the worst they could do is garnishment.
bit_freak@reddit
in practical terms, has your low credit score impacted in getting a cellphone plan, rent, utility etc?
GTFOH_1453@reddit (OP)
I live with someone else who pays for rent/utilities and I pay them my portion. Never had credit check for a phone plan. That seems kind of extreme