Sussman & Associates has over 40 years of experience with a proven track record for helping distressed students who have been the victim of student debt. We help student debtors when their circumstances change, enabling their rights under the law as they become eligible for loan forgiveness or re-structuring. Whether you need legal advice or action, we are here to represent you and your unique needs. Take advantage of our free attorney evaluation and Contact Us today to schedule an appointment.
Assess Your Ability to Pay
If you’re making payments on your student loans and can afford to continue making payments, don’t stop doing so.
If you are capable of making your loan payments, you are probably not entitled to nor will you ever get a student loan modification.
Check Your Loan Status
If your loans are in or near default, we will communicate this fact to your lender and provide them with the information that they need to make an informed decision about your requested student loan modification.
Send Letter of Representation
The Firm will send your lender a letter of representation and advise them that they are to cease all direct communication with you and direct all future correspondence, other than regular notices and monthly bills to our office.
Brace for Negative Credit Reporting
Unless you are prepared for the potential negative impact that a default in your loan may have you should not pursue a student loan modification.
This does not mean, however, that all debt negotiation results in negative credit reporting. If there is negative credit reporting we have tools at our disposal to assist you in mitigating the results of such reporting.
While there is never a guaranty that any lender will negotiate with you, the likelihood of success is greatly enhanced once you retain a professional debt negotiation specialist.
Negotiate a Settlement
This is not an easy process and it can take some time to persuade the lender to provide you with a modification that works for both you and your lender.
Review Your Loan Documents
We will review your loan contract to see if there are any irregularities in its origination or payment terms.
... Closed School, Borrower's Defense, Bankruptcy Discharge
Assert Federal Fair Debt Collection Practices Act
We will assert your rights under the Federal Fair Debt Collection Practices Act so that you will not be burdened by the incessant phone calls that occur once you become in default and the regular payments to your lender ceases.
Show Proof of Financial Status
We will then provide your lender with financial information about your income and expenses so that the lender can make an informed decision about whether or not they would make more money by settling than by pursuing the debt.
Note: Loan modification does not work for everyone and you must be prepared for the negotiation process and the lack of payment on your end to have an effect on your credit score.