I'm getting a small windfall / inheritance, and I want debt this off my chest. But I know that I'm bad with payment plans and that, because I'm self employed. How about all of the principle and half the interest? Any experience with this type of wipe the slate clean approach?
2006-10-26 19:55:28 · 3 answers · asked by mungo 1 in Education & Reference ➔ Financial Aid
You can offer, what the heck? Then if not accepted, go up a little. It does not hurt to try.
2006-10-26 20:04:08 · answer #1 · answered by AveGirl 5 · 0⤊ 0⤋
You can offer, but they offer you a pay off in full at about 35% to 40% reduction on the loan and drop some of the fees that have been added over the years. I don't think cash would make a difference though you could do a bank draft. Besides you don't know the person on the other end want get greedy and take your cash.
2006-10-26 20:09:10 · answer #2 · answered by petproudinc 1 · 0⤊ 0⤋
My suggestion would be do it via a third party such as debt counciling. If you let them know you are in a position to make the offer to pay that much they could possibly insist you pay it all. Professionals will be able to advise you on how much you need to let them know.
2006-10-26 20:05:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋