Debt Collection on a Private Student Loan
My wife and I cosigned on a student loan for my son and it has went into default.
It has been turned over to a collection agency.
My son cannot pay it, 6 months ago he filed for bankruptcy. So, in turn they are coming to us for the collection.
They have agreed over the phone to settle for 70% of the amount due...a little over $13,000.
Should I have a letter come from them showing me exactly what I am paying? They sent me to a website showing my sons information and the settlement amount.
What kind of wording should I use to ensure the account has been paid in full without recourse in the future?
Finally, before I send a bank draft check, should there be a statement on the back of the check stating the same information from the last paragraph?