Debt Collection on a Private Student Loan

by Steve
(Monroe, GA)

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?