Settlement Of Old College Tuition Bill

by Momo
(Laurel, MD)

I have an old tuition bill that has been sent to NCO Financial, they have added over $2000 in late fees and interest fees bring the bill to $7000. I would like to settle with the company but would like to know how much I should offer and if they are even willing to accept a settlement. Please any advice would be helpful.

Reply from DebtCollectionAnswers.com:

Is this a student loan or just tuition owed to a school? If the former, there is no statute of limitations and it can be difficult to settle student loans. If it is a student loan, we recommend you listen to a recent interview with Alan Collinge, author of The Student Loan Scam - he talks about negotiating student loans.

But if this is a collection account for tuition, it may be a different story. If that's the case, we would suggest you talk with a consumer law attorney (www.naca.net) to find out what the statute of limitations is for that debt before you do anything else. If the debt is outside the statute of limitations, then you can simply tell the collector not to contact you again, or work out some kind of settlement.