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  1. #1
    Join Date
    Jun 2013
    Posts
    1

    Default Employee Education Loan Repayment

    My question involves collection proceedings in the State of: OHIO, though the employers national headquarters is in Texas.

    I have an education loan/promissory note that I need to repay to a previous employer. I am not trying to get out of this debt, since I do value the education that I received, but the employer would like me to repay approximately 24k in 1.5 years, with 18 equal payments, and that payment ($1300.00) is entirely too high for me to meet each month. I have tried to negotiate a lower payment through a one time payment of a lesser than full amount that I can get a personal loan for, and by extending the terms to be 36 or 48 months which is a payment that I can manage. Unfortunately they just won't comply, and I am not currently receiving a paycheck, not that I'm not trying, but it is tough starting your own business in the beginning.

    The question is - If I send them $500.00 per month until I can afford to pay myself through the business, can they still send me to a collection agency?

    I have a feeling the answer is yes, but knowing that collection agencies purchase debt for as low as 10 percent as the actual balance, will the $500.00 keep them happy until I can start making full payments.

    Any advice is greatly appreciated. Hope all have a great day.

    Thanks

    Nate

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Employee Education Loan Repayment

    Consult the agreement you had with them concerning the loan. You should have considered this before going of on your own. Part of running your own business is managing the finances.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Employee Education Loan Repayment

    You have a written agreement with your employer, or a policy that you agreed to when you took the money, don't you? What does it say about repayment?

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