Do i have to pay this debt or what will happen?

Question

I signed up for itt tech and wanted to further my education and get a degree. but i read online and heard from family that the school was a ripoff and to get out as soon as i can. unfortunately, i signed a bunch of papers and started some classes. they gave me the books and i went to class about 3 times and dropped. so, one day a letter from itt tech came in the mail saying i owed $419.77. they also gave my debt to a collection agency. i work part time in fast food and $400 is all i have and will take a long time to get back. i just want to know my options. please someone help

Answer 1

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://urlbrief.com/47a5b8

Answer 2

A school loan in something that is really hard to get out of. Once you signed the papers you are screwed, basically. They lent you money to go to school (probably through a private loan that could be accruing interest). And since a debt collector now has your loan, it is probably reflected on your credit. Defaulting a loan looks really bad on your credit, so you do need to pay it off. However, I suggest calling ITT tech to see if you could work something out with them or to verify which company they sold your account to so you don't just give out your info over the phone. Don't trust that a collector is who they say they are. Ask to get a debt verification notice in the mail to make sure that the "offer" they make you on your loan (its kind of like "lets make a deal", they may take less than you owe to close the account and it will show as paid on your credit report) is final and that once you pay that amount you have proof that it was all you owed. WITHOUT THIS LETTER THEY CAN COME BACK TO GET YOU FOR THE REMAINDER OF THE BALANCE AND DENY THAT THEY MADE AN ARRANGEMENT WITH YOU!!!!

Once you pay the balance (or work out a payment plan) MAKE SURE TO REQUEST A LETTER ABSOLVING YOU FROM THAT BALANCE. YOU MUST MAKE COPIES AND SEND THESE LETTERS TO THE 3 MAJOR CREDIT BUREAUS TO GET YOUR CREDIT RIGHT AGAIN.  Collectors dont voluntarily report the payment to the credit bureaus, they don't care to fix your credit...they just want the money you owe... so it is your responsibility to request this paperwork and make sure it gets in the right hands.

(I know all this because I made a similar mistake with the Art Institute and I now owe $17,000 and still have no degree, sux!)

GOOD LUCK!

Below is the link with the 3 credit bureaus info!

Answer 3

You may as well pay the money and forget about it.  You signed a contract with them and you broke the contract.

Answer 4

Well you did attend classes, you can't just bail out of school like that. Why didn't you go to the registrar and withdraw properly...chances are you wold have been entitled to some of your money back.

That milk is already spilled and you didn't let the school know what your intentions were ...you just stopped going. Call the collection agency and make payment arrangements, offer them what you have and then ask for a 'pay for delete' option. Make good on your payements or you might get sued.

Next time, say something, you can walk out of school but not your obligations.

Answer 5

Hey, The Same thing happened to me at Louisville Tech. Except I got stuck with about 7 thousand for about 3 months of classes. ANYWAYS you HAVE to pay this. If not they will send you're account to a lawyer and sue you, or they will start keeping you're paycheck until its paid off, or they will just keep you're tax refund check or part of it... Just pay it.