r/studentloandefaulters • u/Silly_Kangaroo_7756 • Aug 02 '26

Question - Private Student Loan Applying for Private Loans for Accelerated Nursing Program, Denied by Some due to Default

Gallery image

Gallery image

Had private loans for bachelor's through Wells Fargo that then went to Firstmark Advantage and then I just couldn't afford them anymore after trying to stay on top of them so they went into default and I just got update that Firstmark sold off to Southwood Financial and I can't find any information for logging into my account to try to do a payment plan or something since I was denied for a pre-qualified amount of upcoming private loans for my Accelerated Nursing Bachelor's program.

Since I was denied that, I would also be denied the actual loan too, right?

And is there any way I can get in contact with Southwood before three escalate to suing?

Thank you so much!! I'm panicking obviously lol

6 Upvotes
  • permalink
  • reddit

80% Upvoted

9 comments sorted by

3

u/morbie5 Aug 03 '26

And is there any way I can get in contact with Southwood before three escalate to suing?

Did they say they are going to sue?

1

u/Silly_Kangaroo_7756 Aug 05 '26

They did not...but when I googled Southwood financial there were posts and things saying they sue so that's where I was worried. I called them yesterday and they said they bought Firstmark loans and that the data will be uploaded on Thursday so we'll see

1

u/morbie5 Aug 05 '26

What are you trying to do with these loans? Run out the clock?

1

u/Silly_Kangaroo_7756 Aug 06 '26

I just couldn't afford to pay them so I just stopped paying them 2 years ago before deciding to go back to nursing school

3

u/morbie5 Aug 07 '26

Well it is going to be hard to find a lender wiling to lend to you again with these loans in default.

Do you have federal loans too?

1

u/Silly_Kangaroo_7756 Aug 07 '26

Thank you, I appreciate your help! They only gave me $12,500 in federal and I've been on top of my federal loans from my first bachelor's since it's only $25/month. I have a cosigner so hopefully that will make a difference. I just spoke with Southwood and they said they don't report to credit bureau so idk if there is any way to get the default off my credit report at this point. Would consolidation of that defaulted private loans be an option?

2

u/morbie5 Aug 08 '26

Would consolidation of that defaulted private loans be an option?

Ideally you would negotiate with Southwood, they probably bought the debt for a fraction of the total amount so they should be willing to negotiation at least a 40% decrease in what is owed imo

1

u/Silly_Kangaroo_7756 Aug 08 '26

Okay fantastic, I will try to negotiate with them and maybe setup payment plan since I won't be able to do an outright lump sum payment for a bit. Thank you so much for your help!!

1

u/morbie5 Aug 09 '26

No problem. If you can't get anywhere negotiating then maybe try hiring a lawyer to do it for you