ReliaMax Private Student Loan Settled for 75% Reduction

Posted By Law Office of Simon Goldenberg, PLLC || 2-Apr-2017

Our attorneys were recently contacted by a debtor in need of assistance with resolving a private student loan debt owed to ReliaMax. With interest, the balance accumulated to over $80,000. The primary borrower and the co-signer were both experiencing financial hardship and were unable to keep up with the the large minimum payments. Consequently, the account ended up in default due to non-payment.

The underlying debt accrued as a result of a private loan consolidation with Education Computer Systems Inc (ECSI). ReliaMax Surety Company acted as an insurer in this transaction. When the borrower defaulted on the consolidation loan, ReliaMax paid a claim to the lender, resulting in the transfer of the promissory note from the lender to ReliaMax. ReliaMax then accelarated the note and made a demand for repayment of the full amount.

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Our attorneys compiled the clients’ hardship information and presented ReliaMax's collection agents with a proposal to resolve the debt under terms that are reasonable and affordable under the circumstances.

After several rounds of negotiations, our highly-acclaimed student loan lawyers were able to achieve a settlement of $20,000. This resulted in savings of about $60,000 to the debtors, which is in excess of 75% off the balance. These client's are no longer burdened by this insurmountable debt and they are able to re-focus on addressing their other obligations.

At the Law Office of Simon Goldenberg PLLC, our attorneys have helped numerous borrowers resolve their student loan debts. Whether your defaulted account is with ReliaMax, or any other private loan lender/insurer, contact us to learn what we can do for you. While each case is unique, our debt relief attorneys always strive to achieve the best outcome possibleunder the circumstances.

If you need help negotiating a settlement for student loans, call our law firm today at (888) 301-0584 to learn your options for student debt relief.


Results vary; prior results do not guarantee similar performance. While we strive to maintain accuracy and provide relevant case histories, in order to protect the confidentiality of our client(s), all numbers are approximations and are offered for illustrative and general informational purposes only. This page does not purport to contain any legal advice. Call for a free phone evaluation.

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