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private education loan in default

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state : north carolina. a private loan that my father cosigned for has inadvertantly gone in default they have since notified my parents and myself that the whole amount is due the law firm representing lender refuses any arrangement other than payment in full 10,000 and change. i needed to know if they can sieze anything what they can do and what legal recourse i have. again this is a private loan not affiliated with the federal govt. in any way. the loan was credit contingent and as far as i know no collateral was involved.

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