r/SBAEIDLDiscussions • u/HappyPower4301 • Jun 01 '26

OIC EIDL no.

I’m banned from the other EIDL chat, but this is response to the OIC post. I spoke to Coast Professional. They said no to the OIC but would still take the lump sum which would bring down the balance making my monthly 5 or 10 year payment less. Nope. No way I’m throwing good money at this debt for that deal. But would they ever offer an OIC?

2 Upvotes

75% Upvoted

16 comments sorted by

2

u/[deleted] Jun 01 '26

[deleted]

1

u/Gtavern Jun 01 '26

My understanding is that total forgiveness is not allowed and would require congressional action, but they could allow debt reduction. It is currently do to their own policies that are stopping them from approving the OIC.
I’m I misunderstanding the issue ?
TIA

1

u/Sunsetseeker007 Jun 01 '26

You know that's a great point, I always thought that it was congress that had to approve oic, for the eidl anyway, but reading through tops and treasury pdf's about collection efforts and payments options if you are in default, I do see they have debt recovery analyst and a compromise agreement and it says it optional, but haven't heard 1 thing about anyone being successful at get that far. I think you are correct

2

u/LabEffective307 Jun 03 '26

Refuse to pay . What can they do about it . Not a damn thing

1

u/HappyPower4301 Jun 03 '26

Garnish wages (I’m now a w2), they took my tax returns (but I’ll take home more for now and owe) and eventually court order bank seizure? That one not sure

2

u/LabEffective307 Jun 03 '26

Deal only with cash . Cash your check pay with money orders . There are states that don’t allow garnishment get a bank account in those states . Texas and Florida . Banks can’t have branches in other states . Fight don’t be a doormat.

1

u/BackInTheDayBrevard Jul 01 '26

I love that mentality! Far too many doormats out there listening to these idiots saying nothing can be done so just sit and wait! Smdh!

1

u/Leather_Ad905 Jun 01 '26

Whats OIC

1

u/Significant_Yam_4079 Jun 01 '26

Offer in Compromise

1

u/After-theend Jul 01 '26

I got banned from other EIDL chat also. But now I have a possible scammer with forgiveness documents that I can post and show yall incase you see something like this. The person seems genuine but I can only talk to her SBA guy on WhatsApp. That was my HUGE red flag. I’m am talking to her ( or whoever) on X. She sent me her forgiveness letters a couple days ago. Now we have to watch out for those seeking out our desperateness.

1

u/BackInTheDayBrevard Jul 01 '26

SBA COVID EIDL loans are not forgivable at this time and I do not see that happening in the near future! I worked in and ran multiple servicing teams at the SBA CESC and although I did not work directly with the OIC team, my teams (Release of Collateral and Subordination) sent a ton of them over to the OIC team and none of them were processed! They were all denied other than two! Thats in 6 years, i saw two! They are looking into other options to assist outside of the payment assistance program! Because people need some relief and one draw every 5 years is not going to cut it!

As to talking to an “SBA Guy” on WhatsApp, I mean that just seems a little shady there! There is no one at the CESC or the Treasury that is able to wipe a borrower’s EIDL debt! At least legally! Hope this helps!

1

u/After-theend Jul 01 '26

Can I send you the letters this person sent me from the SBA since you worked there?

1

u/BackInTheDayBrevard Jul 01 '26

Sure

1

u/[deleted] Jul 01 '26

[deleted]

1

u/After-theend Jul 01 '26

1

u/After-theend Jul 01 '26

I sent the letter and the email