Salt Lake City 6/17/2015 6:33:40 PM
News / Education

Private Student Loan Collection Dirty Tricks Exposed

Are You Being Treated Fairly by Your Private Student Loan Servicer or Collection Agency?

The high cost of education and a sluggish economy have caused people to struggle to pay off their private student loans. Most people want to do the right thing and pay back what they owe. But sometimes financial hardship and an unyielding lender can force a borrower into default or wage and tax garnishment.  Garnishment of 25% of a borrower’s income can last a lifetime. 

Social security can be garnished if a solution is not negotiated.  Private student loan lenders like the Royal Bank of Scotland, Citibank (RBS), Wells Fargo and Discover Card often give up on negotiating with a borrower completely and sell the debt to National Collegiate Trust (NCT) who is nothing more than a debt collector.  People often think that they can explain their situation to a collector like NCT to help find a solution, when in return they find only obstacles and misinformation.  If this is happening to you, it may be time to talk to an attorney.

The Student Loan Law Group represents borrowers and defends them against aggressive collection practices and unfair garnishments. There are strict laws covering student loans and how agencies can collect on these loans. The laws are there for your protection. The Higher Education Act, the Truth in Lending Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act are just a few of the laws in place to protect consumers with student loans. There are also a myriad of state laws in place for consumers as well.  Student Loan Law Group can make sure they follow the rules. 

For example, are you having issues with any of the following? 
-Lost paperwork when applying for assistance
-Incomplete information about your payment history
-Errors not being corrected in a timely manner
-When switching servicers, lost or improperly applied payments, insufficient communication
-Conflicting information from customer service
-Harassing or threatening communications from your collection agency or servicer -Obstacles to repayment incentives for which you qualify
-Difficulties releasing a co-signer from the loan after successful payments
-Loan acceleration when you have been making on time payments
-Not receiving your student loan military benefits.

This is just a brief list of what can be happening to you. As an advocate for borrowers, the Student Loan Law Group wants people to know that just because they may be struggling with student loan payments does not mean they deserve to be treated unfairly or given the run around. We are here to help defend you against unfair collection practices.   Because student loans are different than regular loans and cannot be discharged in bankruptcy, it is important to speak to someone who is knowledgeable specifically in the area of student loans

They won’t just go away. If you cannot afford your current student loan payment and your servicer is not helping you, or if you feel you are being treated unfairly by your servicer, it's time to get some outside help. Contact that Student Loan Law Group now.