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 Posted: Tue Nov 02, 2004 9:34 am Subject: School Loans |
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Are there special exceptions with the harassment laws for collection agencies trying to collect on student loans? I am getting harassed at work by an agency who is representing my school loan debt....I want to pay but, they are not working with what I can afford to pay.
Mandy
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Mandy
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| Posted: Wed Nov 03, 2004 3:45 am Subject: RE:School Loans |
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Hi Mandy,
Yes the same fair collection laws are applicable for student debts as well.
However there are options for you, during this hardship to handle your debts in a smoother way. If you can't make payments on one or more of your student loans, don't panic. It's important that you learn about your options rather than give up and slide into default.
In case of economic hardship you can defer payments on federal loans obtained after June 30, 1993 for up to three years if you are suffering an economic hardship. You are automatically entitled to this deferment if you receive public assistance, such as welfare or SSI. If you don't receive public benefits, qualifying is based on a complex formula that's a mix of your income, the federal minimum wage, the federal poverty level and your monthly or annual federal student loan payments. You will have to provide documentation of your income, such as pay stubs.
Other possible options include:
* postponing payments through deferment or forbearance programs
* eliminating the loan altogether through loan cancellation, or
* discharging the loans in bankruptcy.
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Jason
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| Posted: Tue Apr 26, 2005 3:30 pm Subject: |
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If they are federal student loans they won't be able to discharge them in bankruptcy, they will remain on the credit report 7 years following payment in full of the account.
Was going to say that you can send the collection agency department a partial cease and desist letter telling them that you are not allowed to accept phone calls at work and to just contact you by mail.
Make sure to keep copy of the letter you send them, and send it certified return receipt requested.
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Pammila
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| Posted: Wed Jun 01, 2005 4:13 pm Subject: Re: School Loans |
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| Mandy wrote: | Are there special exceptions with the harassment laws for collection agencies trying to collect on student loans? I am getting harassed at work by an agency who is representing my school loan debt....I want to pay but, they are not working with what I can afford to pay.
Mandy |
No, the laws regarding harassment from creditors applies for student loans as well. They are not allowed to harass you for student loans. All you have to do is write them a letter to tell them that they should only contact you through mail. Tell them that your employer disapproves of creditors calling your job. They are not allowed to call your job if your employer disapproves of this.
When you said that you want to pay, does that mean that you are actually still keeping up to date with your payments. Even though you cant afford it now, you should try your best to keep up to date with your payments while you try to work something out with this collection agency. Because missing payments will ruin your credit and get you in even more trouble. So it is most important to protect your credit while you are trying to work something out with this collection agency.
I also have heard of cases where students are able to consolidate loans that have been defaulted. As long as there are no judgments against you and you have not consolidated in the past. This will allow you to reduce your monthly payments so your payments could be more manageable. Contact the education department where you received your student loan I hear that they are very helpful with people who are genuinely interested in resolving their debt. They may be able to direct you to your next course of action.
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benjaminz6
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| Posted: Fri Sep 16, 2005 11:41 am Subject: I cosigned a student loan for my son |
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I cosigned a student loan for my son about 7 years ago. It has been unclear as to how he has handled this, but I have since filed bancruptcy. The trustee and I tried to locate the debtor many times and was told there was no record of it. My bancrupcy was discharged several months ago. Now, I am being written letters threatening lawsuits and garnishments. My son says he has talked with them about this matter and agrees to pay. how should I handle this matter.
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sandra
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| Posted: Fri Sep 16, 2005 12:26 pm Subject: |
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Hi sandra,
Welcome to forums. Perhaps some collection agency is sending the letters; am I right? Since your son agrees to pay the loan amount they should not contact you. You can refer the contact details of your son to the agency and your son should handle the issue in future.
Make sure that your son pays the installments timely; otherwise you would be responsible for non-payment. Also remember that federal student loans do not have any statute of limitation, you have to pay it anyway.
Regards,
Bryan
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4ubryan
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| Posted: Tue Mar 07, 2006 7:36 pm Subject: harassment |
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Is the collection agency allowed to call all my family members and tell them I put them down as a reference for a loan? I don't know how they got their numbers.
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juanita
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| Posted: Wed Mar 08, 2006 1:44 pm Subject: |
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Juanita,
Third party debt collectors should maintain the collection norms set by FTC. The rules made for debt collectors are stated under fdcpa. It says that collectors can call your relatives or references if you are not available at your address or they cannot locate you for somehow.
They can call your employer only to verify your employment. They cannot disclose your financial obligations to others. If they do, you can file complaint against them with FTC, BBB and Attorney General's office of your state.
However they can contact your co-signer if the debt is default. Juanita, are they calling you for student loan? If you find them violating FDCPA laws, you can also report against them with DOE. Keep us posted.
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stanley
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