I originally had student loans worth 25k, with a payment around $200/month. I started deferring the loan due to economic hardship. Then Sallie Mae purchased the loan and changed the payment to almost $380/month for 2 years, then 480/month for the balance of time. I obviously could'nt afford that payment either. So I defferred again as long as I could, and even used up most of the forbearances as well.. Well now several years later the loan is now 57k, and they want a 580/month payment. I should've been more responsible, and aggressive and handled it in the beginning but didn't. I want to do right by this debt, but cannot afford 580/month. They will not work with me on the payment amount. Can Sallie Mae sue me, or garnish wages if I just send them $250/month even if they want $580. I live in Arizona.
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.