I co-signed for a student loan for my son. I have since gone bankrupt - chapter 7 - bankruptcy has been discharged. The loan was not in the bankruptcy. The day after my bankruptcy discharge they turned this loan over to a collection company. The collection company is charging interest. (How do I find out what interest rate they are allowed to charge or if they are allowed to charge interest) I have made payments as well as tried to come to an agreement for a lump sum settlement. They will not accept what I have offered. It is now with a 3rd collection company. I am dizzy trying to figure this out. The 3rd company stated the 2nd company reported I did not make any payments. I have all documentation of the payments I have made. I was told I had the right to send a letter to the collection company requesting I wanted to deal with the Investor directly - Is this possible? Seems to me I need an Attorney, however I can't afford one. I am physically and mentally exhausted dealing with the phone calls and letters. Thank for any help or direction.
By signing up a debt 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 payoff 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.