I have a private student loan that my school gave me apparently because I was missing funds from my Financial Aid. Now those two loans are in default and I tried my best to negotiate with a collections agency. They asked for ridiculous amount of money for monthly payment. I offered multiple times payment arrangements but they just denied any suggestion I had. After their denial I just gave up to work with them since they did not want to work with me at all. I would like to start paying on these two loans which are about $20,000 altogether but do not know where to start. I was looking online to see if maybe I can consolidate or something so I can get it on right track but it was unsuccessful. Recommendations?
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.