I'm about 10 years and 30grand behind on my student loan payments. Last week I emailed the gov and asked them where my loan was being held, and they replied with the information and told those people my new information (address, phone, etc).
So I want/need to pay this loan back to restore my credit. Hopefully soon I will get something from the collection agency and we can begin to work out payments.
My question is, is this in my best interest? Is there any other option?
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.