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Contacting original lender of private student loan

Date: Fri, 03/07/2008 - 08:58

Submitted by halos_horns2004
on Fri, 03/07/2008 - 08:58

Posts: 5 Credits: [Donate]

Total Replies: 2


Why can't you contact the original lender of your private student loan when it goes into default? I am having major problems with the CA involved and I would like to contact the lender to let them know what is going on. I want to get this debt under control, but the CA is making it just about impossible...don't you think the lender would like to get it resolved, or am I just looking through rose colored glasses?


When a default is assigned to collections with student loan, it is done under a contract between the lender and the CA. This contract states that the CA gets paid during the period of time they are assigned the account even if they never talk to the borrower and the money is send to the lender....the CA gets the credit.

With private student loans, you really do not have a lot of options. There is limited to no deferment/forebearance, no income sentitive payments and 90% of the time they will sue you just to protect their interests. Legally they can demand balance in full immediately....and you already agreed to it.


lrhall41

Submitted by SOAPLADY on Fri, 03/07/2008 - 11:26

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