Going into collections is a when you’re so far into arrears that your debt becomes the focus of a collections agency which will often use annoying and pestering tactics to attempt to force you to make payments if you’re able to or not.
The first bit of advice is to attempt never ever to reach this state, and always to attempt to make payments on time or contact your loan servicer to make arrangements in the event you can’t. If you do find yourself in collections for any reason, you should check your records to be sure you aren’t falling to clerical error. Lost payments can be a fault on either end of the process – its never a good idea to assume that the problem is not on your end. Negotiation with the collections agency can also be fruitful, and sometimes will allow you to pay less than what you owe.
Performing a loan consolidation is a good step, which could allow you to make a singular payment in the event you’re having to track multiple loans. If you hold a federal loan, turning it into a direct consolidation loan can help you keep ahead of your payments. And that isn’t even going into the more exotic programs and services you might be eligible for. Contact our expert team for advice on your particular situation, and find out how to craft an effective repayment strategy that can save you thousands of dollars and years of repayment.
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