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Be Aware of your Rights while tackling Collection Agency Student Loan Challenge

By Peter Paul Subscribe to RSS | January 9th 2012 | Views:
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You may be a recent college graduate and may feel ripped off, since you have studied quite hard and received your degree or diploma. Now you are facing a worthless job market. While in the process of taking education you racked up considerable amount of debt in order to finance your high cost of study.

These student loans will really make you feel the tensions, regarding their repayment. Suppose, you may have taken some financial assistance from the U.S. Dept. of Education and now it is the right time to pay it off. But, you are really feeling very sorry to pay it off, since you don’t have a job. If you fail to make timely payments of the student loan, then it will certainly go in default. As this time arrives, a debt collector will come calling at your door. In order to recover its loans quickly and in a uniform manner and for this they employ different collection agencies. In order to collect the loans, the collection agency student loan cannot cross their limits and should confine themselves within the federal rules and regulations. Every borrower should also be aware of their rights and the factors that play their role.

There should be misinterpretation of any rules and regulations, neither complication will arise. There should be clarity in the whole affair. The complex details of the program should be clearly explained, neither confusion could complicate matters nor borrowers will stop payment. The collection agency student loan should determine the size of the payment, which is to be made by the borrower. In extreme cases there is the possibility of wage garnishments and refund intercepts. Even credit intakes of other kinds also get affected and the borrowers may also be harassed for a considerable period of time.

A collection agency has no right to harass a borrower. As per the federal decision, debt collection laws are accustomed to various state laws and privacy rights of an individual. A borrower should be aware of every possible right when he his dealing with a collection agency student loan program. The collection agency cannot create problems on the behalf of financial company, since it strictly punishable in the law. They are also not eligible to telephone the borrowers and create problems at the odd hours of night or create problems for their friends or relatives and enquire about the whereabouts of the said borrower. Abusive language and harassment is part of the law and collection agencies are liable to follow it, strictly.

Peter Paul - About Author:
Peter Paul is having good knowledge on collection agency student loan. To know more please visit www.defaultedstudentloansolutions.com

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