Debt Collector

As a student, if you’re sued for a debt loan, this is the first thing you should do.

With balances of loans of students on the increase, consumers are faced with the problem of defaulters of student loans. Collection of debts is also another major problem consumers face.

Borrowers face a lot of lawsuits due to the increase in debt of student loans which leads to unfavourable judgements on them. What constitutes the judgement is damage on credit and wage deduction plus the other consequences of not paying back the loan. This even makes the borrower unable to be stable financially to clear up his debts that seem hard to do away with.

It’s possible that this lawsuits are filed by corporates who don’t even have the jurisdiction to collect the debts from the onset.

Blommberg in an article recently published talked about a system where ownership of debt is continuously transferred and lawsuits emerge from corporates having no right to sue borrowers. If lawsuits are not questioned by borrowers and are not present in court, the creditor gains favour from the judge and judgement is brought upon the borrowers.

What you should first do when faced with a debt issue or collector’s issue is to ask that the debt is verified in writing. A lot of people ignore this probably because they are ignorant or think it’s lawful and feel nothing can be done about it but in cases of collection of debt, it’s one of your rights as a consumer. In depth debt details and what led to it being chased according to the law should be provided by the collector.

On your list of things to do, your credit should be checked when collectors of debts are concerned. Your credit scores can be affected by judgements and accounts collection negatively, it’s therefore necessary you are aware of how debt is recorded and how accurate it’s done.

By using annualcreditreport.com, you get an annual credit report that is free from every one of the reporting agencies (3 major ones). From credit.com, you receive your credit scores freely(two of them) which will be updated in every thirty days.

If you owe a debt or have questions relating to collectors of debts, seek the assistance of a consumer attorney- someone that will look at your case for free should not be difficult to find.

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