Working with a loan that is defaulted loan companies may be stressful. That you know your rights and responsibilities if you are in default on a private (non-federal) loan, it is important. That you have rights when dealing with debt collectors, and it is against the law for a collector to abuse, harass, or make false statements to you while it is your responsibility to pay what is owed, remember.

Unless supplied in the initial contact, within five (5) times, every debt collector must deliver a written “validation notice” indicating the amount of money your debt, the name associated with creditor your debt, just what dispute rights you’ve got you do not owe this debt, and how to obtain information about the original creditor if you think. Keep this notice and employ it as being a guide when talking to a financial obligation collector. Continue reading →