Legal Question in Credit and Debt Law in Florida
I ignorantly did not consolidate all of my student loans. I got behind on one of them (forgetting that I have to pay on two different accounts). A company bought my loan, added $10,000.00 to the loan, and told me I had to pay it, or they would garnish my checks. So for 10 months, I struggled to pay the amount they forced me to pay, even though it required my signature. Now, another company has bought the loan, and there is $20,000+ interest. Is this legal? Do I have any options?
1 Answer from Attorneys
It is legal for them to add interest and other fees that you likely agreed to when you signed the initial promissory note. The best option you have is going to be to negotiate a settlement of the debt for a lesser amount. The other alternative is to do a chapter 13 bankruptcy, if you qualify, to lock the loan interest in at 0% so you can attack the principal of your student loan. This option is not for everyone since there are serious complications that can arise if you cannot pay off the student loan debt in the 3-5 year repayment plan. If you would like to discuss some other options, please e-mail me at [email protected] for a free consultation.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
