Legal Question in Credit and Debt Law in Washington
Student Loan Collections
My student loans are in default, i got a call yesterday from a debt collector and explained to her the dire situation I am in financially right now. She said she was going to send me some paperwork to fill out about my finances and a form to sign giving up my rights and if I send everthing back they will put the loans back in deferrment. That would help some i suppose as I can't really pay anything at the moment, but I am concerned about the giving up my rights part. What rights is she talking about and should I sign this paper? I know I have to pay these loans back and I know there is no statute of limitations on this but right now I just am not able to pay.
BTW she said the collection agency she works for is a direct subsidiary of the company I got the loans from in the first place....this may make them a little more willing to work with me but I don't know..they are still a collection agency. If I don't sign it what will happen?
Thank You in advance for any help
1 Answer from Attorneys
Re: Student Loan Collections
The "giving up your rights" worries me as well. Make sure you read everything very carefully. Additionally, I would make sure to get any promises from them about putting your loan in deferrment in WRITING before you sign anything. Just as an FYI, if they cannot put their promise in writing (perhaps because they are not authorized to do so), their promise may have been a violation of federal and state consumer protection laws. You may want to call your county bar association and see whether they have a free "debt clinic" that would give you a half an hour to speak with an attorney who specializes in this area of law.
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