I was in the process of consolidating my loans, and, was foolishly under the impression that they would base your loan payments according to your adjusted gross income. This is not true....beware....if you are in default and consolidate with them....your payments will be figured on your entire gross yearly income with no consideration whatsoever for any other payments you have....including your home, car, medical, utilities, groceries or anything.
I was led to believe that they would base the payments on what we could afford after our normal living expenses....this is not true....after several phone calls to them....I got the real truth....they do not consider any of your living expensives.....strictly gross income!!
I myself decided to contact The National Consumer Advocate and locate an attorney. I have listed the link below.
I believe you will also find a link there to help them in lobbying congress fighting the unfair and unjust practices that are currently taking place concerning Student Loan issues!!!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.