If you can’t trust your debt collector who can you really trust?

 In Bankruptcy

AIf you are one of the roughly 40 Million or so other Americans you have student loan debt. Student Loan companies have been increasingly turning over student loans to debt collectors. Those debt collectors, instead of playing nice and fair as you would expect a debt collector to do (insert laugh), they are racking up penalties for late payments by allocating monies sent to them differently than you would expect.

When you have more than one student loan the debt collectors are taking payments sent and applying them to all of the loans a particular borrower may have. If the amount is insufficient to pay the entire monthly payment on all of the loans, the debt collector is charging late payments on all of the loans. Debt collectors are also claiming late fees for loans in deferment when a person begins paying back the loan despite the person not actually having to pay the loan at all during the deferment period. Needless to say it pays to keep a close eye on your collector that is collecting your student loan. You can read all of their misdeeds here:

http://www.mainstreet.com/article/student-loan-servicers-deceived-borrowers-and-manipulated-payments-to-maximize-late-fees?puc=yahoo&cm_ven=YAHOO

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