First, I don’t believe in sending money to people who claim to be owed it with no written verification. Second, I don’t have any kind of money to repay that amount.
I cosigned a student loan for my daughter with American Education Services, and she thought it was deferred until she graduated. I have been getting calls from MRS Associates saying the original creditor won’t deal with her or myself and it HAS to be handled by him.He is demanding a full payment of ,000 and there is no way that this is gonna happen.A private student loan lender can only take you to court through a collection attorney firm that is licensed in the state that you or your daughter live in.It appears MRS Associates is just making an empty threat.Unfortunately, those companies often make errors or fail to let struggling borrowers know what their full range of options are.
On Tuesday, the Consumer Financial Protection Bureau released a report on borrowers’ experiences with student loan servicers, or companies that take payments on a borrower’s loan and monitor payments.
We are a debt relief law firm, and can advise you as to all legal options, which may include debt defense, debt disputing, debt settlement, and bankruptcy. American Education Services (AES) was established in 1963 by the Pennsylvania Higher Education Assistance Agency (PHEAA) in order to provide federal and private student loans. When a government-backed student loan becomes defaulted, the financial lender can submit a claim to the guarantor of the loan, such as Pennsylvania Higher Education Assistance Agency (PHEAA), who systematically purchases these loans. Although settlement may be possible on some federal student loans, our attorneys also explore the possibility of resolution through loan rehabilitation or consolidation. You have rights that protect you from wrongful debt collection practices under both state and federal law.
At that time, PHEAA Default Collections can begin to pursue actions on the account for immediate payment in full, which include student loan wage garnishment and seizure of income tax returns, also known as an offset of government entitlements. Under Federal Law, consumers have strong rights under the Federal Fair Debt Collection Practices Act of 1977 (FDCPA), and the Fair Credit Reporting Act (FCRA).
We defend consumers from debt lawsuits and protect them from unlawful collection activity. Where possible, our lawyers will communicate with the agents and collectors working on behalf of the creditor to explore the available resolution options.
Even if your wages are being garnished, or your bank account is frozen, it may not be too late to get help. 2010), a lawsuit was brought against American Education Services, alleging a violation of the Fair Debt Collection Practices Act of 1977 (FDCPA) when American Education Services brought a lawsuit against the Plaintiff after the statute of limitations had run. With private loans, it may be possible to negotiate the debt in a private student loan settlement at a reduced amount, sometimes resulting in a substantial savings compared to the actual balance.
AES, like Navient student loans, services loans for a number of lenders including those from the U. As mentioned above, AES Student Loans deals with all of the payments, collections, and borrower support for student loan lenders.