Post by duke on Jul 2, 2010 18:46:17 GMT -5
June 27, 2010
Student Loan Debt Collectors Guide Pulled from Federal Website
Recently, the U.S. Department of Education pulled a manual for debt collectors who are attempting to collect student loan debts off of its website. The Private Collection Agencies Procedures Manual was removed because a blog operated by the U.S. News and World Report gave some tips to borrowers who have defaulted on their student loans.
The manual revealed that if the debtor makes a good faith agreement to repay the loan, the collector is allowed to waive all collection fees and reduce the total debt by 10 percent. Other helpful tips to debtors included in the manual are the precise language borrowers must use to get debt collectors to stop contacting them and ways for debtors to repair their credit once they’ve defaulted on a loan.
When the blog writer called the Department of Education to check to see if there were any recent updates to the manual, they asked her not to publish information from the manual. It was then removed from the website. The Department of Education claims it was removed because the website host is under review. <snip>
www.californiadebtblog.com/2010/06/student-loan-debt-collectors-guide-pulled-from-federal-website.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fsteinlaw%2Fcalifornia_debt_blog+%28California+Debt+Blog%29
Guide still available at an alternate site.
Student Loan Debt Collectors Guide Pulled from Federal Website
Recently, the U.S. Department of Education pulled a manual for debt collectors who are attempting to collect student loan debts off of its website. The Private Collection Agencies Procedures Manual was removed because a blog operated by the U.S. News and World Report gave some tips to borrowers who have defaulted on their student loans.
The manual revealed that if the debtor makes a good faith agreement to repay the loan, the collector is allowed to waive all collection fees and reduce the total debt by 10 percent. Other helpful tips to debtors included in the manual are the precise language borrowers must use to get debt collectors to stop contacting them and ways for debtors to repair their credit once they’ve defaulted on a loan.
When the blog writer called the Department of Education to check to see if there were any recent updates to the manual, they asked her not to publish information from the manual. It was then removed from the website. The Department of Education claims it was removed because the website host is under review. <snip>
www.californiadebtblog.com/2010/06/student-loan-debt-collectors-guide-pulled-from-federal-website.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fsteinlaw%2Fcalifornia_debt_blog+%28California+Debt+Blog%29
Guide still available at an alternate site.