Start Consolidating private student loans chase

Consolidating private student loans chase

If that doesn’t work, either your lender or the collections agency will take you to court, where you’ll be sued for breach of contract.

Those are: These are serious legal and financial repercussions that will end up causing you a major hassle, a ton of stress, and probably a lot more money than you would have owed from simply paying back your loan.

They might not sound all that bad at the outset, but having your wages garnished, getting a levy attached to your bank accounts and having a lien put on your property are horrific consequences that you should try avoid at all costs.

For example, with a strong credit score, you might be able to refinance at a lower or fixed interest rate instead.

The Federal Government hasn’t quite woken up to the fact yet that millions of Americans are teetering on the brink of financial disaster, living paycheck to paycheck, and literally having to choose whether to keep the lights on or make their monthly student loan payments.

Let’s face it, the economy isn’t that great in 2014, and there is little hope that it will return to the pre-recession levels any time soon, so lenders are looking to raise revenue in any way they can, including by attacking their own borrowers.

Here’s a breakdown of the steps that your lender is likely to take should you default on your private student loans: As soon as you miss a payment, your lender will probably contact you immediately to let you know that you have defaulted on your loan and that you’ll need to issue a payment immediately to get your loan back into compliance.

Private student loans default the minute that a single monthly payment is missed.