The Consumer Financial Protection Bureau (CFPB) has recently reported that it dealt with 3,800 complaints about private loan servicers between October 2012 and September 2013. Sadly, the student loan debt issue and the inability of borrowers to obtain satisfactory customer service from the loan servicers have created an overwhelming financial problem.
The complaints range from miscommunications to debiting accounts twice to mis-processed payments, all of which can negatively impact your credit score. There are other complaints related to application of improper interest rates, penalties for late payments, inability to apply payments the way you want and numerous others. Thus, it is imperative that borrowers document everything. This means writing down the content of your telephone conversations with loan servicer agents, printing receipts and double-checking the numbers.
Keeping records of everything that has occurred with your loan will not only help you get the problem corrected, it will also assist you in a lawsuit if the loan servicer fails to cure any errors made in your credit reporting. Remember, even a notation of a late payment to the credit bureaus can damage your credit score.
If you are in default on a loan and struggling to get the help you need from your loan servicer, we can help. The loan servicers have a financial incentive for you to remain in default because they get certain premiums for convincing you to take certain options. The process can be frustrating. Let us remove the stress and do the fighting for you.
The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC handle Chapter 7 and Chapter 13 bankruptcies, as well as debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense and debtor’s rights matters. We serve the areas of Milwaukee, South Milwaukee, West Milwaukee, Milwaukee County, and Waukesha County, including the municipalities of Big Bend Village, Brookfield City, Brookfield Town, Butler Village, Chenequa Village, Delafield City, Delafield Town, Dousman Village, Eagle Town, Eagle Village, Elm Grove Village, Genesee Town, Hartland Village, Lac La Belle Village, Lannon Village, Lisbon Town, Menomonee Falls Village, Merton, Town, Merton Village, Mukwonago Town, Mukwonago Village, Muskego City, Nashotah Village, New Berlin City, North Prairie Village, Oconomowoc City, Oconomowoc Lake Village, Oconomowoc Town, Ottawa Town, Pewaukee City, Pewaukee Village, Summit Town, Sussex Village, Vernon Town, Wales Village, Waukesha City, and Waukesha Town. Call DeLadurantey Law Office by phone at (414) 377-0518.