jeffbaltimore Posted January 17, 2012 Report Share Posted January 17, 2012 General Revenue Corporation is a collection agency currently handling my student loan that is in default. Here is some background: I am broke, not working, and cannot pay anything. General Revenue Corporation is offering a consolidation program called William D Ford. They are telling me that they will send me the paperwork and that I should fill it out and send it back to them. This sounds fishy to me. Why would I send a consolidation application to the collection agency and not to the company offering the consolidation? There must be something from the consolidation that benefits the collection agency or why else would they suggest it--it seems strange that a predator would be so kind. I know that consolidating will raise my interest rate but the benefits of consolidating are very tempting. I will supposedly not have to make payments and the debt will appear as paid on my credit report. This, at least, is what General Revenue Corporation is telling me. Not sure who to trust. Help! Link to comment Share on other sites More sharing options...
1stStep Posted January 17, 2012 Report Share Posted January 17, 2012 Consolidate directly with the Dept of Education - Direct Loan Servicing... make sure to do the income based repayment. Link to comment Share on other sites More sharing options...
jeffbaltimore Posted January 17, 2012 Author Report Share Posted January 17, 2012 Thank you for your response. I think I will apply directly. I am trying to catch this collection agency in the act of breaking the law. As I said, it seems fishy that I would submit a document to them instead of directly to the consolidation company. Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted January 18, 2012 Report Share Posted January 18, 2012 I totally agree with that, do not deal with the agency. the Dept of Education NEVER sells the loans they just farm them out but you can deal with them directly in fact there is even a dept you can write too and explain your situation, while it doesn't cancel it .. it maybe possible to defer it.. Link to comment Share on other sites More sharing options...
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