Have you ever had a collection agency sicced on you?

I had a problem with my ebay account. Someone fraudulently used my account and got it suspended. The money was charged back and then passed onto a collection agency.I received letters stating that I owed them this money, I refused to pay as this was not my fault. They hounded me for months and it was very stressful. The only way to get rid of them in the end was to send all the letters back stating that I no longer lived at that address.

Yes, I have, not for student loans -but some collection agencies will then take you to court if you have not attempted to pay. They may even attach your wages. Not fun you wake up one day and your checking and savings account are emptied out- they don't care that now you can't pay your rent or car payment because they took all your money.. Be careful.

Unfortunately, I have and it isn't a lot of fun. They will possibly try to take you to court and they could also attack your checking account or garnish your wages. I have debt from college as well and I tried talking to the people that I owe the money to (it wasn't a loan) so that I could arrange a payment agreement with them. This was seven years ago and when I called them they were demanding that I pay them $500 a month. Hello, I was unemployeed at the time because I'd just had my first child, where did they think that I was going to come up with that kind of money to pay them when I had no money coming in. Now, I am again in a similar situation where I have no money coming in and I don't have my name on the checking account that my husband and I share so that I am able to avoid them taking the money that we need to pay our bills.

Are your loans private or federal? I've got quite a bit more than you (around 40 grand I believe), but after a little research I was able to find qualifications for deferrment and forbearance. If you are having trouble paying your loans, call the lender. The WORST THING TO DO is to become negligent. I'm sure if you call them, while they may not have an 'easy button' or give you positive attitudes, they will answer your questions. Typically payments for university loans do not begin until 6 months after graduation. If you can show you are still attending class atleast part time (some require full) you can contine an in-school deferrment. Search online to see if you qualify or delaying of your payments. Some lenders will also work with you to lower your monthly due. The interest rate may increase, but they would rather you pay anything than nothing at all. Whatever you do, don't hide from them! Your credit is already taking a hit if you miss payments. Try to contact them asap, a lot of the forms are printable or downloadable online. The sooner you give them the information and tell them why you can't currently make the payments, the better it is for you in the long run.

In India you are expected to repay your educational loan only after 1 year of completing your course or 6 months after you get a job, whichever is earlier. It may sound well and good one, but that is not the case. Not everybody gets the educational loan. The banks always have the habit of rejecting the application after 1 month or so. And you are expected to produce a lot of documents to favor your capability of repayment, like father's income, collateral security, etc. But your case seem to be different. That happens only with the credit card companies in my country. Not with banks.