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Student Loan Consolidation... should I work w/ CA?


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Posted by Anon (4.62.186.42) on January 31, 2003 at 00:53:05:

Is there ever a situation where I should/must work with a CA on consolidating/rehabilitating my student loans? I was contacted by a rep with Diversified Collection Services on Tuesday (1/28/03) regarding my defaulted student loans. The rep was able to offer a consolidation plan that works with my budget, and I would really like to start paying these off, but am hesitant to work with a CA. DCS is listed on the Federal Student Loan website as an authorized agency, so I know they are legit. The rep has told me that she cannot make the consolidation arrangements unless I set up an automatic bank draft for six months, and she wants the first payment to go through next week (which would not be enough time for me to recieve the paperwork on the consolidation arrangement). Can anyone give me advice on this? If I contact the US Dept of Education to request a consolidation, will this cut the CA out of the picture? These loans are for over $20k, and are 5 years old, so I'm concerned that if I dont' work something out quick, I'll be in danger of wage garnishment, tax leins, etc. HELP!!!!!!!


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