Have a student loan with Navient? Here’s what you need to know

Navient is a very large player in the student loan marketplace. It spun off from Sallie Mae in 2014, is a loan issuer, servicer and collector, has more than 12 million customers, and services more than $300 billion of government and private student loans. Here’s what you need to know if…

Have a student loan with National Collegiate Trust (NCT)? Here’s what you need to know

National Collegiate Trust (NCT) is one of the nation’s largest holders of private student loan debt, but it is not a company. As the name implies, NCT is a set of trusts used to purchase existing student loans held by originating lenders. Owned by Turnstile Capital Management, NCT holds billions…

Have a student loan with American Education Services (AES)? Here’s what you need to know

American Education Services (AES) is a servicer of student loans, which means AES doesn’t issue loans, but manages them for lenders. AES was established by the Pennsylvania Higher Education Assistance Agency (PHEA), which is the nation’s second largest student loan servicer. AES services both private student loans and loans under…

Here’s what you need to know about repayment options for private student loans

Millions of Americans are weighed down with student loan debt. This debt is contributing to record low home ownership rates and decreasing birth rates among millennials. If you’re one of these borrowers, there are ways to manage your debt and to get help if you’re falling behind on payments. However,…

What happens when you default on a loan from Avant

Online lender Avant offers personal loans ranging from $2,000 to $35,000 at interest rates from roughly 9.95% to 35.99% APR, though rates and availability vary depending on the state you live in and your creditworthiness. Here’s what happens when you default on a loan from Avant. While Avant posts positive customer…

What happens when you default on your SoFi debt?

SoFi is an online lender offering the largest personal loans available to consumers with good credit. With loans ranging from $5,000 to $100,000, SoFi offers both fixed and variable interest rates and loan terms of two to seven years. Sofi has an A- rating from the Better Business Bureau, with…

What happens when you default on your Prosper debt?

Prosper was founded in 2005 as the original peer-to-peer lender in the United States. It matches personal loan borrowers with lenders, also called investors. While others have since joined the marketplace and Lending Club is now the largest online provider for personal loans in the U.S., Prosper does a substantial…

What happens when you default on your Lending Club debt?

Lending Club, the largest online lender for personal loans in the United States, specializes in peer-to-peer lending. This means it reviews potential borrowers’ applications and, if approved, matches them with an investor or several investors who provide the funds at a fixed interest rate. Lending Club charges an origination fee…

Online lenders often collect debt differently than traditional banks. Here’s what to consider

It can be challenging to find the right loan for your financing needs. Comparing interest rates, fees and other loan terms and conditions between multiple lenders is time-consuming and sometimes confusing. If you’re like a lot of borrowers these days, you may be considering online lenders as well as traditional…

7 questions to ask before filing for bankruptcy

If you’re in debt over your head, afraid of being sued and just want the collection calls to stop, you may be considering bankruptcy. Bankruptcy gives those with more debt than they can repay a chance at a fresh financial start. It stops court actions and Chapter 7 bankruptcy, specifically,…

Is ‘pay for delete’ finally going mainstream?

Historically, consumers have sometimes been harassed or even intimidated by debt collectors. However, federal guidance and actions against creditors in recent years has led many debt collectors to adopt more consumer-friendly approaches, including the fairly recent concept of “pay for delete.” Here’s what it means and how to benefit from…

Afni: What you need to know

Afni is one of the largest contingency debt collection agencies in the U.S. and provides services to companies in the telecommunications, satellite and cable, healthcare, and insurance industries. While Afni s a member of ACA International, the association of credit and collection professionals that establishes professional standards for the industry,…

United Collection Bureau: What you need to know

United Collection Bureau (UCB) is one of the largest contingency collection agencies in the United States, providing services to clients in government, health care, utilities, communications, financial services and student loans. If you are receiving calls from UCB, here’s what you need to know. UCB has been accredited with the…

Client Services, Inc.: What you need to know

Client Services, Inc. (CSI) is one of the largest contingency collection agencies in the United States. It provides collection services to banks, utility companies, municipalities, county governments, private educational institutions and medical providers, among others. Here’s what you need to know if you’re receiving communications from CSI. Who is CSI?…

Alltran: What you need to know

Alltran Financial, formerly United Recovery Services, is one of the largest collection agencies in the country. The company website states an objective of helping individuals and families by resolving their financial issues and helping clients collect for their services. Today, Alltran serves clients in health care, government, financial services, and…

Contingency debt collection agencies: All bark & no bite?

Contingency debt collection agencies work on behalf of creditors to get delinquent accounts paid. They may work for the original creditor, like your credit card issuer, or for a debt buyer that purchased the debt from the original creditor. Their objective is to get consumers to pay delinquent debt on…

Portfolio Recovery Associates: what you need to know

Portfolio Recovery Associates (PRA) is one of the largest debt collectors, and has been in business for 23 years. It is also a debt buyer. This means that it purchases portfolios of charged-off accounts from creditors and attempts to collect payment from the consumers who owe the debt. Debt buyers…

Cavalry Portfolio: what you need to know

Established in 2002, Cavalry Portfolio is a large debt buyer that positions itself as caring for the consumer. The website outlines core values, prioritizing integrity, respect and communication. It also uses consumer-friendly language, such as calling the delinquent accounts it purchases “non-performing consumer loan portfolios” and referring to its employees…

LVNV Funding/Resurgent Capital: what you need to know

LVNV Funding is a large debt buyer that purchases delinquent accounts domestically and internationally from original creditors and other debt buyers. The collections on those accounts are outsourced to Resurgent Capital Services LP, a third-party debt collector. Resurgent itself may outsource the accounts to third-party collection agencies. Here’s what you…

What is a debt buyer and why should you care?

Buying debt is a big business. Gaining ground in the savings and loan crisis of the 1980s-90s, debt buyers today primarily deal with delinquent credit card accounts and defaulted personal loans. In the last few years, guidance on debt selling from the Office of the Comptroller of Currency and actions…

Midland Funding/Midland Credit Management: what you need to know

Established in 1953, Midland Funding is one of the oldest and largest debt buyers. It purchases portfolios of delinquent accounts from creditors for a percentage of the debt value, then pursues repayment of those debts. It’s owned by Encore Capital Group, one of the few publicly traded debt-buying companies in…

What are the differences between debt relief & bankruptcy?

Bankruptcy is not necessarily the villain of a debt recovery story. At times, it can be the right solution that gives a consumer a chance to start over. However, like all debt relief options, there are pros and cons. Comparing bankruptcy to these other options can help you assess the…

Collection law firms: Things could be about to get real

So you’ve received a notice from a collection law firm that it has been assigned your account. This no doubt feels like a serious matter, and, honestly, it is. But you are not powerless — you still have ways to reduce your risk of being sued. You can also use…

The difference between debt management & debt settlement

If you’re experiencing the weight of credit card or loan debt and are falling behind on payments, you may be exploring your debt relief options, such as debt settlement or debt management. How do you decide which is best for your situation? Here are the differences between them. First, two…

Voluntary vs. involuntary bankruptcy: common scenarios for each

Bankruptcy often carries a stigma that keeps people from considering it as an option for debt relief. However, there are times when it’s the right solution for consumers who are struggling with more debt than income as it provides court protection and a chance to rebuild credit. Here are the…

Debt consolidation vs. bankruptcy: What’s the difference?

If you’re on the brink of going deeper in debt and facing late payment fees, you may be considering debt relief options. Debt consolidation vs. bankruptcy? Both are worth considering to get on a path to a clean financial slate. Here’s what you need to know about each in order…

Bankruptcy: The differences between Chapter 7 & Chapter 11

If you’re falling behind on credit card and loan payments or noticing that the debt keeps growing despite your best efforts to stay current, it may be time to seek protection against your creditors. Facing bankruptcy can be daunting, but know that millions of Americans have taken this route to…

Bankruptcy: The differences between Chapter 7 & Chapter 13

When you’re facing more bills than income, sorting through the options for debt relief becomes a mission of urgency. You may want to rule out even thinking about bankruptcy because it has such a bad rap in many circles. But the truth is that sometimes it’s your best option. Learning…

Debt consolidation or Chapter 13 bankruptcy: Which is right for you?

If you’re considering consolidating debt or filing for Chapter 13 bankruptcy, you’re likely facing serious financial distress. Both debt relief solutions may offer you a path to recovery but also present some challenges worth understanding. Here’s what to consider when making the choice between debt consolidation and Chapter 13 bankruptcy.…

What is debt settlement?

If you’re finding that your debt has become unmanageable, you may be looking at options for paying it down or resolving it altogether. One approach is to establish a debt settlement plan. This isn’t always the right solution, though, so it’s important to assess your financial situation, and then understand…

What is debt management?

If you’re struggling with mounting debt, you probably already know the challenges that high interest rates and fees can present. But if you have consistent income and, ideally, a bit of money in savings, debt management may be an option to remedy these challenges. So, what is debt management? Consider…

What you need to know about debt settlement vs. debt consolidation

There are several ways to deal with mounting debt. Debt settlement and debt consolidation may both be viable options, but it’s important to assess which is the best solution to help you eliminate your current debt and improve your financial situation moving forward. What is debt settlement? Debt settlement allows…

Debt settlement vs. bankruptcy: Which is right for you?

When you’re in need of serious help getting your credit back on track, there are two debt relief options that are worth considering. Both debt settlement and bankruptcy will reduce or eliminate your debt, but can also negatively impact your credit in the near term. Here’s what you need to…

How to settle credit card debt

The typical American  household is carrying average credit card debt of $9,333 according to recent research. If you’re among them, you may be dealing with overwhelming debt and looking for a viable solution. Fortunately, there are several options for resolving your debt and debt settlement may be one of them. Once you…
Kaylee Kolditz

Kaylee Kolditz

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