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Originally Posted by Young
Besides wasting four years of my life I now have $16,000 in a defaulted loan.
I contacted this fucking company (ACS) numerous times to tell them of my address change, they made no attempt at contacting me to let me know the loan was going to be sent to collections. Fucking thieves. Now I'm basically fucking screwed. I'm too young (no pun intended) and own a small business so I can't even think of filing bankruptcy. My credit was ok until this bomb was dropped on it. Now I have $35k in a car, $5k in Federal loans, $2k in credit cards on there so another loan is out of the question.
The $16k for Student State loans are due immediately. I don't think any debt consolidation is going to deal with defualted loans.
Any suggestions would be appreciated. This fucking sucks.
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It's not their obligation to contact you, especially for non payment. A registered/certified letter from you would have provided proof that you attempted to change your address. Also, most payments to credit type institutions have space on the coupon for you to change your address.
Having said that, if it's in collections, call the collection agency. They would rather collect money from you than write it off as a bad debt or incur the legal fees to take you to court.