I stumbled upon your website after signing up with Easier Debt to help with my student loans. I wanted to reach out because of the two pieces you have done on Easier Debt and Priority Documents.
Easier Debt claims that once the private student loan defaults, the loan would be sold to a third party vendor. Once this occurs, they will use debt verification to fight the legitimacy of the debt itself. In turn, Easier Debt is NOT a debt consolidation company. Any payments made to them is for their services ONLY.
I have attached my welcome packet with Priority Documents (the company that on boarded me). I would be more than happy to also include the agreement for you to take a look over.
Is this a scam? Or will this actually work?
I think that previous article contains a lot of information that is relevant to your situation as well.
I just visited the Easier Debt website and think there are some questions you might want to ask based on their marketing. They say “We Reduce your Credit Cards and Private Student Loans to Pennies” right on their home page. – Source
But what they don’t say is what is the likelihood of you achieving those results. The Federal Trade Commission is very clear about companies that create an impression that most will not attain. I would suggest you look for the section May I base my advertising claims on the experiences of some previous customers? in this FTC document.
It’s quite possible Easier Debt has provided you with information that supports this claim. If so, that’s awesome. But if not, I think you should get a clear understanding how they came up with that statement. The FTC says performance claims should include:
- Savings based on the customer’s debt when he or she signs up for the program;
- Impact of your fees on the claimed savings;
- Results you’ve achieved over time, you must include customers who dropped out or otherwise failed to complete the program; and,
- All debts enrolled by your customers, not only those that have been settled successfully.
You stated the Easier Debt approach was for you to default on the debt and then verify it. I’m assuming the hope is the new debt owner will not obtain documentation necessary to validate the debt.
But what is interesting to me is that if this is a National Collegiate Student Loan Trust debt then there is no need to wait to attempt to validate it. There are also other reasons to challenge some types of private student loans right away. For example, read These Private Student Loans Can Be Easily Discharged in Bankruptcy.
Validating a debt when it gets to a new debt owner is always a strategy but I’m wondering if this is a one-size-fits-all solution they are promoting or a customized solution based on your specific situation. That, I don’t know.
Thank you for including the Priority Document material they sent you.
It is a bit curious about who exactly you are hiring to provide you with professional services. Is it Easier Debt or Priority Documents. If it is Priority Documents then you need to pay careful attention to the client agreement. I bet you’ll find something like “whatever the salesperson told you don’t count” or wording like that. So what the Easier Debt sales person might have sold you on might not represent the services Priority Debt is providing you.
Now Easier Debt mentioned they wanted you to default on the debt and Priority Documents states what they want you to do when you start receiving collection calls and letters. According to the document they provided they want you to send copies of collection letters to their mail drop at Aero Mail. Do they not have a physical address to their business office?
What Priority Documents doesn’t seem to elaborate on is what to do when a creditor sues you. And the steps elaborated on in the document seem to be more about credit rebuilding, credit restoration, or credit repair than about student loan reduction. In fact in the entire document their is no mention of student loans.
So are you buying a credit repair service and who is actually going to be servicing your account for the student loans? I’m not clear on that issue.
I’m not saying you should not hire Easier Debt or Priority Documents, I’m just saying that it seems some additional clarity is needed to make sure the client agreement represents the services you are paying for and what exactly you are buying. The companies should be happy to provide you with additional answers and clarification in emails to make sure you have a clear understanding of their actual performance and services you are buying.