I had a student loan. They say I owe them around 6,000 and said if I wait to pay it then I’m guessing my interest rate will go up and it will be hard for me to get another loan. Is this true?
They claim that if I do a monthly payment 3 times of 200. The rest would be basically taken care of. I wouldn’t have to worry about paying anything. Why? I don’t understand.
Yes, your interest rate could go up and you could be charged a massive fee for legal action and/or collection charges.
Everything they can and may do to you is typically clearly defined in the lending agreement you signed. Just look for the section on default.
As far as the 3 x $200 claim I would have to default to WTF?
I can see a scenario where something like that might bring you back to a current status from a default, maybe, but as far as the rest of the balance going away and not having to worry about it, that would be kind of farfetched.
But that being said, stranger things have happened. If they are actually offering you a settlement, then read Debt Settlement Pros and Cons. My No BS Guide to Settling Your Debt.