If you're having a problem making your payments, please contact us immediately at firstname.lastname@example.org or call us at 888-596-4478.
What should I consider before working with a debt settlement company?
Debt settlement companies often claim they can negotiate with your creditors to reduce the amount you owe. However, before working with a debt settlement company, you should remember:
- Debt settlement companies often charge expensive fees.
- Debt settlement companies typically encourage you to stop making your credit card or LendingClub payments. If you stop paying your bills, you may incur late fees, penalty interest, and other charges, and creditors will likely step up their collection efforts against you.
- Unless the debt settlement company settles all or most of your debts, the built-up penalties and fees on the unsettled debts may wipe out any savings the debt settlement company achieves on the debts it settles.
- Using debt settlement services can have a negative impact on your credit and your ability to get credit in the future.
- There is no guarantee that we will be able to negotiate a settlement with your debt settlement company. Your loan will continue to accumulate interest and any applicable penalties or fees until charge-off.
Read more about debt settlement companies from the Consumer Financial Protection Bureau.
We’re happy to process payments we receive from a debt settlement company acting on your behalf. However, we’re not able to modify your loan terms, and we must receive your contractual payment on its due date every month to keep your account in good standing. If your debt settlement company mails us a payment that’s less than the full settlement amount, we’ll apply the payment directly to your principal balance—not to your monthly payment due. We will not treat this payment as a final settlement.
If you’d like, we can work directly with your debt settlement company. Please email us your authorization to release information at email@example.com.
Reporting late payments to credit bureaus
We are required by law to accurately report all account experiences—positive and negative—to one or more of the credit bureaus. Additionally, we will follow our charge-off policy if your loan becomes 120+ days past due.