It’s like once a week at this point. I get a call from someone who missed a single payment on a disaster loan, and they soon after got a letter from Treasury with a ridiculous fee added on. What can be done? In short, not much. The Treasury, you see, does not staff its collection offices with bankers. It staffs them with low level phone-answerers! None have the power to make decisions. If you talk to 10 people and ask a question, you will likely get 10 different answers. And good luck trying to reach someone. They don’t have email or direct phone numbers. So when I had to send a fax to their black hole of a fax number, it took 4 tries until the rep felt so bad for me that they gave me a different fax number.
So what lessons can you learn here?
1) IF YOU IGNORE YOUR LENDER, OR HIDE FROM YOUR LENDER, YOUR LOAN WILL BE REFERRED TO THE TREASURY, WHERE 90% OF LOANS NEVER SETTLE.
2) SEE #1
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