Student loan debt is increasing; the combination of higher costs of education coupled with a difficult job market for recent graduates as well as cut backs on all levels of personnel has forced many loans into default. If you have a student loan to collect, you need an experienced New Jersey collections attorney.
The legal obligation to repay a student loan is clear, and the creditor has every right to their money. However, it is incumbent for a New Jersey collections law firm to maintain the highest of ethical standards and fully comply with the Federal Fair Debt Collections Practices Act in every aspect.
Where possible, a knowledgeable New Jersey collections attorney will attempt to settle the matter amicably. With the realization that every case and situation is different, the debtor’s financial situation and specific circumstances must be evaluated to try and establish a reasonable and affordable monthly payment.
Locating the Debtor
An experienced New Jersey collections attorney will have procedures and practices in place to find those who try to avoid paying their debts by moving around the country or by changing jobs frequently.
Collection Without a Judgment
Where the creditor is a private entity, it must first get a judgment prior to employing post-judgment collection tools. Even without a judgment, a New Jersey collections law firm can be effective; sometimes the debtor will agree to a repayment plan when they realize a law firm is involved.
If the source of the loan was the federal government or after a judgment has been successfully entered on a private obligation, a New Jersey collections attorney has other options, such as:
• Wage garnishment
• Bank levy
• Placing liens on personal property and real estate
Contact a New Jersey Collections Law Firm for Legal Advice
If your company has seen an increase in student loan defaults in recent times, it is time to do something about it. Let us improve your student loan debt collection ratios. Call Snellings Law, LLC, a New Jersey collections attorney group, at 973.265.6100.