MADISON, WI (WTAQ-WRN) – Check to see if loans are real before paying money to collectors.
Before you start making payments to a loan collector, make sure you actually owe what they’re asking you to pay. Lisa Schiller with the Better Business Bureau says those collectors need to have a paper trail to confirm any loan they’re trying to collect.
In many cases, collectors may try to pass off out of date or already paid loans as legitimate. Make sure they have proper documentation.
Also don’t sign up for debt settlement or loan repayment plans from third party companies. In most cases, those companies won’t pay off your loans the way they promise and will simply pocket your money.
If you’re having trouble, contact state consumer protection or the B B B for help.
