Student Debt and Loan Harrassment

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New York, NY: Students who have graduated from post-secondary educational facilities, including vocational schools, are facing harassment from collection agencies even though the outstanding loan balances have been paid, in violation of fair debt collection laws.

Cases of financial harassment are on the rise across the country. In one case a student agreed a lump sum payment with an educational facility' collection agency to settle the debt, and subsequently paid it. When he asked to have his transcript he was told by the educational facility that they will not release it until he has paid his outstanding balance. The student had understood and has documentation to prove, that he had paid the agreed sum as payment in full, so there is no outstanding balance.

There is federal legislation to protect consumers from invasive debt collectors. Those pieces of legislation are the Fair Debt Collection Practices Act, the Fair Credit Reporting Act and the Telephone Consumer Protection Act. Together, these statutes set out when debt collectors can contact debtors, how they can contact debtors and what action they can legally take against consumers who owe money.

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