Hi there,

I had been paying to CBCL for almost two years before they stopped taking my payments only to find out that my account had closed. I was not aware until yesterday when I was called by CBCL that my loans were divided and now I'm responsible for paying this portion in full. I have had no contact with the bank who gave me the student loans (prov. & fed). Should I be contacting the bank to pay them or continue paying the collector?

I've been reading the forum and see that many are advising not to go to another bank to ask for financial help to pay off the collectors, but what do I do now? Will I be left to continue being harassed by collectors and paying them for the rest of my?

I'd really appreciate any help!!

before doing anything try to get a statement of account from CBCL showing your balance and a record of your payments.  request a copy of everything in your file just to make sure there's nothing fishy in there.  i find it odd they would stop taking your money without telling you what is going on, and telling you your loans are divided sounds like there is a bank risk portion and a guaranteed protion but i am no expert here.

get all your information, sift through it and then see where you stand and what action you think you should take.  no one recommends getting a loan to pay off a loan unless 1.  you are in a good financial situation to make your payments and 2. you are getting a settlement to make it worth your while.  remember, if your loans are in default it is that much more difficult to get a loan from a bank.

if you are unsure of what is going on and have some cash, i recommend geting johnny involved.  he can sort out the mess for you and tie it all up with a pretty bow.

good luck