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Why You Should Remember The GM Law Firm Phone Number

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In Florida, hopeful students obtain loans to pay for their college tuition and/or housing requirements. The loan programs are either federal or private opportunities. All federal student loans are backed by the government, and borrowers have more profound protection. With private student loans, these laws don't apply. A local private loan attorney helps you enforce your rights with private lenders. GM Law Firm compliments are everywhere and show us that they are a company to trust.

The Truth in Lending Disclosure

Private students loans aren't backed by the federal government. For this reason, the lender provides the truth in lending disclosure just as they would for any other loan or even a mortgage. The document outlines all terms of credit applicable to the loan before the student or borrower signs the contract. Any private lender that offers a student loan without the document is in violation of the law.

The Federal Equal Credit Opportunity Act

The laws protect students seeking student loans from discriminatory actions. Under the laws, lenders cannot deny student loans according to the borrower's religion, race, gender, age, marital status, national origin, or sexual orientation. Lenders who are caught in violation of the federal laws face lawsuits for discrimination. Bring your discrimination case to the GM Law Firm llc Boca Raton right now!

Fair Debt Collection Practices Act

The act provides protection against private lenders and unfair collection practices. It gives borrowers a legal avenue to dispute inaccuracies and information presented by creditors. The law also prevents creditors and collection agencies from using scare tactics and threats to collect on the debt.

The law also prevents collection agencies from harassing students or borrowers. The new legislation allows borrowers to request cessation of phone communications. Collection calls to the borrower's employer and listing the borrower's information publicly are also illegal.

Fair Credit Reporting Act

The act protects borrowers from facing inaccuracies on their credit reports. The law prevents collection agencies and lenders to misrepresent details about the debt in the borrower's credit history. Borrowers have the right to request a copy of all their credit reports for assessment during the laws. Any inaccuracies provide the right to take legal action if the creditor doesn't update the information correctly.

How Does Binding Arbitration Work?

According to the laws, private loans must include binding arbitration clauses. The clauses define how disputes are managed through an arbitrator and legal counsel. The terms agreed upon by the borrower assist them if a dispute arises. The clauses prevent the private lenders from filing a lawsuit against the borrower, too.

Common Mistakes of Students and Graduates

Borrowers facing collections who opt to pay the minimum payment fall deeper into debt. Fortunately, attorneys offer assistance for borrowers who have accounts in collections. They negotiate for a better settlement to pay off the loans without financial hardships.

Failing to respond to collection letters and ignoring the debt is another faux pas that leads to further complications for borrowers. Attorneys are standing by to help borrowers if they are unable to pay the monthly payments or facing a student loan default.

What Actions are Available for Borrowers?

Forbearance, financial hardship assistance, and loan forgiveness are all possible for borrowers of student loans. Recent reports show that students weren't aware of major changes in lending practices and may have fallen victim to the unethical acts. For example, Navient, a student loan lender is facing multiple lawsuits for their lending practices.

In Florida, our attorneys offer fast assistance for student loan borrowers. We settle disputes and enforce the rights of borrowers who accepted private loans under false pretenses. Our attorneys also protect our clients against legal actions filed by these lenders. If you are facing a serious financial crisis due to your student loan debt call the gm law firm llc phone number right now.