First off, this sub is great and filled with quality information that has helped me along the way of financial freedom!
Now to the nitty gritty, I’ve been sent a consolidation application from Pioneer Credit Recovery, a collection agency on behalf of US DEPT OF ED. I have two loans totalling to $8k with 1k interest so far.
My first question, on these two loans, listed is a “collection charge” totaling to 2.2k. What is this charge and is it usually that high? Am I already charged this or does signing the application agree to this charge?
Second question is if a consolidation would even be a good choice to begin with?
As I said I’m fairly new to this so any information would be appreciated.