Hi all, Nick from Black Mountain NC. I’m in for over $120,000 on a private student loan through Naviant (serviced by Mohela) its was 80k when my parents cosigned on it in 2004, and Ive mostly always made SOME payment on it… pretty wild how you can pay a debt to the best of you ability and the amount goes up? anyway, I’m thinking about refinancing with Yrefy just to lower the monthly payments, and because they are the only company that will “help” me - credit is very very bad (because of this loan) - I’ve been working with a local nonprofit called Ontrack to help me get a grasp on this situation, and they think its a good idea to go with Yrefy, but it doesn’t sit right with me. Yrefy is predatory company that buys defaulted loans for pennies on the dollar and sells them back to people at the ORIGINAL principle with a lower interest rate. you also sign away your rights to arbitration or any future class action law suite against them. it sucks. but I have kids that need to eat, and I dont have a ton of money. any advice out there?
