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I'm worried I might be getting scammed. I recently defaulted on my private student loan with naviant. I haven't made a payment in 3 months because I can't afford the payment they are requesting. They refuse to lower my payment anymore so I haven't been paying. I was contacted by a company called beling and associates. They are telling me they can fight my loan based on the fact that I was given false repayment expectation when I originally received the loan. They have asked me to pay $250 a month while they fight the loan, which they say will take 1-2 years. They have told me that at the end of everything they will either completely forgive my loan or cut it by 60%. Does this seem legit?
Also, if it does sound like a scam, what other options do I have? I would like to refinance the loan but my credit is terrible. The original loan was for $25,000 at 8.5% interest. Now 8 years later, the loan has doubled. I owe close to $48,000. At the end of the repayment plan, I will have paid $98,000 for my $25,000 loan. This doesn't seem right to me at all. How can I fix this?
Also, if it does sound like a scam, what other options do I have? I would like to refinance the loan but my credit is terrible. The original loan was for $25,000 at 8.5% interest. Now 8 years later, the loan has doubled. I owe close to $48,000. At the end of the repayment plan, I will have paid $98,000 for my $25,000 loan. This doesn't seem right to me at all. How can I fix this?