Yes, I have fallen into arrears on my loan and am fearful that it will be handed over to a collection agency
If a collection agency is involved, you will liable for any of the costs involved in handing over the loan. The costs involved are equal to 17.92% of your outstanding balance, this amount includes principal, interest and fees
I have heard that some people have been told that their loans can be taken out of default for a fee. Is this true?
The best advice in this instance is to ignore this. Your loan can be taken out of default for free through the Default Resolution Group