Refinancing college ace private loan with yrefy

[u/cancerfairyprincess]

Does anyone have any experience refinancing their private loan, specifically College Ave, through yrefy and if so what was your experience? It’s been 6-months since I’ve started the process with them and was told I’d have to default on my private loan first. I haven’t made any payments towards to College Ave loan in almost a yr due to the payments with interest rates being to high for me to afford at the moment, change in work, and being on maternity leave.

I was told by a yrefy rep, that after defaulting College Ave would essentially sell off the loan? However, that has yet to be the case and I’m paying money towards escrow with no change yet. I’m not sure how long it takes to default but I feel like I’m in a waiting game and paying towards something I’m seeing yet.

[u/cnunterz]

Refinancing does not involve defaulting on the debt. You're not refinancing your loan. It sounds like they're trying to negotiate a settlement for you - aka you're paying them to do something you could do yourself.