Question. A collection agency is contacting me about my SBA loan; is this legitimate? Answer. Once a loan has been referred to the U.S. Treasury due to non-payment or default of the loan, the Treasury utilizes several Private Collection Agencies to assist with debt...
Question. What is the Treasury Offset Program Answer.The Treasury Offset Program (TOP) is a centralized offset program, administered by the Bureau of the Fiscal Service's Debt Management Services (DMS), to collect delinquent debts owed to federal agencies and states,...
Question.What can the Treasury take to satisfy a defaulted SBA loan balance? Answer. The Treasury Offset Program is not subject to a statute of limitations and can collect on the defaulted SBA loan indefinitely. The Treasury can, among other things, garnish wages,...
Question.How can I avoid my delinquent disaster loan being referred to the U.S. Treasury for enforced collection? Answer. You must contact an SBA Treasury Offset Representative prior to your loan being referred to the Department of the Treasury to set up acceptable...
Question.Why is the amount Treasury is collecting more than my SBA balance? Answer. Once an SBA loan is referred to the U.S. Treasury for collection under the U.S. Treasury Offset Program, collection fees may add up to 30% more to your SBA deficiency balance. It is...
