Ugh! Can anyone help me out?
Date: Fri, 03/30/2007 - 09:35
Ugh! Can anyone help me out?
Long story short - I have a 20k student loan through Bank One in 2002. My parents agreed to make the payments as a gift. I went to get a mortgage last week, thinking that my credit has been building itself up to success, but no.. My mother decided to quit paying on my loan over two years ago without telling me!!! So now my loan has been sold off to various collection agencies and is now owned by TERI (some gov't agency that insures defaulted loans). No one with this company will give me any answers. They just tell me that my account is locked up because it's so far behind. Here's the deal. TERI's bank is First Marble Head, and they have a collection agency working for them also called National Enterprises. There was also a previous collection agency on my credit report that I need help identifying - EDUCATION RES INST. (Anyone know how to contact this company?)
This is where the problem begins. All 3, yes 3 of these companies are reporting to the credit bureaus that I owe all of them a total of over 60k. I have only ONE loan. Every time that the loan was sold from one collection agency to another, it was never closed out.
I don't know what to do. I've contacted the newest agency, and the lady actually told me, "I'll be honest with you, we're not going to bend over backwards for you. You don't deserve to own a home." All I need from them is a statement saying that I only owe one of the three companies. My mortgage company is willing to give me a home loan if I can simply get a fax saying that I only have one student loan. No one is willing to help me out here. I'm considering contacting a lawyer and washing my hands of this whole mess. I'm only 23 years old, and my entire financial future is already planned out for me.
Any suggestions?
Your credit report should have the information on when you took
Your credit report should have the information on when you took out your original student loan. you should go to annualcreditreport.com and get a FREE copy of your report (from all 3 bureaus). Print it. Comb through it very carefully and point out to your mortgage company that you only took out 1 student loan and now 3 companies have put an entry on your report for the same loan!
As far as the person who told you that you don't deserve to own a home, you call her back and ask to speak to her supervisor, telling them what poor customer service you received.
Contact the U.s.Dept. of Education for the status of your accoun
Contact the U.s.Dept. of Education for the status of your account and who currently has it.
Contacting the DOE wont help. TERI or the Education Resourse In
Contacting the DOE wont help. TERI or the Education Resourse Institute is a Private student loan guarantor. http://www.teri.org/
It also sounds like this loan is defaulted. Like Federal Loans, these loans are never sold to CA' and since there is a default involved, all hands who have touched the loan can legally report it. Unfortunately none of the lenders is going to help you out...they are not legally required to do so. Your credit report probably has the high balance listed with a current zero balance with default notations.
Private loan defaults are NOT good. The collection fees are high not to mention the interest rate is higher than federal loans. Did you have all the notices going to your mom??? If the loan is just in your name, you should have been receiving all the default notices and interest statements to file with your tax return.
Unfortunately an attorney is not going to be able to do much for you. With a default, loans become due in full. You cant rehab or consolidate defaulted private loans.
