Dealing With Defaulted Loans and Disability Discharge
Date: Wed, 05/16/2007 - 07:48
Dealing With Defaulted Loans and Disability Discharge
1.Contact 1-800-4fedaid and find out exactly who is actually holding your loans.
2. Call all of the collection angencies and request a Loan Discharge Application: Total and Permanent Disability form.
Now when I contacted NCO who is representing and collecting for DOE I was originally informed that I would have only 45 days from the time that I recieved the form to get it filled out and also have my Dr. complete his portion. If I did not meet this time line then my claim would auotomatically be denied.
Now when I actually recieved this form from NCO it was postmarked May 7. But I did not recieve it until 2 days ago. Now inside the paper work is a blue form attached stating that I only have 15 days to complete and return.
This in fact is not true. It is in fact a scare tactic in an attempt to hurry the situation along so that they can recieve their funds for collecting.
Now you may wonder how I know this?
Because I am also dealing with Pioneer who collects for Sallie Mae. And will wonders never cease....this gentleman was actually kind enough to tell me that where DOE loans are concerned there is no such time limit. I was also informed of this fact through Texas Garunteed with whom I am also seeking a disability discharge.
Now being aware of this fact I just contacted NCO and informed them that there simply was no way that I could fill these papers out by myself or see my Dr. before June 7th. I also told them that Pioneer and TG had told me that when dealing with DOE loans and disabled persons there was no such time limit. So now NCO who was very polite has told me not to worry about my 15 day time limit and simply get the forms filled out as soon as I possibly could.
Now granted they themselves are going to send and pay for UPS to come and pick-up my forms and deliver overnight to them, and, I do appreciate this.
I am also grateful to TG and Pioneer for telling me the truth concerning certain scare and pressure tactics used by collector's trying to force the disabled person to hurry along with the process so that they will recieve their funds.
I hope this information that I have obtained while going through my experience may be helpful and also ease any of you who are struggling with this same type problem.
Good Luck and God Bless!
Thanks for this helpful information. I didn't take student loans
Thanks for this helpful information. I didn't take student loans in my life. I always thought this thing to be very complicated and full of legal formalities. Perhaps, those who have these loans and dealing with NCO will find your post helpful.
One thing I wanted to know. Do student loans have any affect on the credit scores? and by how much?
Most definitely...very much so. My credit has been devastated a
Most definitely...very much so. My credit has been devastated and my husband's also. Even though the loans are all in my name....it has wrecked his credit also. I am glad you found the information helpful. It is very difficult for people with disabilities to get through the process. It is very difficult for anyone to get through the mass of red tape and also the current fruadulent practices that have been going on and are still going on. Can you imagine having a mental illness and trying to get it all sorted out. My Dr., Lawyer, and my husband are helping me...as I cannot sort through the paper work and completely understand everything.
I totally understand your frustrations moondanzer. I too have a
I totally understand your frustrations moondanzer. I too have a student loan from sallie mae, private loan which after reading some posts that it is next to impossible to get out of :twisted: .
I am permanently disabled and cannot work and live of a $1005 per month. My student loan payments just went up to $217.00 a month and since it is capitalized interest it never seems to go down :oops: . I have asked for some assistance from sallie mae but it has gone on deaf ears as I have heard nothing from them :cry: .
My sister is the co-signor on this loan and I do not want to stick her with these payments so I struggle every month to pay them :cry: . When I got this loan I was not disabled and never in a million years at the age of 41 would be in this situation :oops: . It is very depressing so don't feel alone in this matter. I am right there with you.
ladybug
undestanding and suffering through as well
I my self am currently trying to win my ss disabilty claim I have FM (Fibromyalgia) and cant work more than a few hours a week which alots a whole 100-200 to my husbands and I's Income and I just got a letter saying that my income contingent payments have gone from 20 to 115 a month I was actually unaware that I could have my student loans discharged after being deemed disabled by ss.
Yes you can try to have the federal student loans discharged due
Yes you can try to have the federal student loans discharged due to being permanently disabled. You have to be disabled and earn absolutely no income for those two years. They are very strict with that. I have been disabled for going on two years and will need to provide them with another statement telling them I had no income except for social security again this year. :twisted:
ladybug
Yes but I am not sure for how long...seems to me I read somethin
Yes but I am not sure for how long...seems to me I read something that it was like for two years...not too sure about it though. I just know when I talked to the girl on Wednesday she told me I would have to submit a statement this year stating I didn't have any income other than my social security disability.
ladybug
thank you
thank you for the info if i win my disablity claim I will have to look into it, would knock one more thing off the never ending sets of bills that roll in these days
The reality of the matter is that it is very difficult to have a
The reality of the matter is that it is very difficult to have a student loan discharged for permanent disability. The student loan standards are much higher than that of social security. Student loans are looking at the long term....20-25 years down the road.
