Need a little guidance
Date: Wed, 10/31/2007 - 07:34
Submitted by Breakthecycle2
on
Wed, 10/31/2007 - 07:34
Total Replies: 13
Need a little guidance
You would most likely need to free write the letter to suit your
You would most likely need to free write the letter to suit your situation. I don't know of any letter templates for this.
Edfund is a former client of mine. Student loans will NOT ne
Edfund is a former client of mine.
Student loans will NOT negotiate via mail. They generally will not put anything in writing as it would be in direct violation of your original prom note. You need to call.
Rehab and the rules are rehab are contained in federal law. You will need to enter into repayment and make 9 ontime payments. After the 9th payment is made, Edfund will sell the loan and your loan will be officially rehabbed. The negative information reported by Edfund will be removed. However the information from your previous lender or servicer will remain as is.
OK, negotiated with them and I have a payment of $70.00 a month.
OK, negotiated with them and I have a payment of $70.00 a month. Not so bad.
Soaplady, this is the type of advise that I am looking for and n
Soaplady, this is the type of advise that I am looking for and need. You are an oasis of infomation on this subject and I pray that you will forgive my nervous and offset sprints of emotion on this subject for as I believe that somtimes I find myslef so alone in this horrible situaiton and seeking help so badly.
Break, good for you for taking action and negotiating with them!
Break, good for you for taking action and negotiating with them! $70 isn't bad at all and we hope you keep in touch letting us know how you're doing with your loans. student loans can be a cumbersome thing to deal with, but are manageable. Soaplady, you gave excellent advice. i'm dealing with student loans now and HAD NO idea about the 9 on time payment rule. thank you so much
Luke...I cannot help you. Really nobody can help you until you
Luke...I cannot help you. Really nobody can help you until you get more information from the CA. The online source I gave you was a guide. You have a lot of issues surrounding your loan, including a bankruptcy filing. Again unless you have concrete proof i.e. a paid in full letter from the guarantor, the CA/government/guarantor will collect.
Ok, thank you for being honest. I have a feeling that I will be
Ok, thank you for being honest. I have a feeling that I will be talking to the CA soon, but Im not going to agree with anything untill I run it by here. I wonder if I should call instead of waiting for a response from a validation letter that they got a few weeks ago. For what I read and understand here, they donkt have to validate or answer any written request? Thanks again Soaplady.
For validation, they will simply send you a copy of your prom no
For validation, they will simply send you a copy of your prom note. No written explaination. That is considered validation.
That will do, then I will call them and find out what the heck i
That will do, then I will call them and find out what the heck is going on for that last 23 years on this $2,200 original stafford subsidized loan and what happend to all the money I have paid on this loan in which paid it off probaly over and over again.
Quote:That will do, then I will call them and find out what the
Quote:
That will do, then I will call them and find out what the heck is going on for that last 23 years on this $2,200 original stafford subsidized loan and what happend to all the money I have paid on this loan in which paid it off probaly over and over again. |
It is unlikely that they will be able to tell you much of anything. The current holder is only responsible to tell you what the claim paid amount was, when it was paid and any payments made since the last claim paid date. I would hazard a guess that is now in the hands of the US DOE as a subrogation account....23 years ago what you borrowed would have been a GSL loan under the FFELP program.
Do you have any documentation of any of the payments
you paid?? How much you paid?? When you paid it??
This is what you posted in the collection agency forum....
Quote:
I cant believe this. Everything was going so well. I just checked the mail and I got this collection notice from FMS INC. In 1985 I got a student loan for $2,500. It defaulted a few years later and went to an attorney who I was paying for 2 or 3 years and got it down to about $1,000 or so. I filed chapter 7 in 2003 and tried to included this in that. I guess it worked becuase this is the first time I heard about this untill now. It is just that about $5,000 has been added on and I am just stunned, I cant really breath to well now. Has anyone dealt with this company. I cant go through this again. |
Just playing with a interest calculator, a $2500 loan would become almost $8000 in 15 years...this would probably come in low as it doesnt not include late fees, collection fees or capitalized interest. (23 years of interest would take it up to almost $14K) You said you paid for 2-3 years..how much did you pay?? Approximate amount per month for how long??
FYI...a $2500 loan at 8% interest would have been paid off in 5.2 years or 62 months at $50/month
I got the Stafford Subsidized loan in 1985 through my home town
I got the Stafford Subsidized loan in 1985 through my home town bank for $2,200. It went into default in 1986. I paid through IDAPP which handled this default around $1,000. Left a balance of $1,200 which of course does not included intrest,fess, and only God knows what else. I moved, contact was broken and around 4 or 5 years later a law firm in chicago picked it up and it started at around $3,000 or $4,000 and I paid $50.00 a month for around 3 years untill September of 2003 where I filed a chapter 7 and even though this was not included in the chapter 7 my attorney sent them notice of the same and I never heard from them again. A month ago, 4 years later, I get the collection notice from FMS Inc. for over $6,000. Its like I wasted all that money over 23(actual payment years 4-5) years for nothing. I do have copies of all my checks, money orders, etc. I just have to find them as if it would make a difference any way.
Soaplady:
Do you think somehow that I would qualify for what I am reading here for a "rehab payment plan"? If I can get them to settle for less than what they are asking and if I qualify for this rehab then I can pay on this for the other half of my life and I will be ok. Thank you for helping and for your advise.
Just an update: FMS Inc recieved my validation letter on the
Just an update:
FMS Inc recieved my validation letter on the 2nd of this month, so I will give it one more week untill I call them to see what is going on and what my options are with this. I guess you can say that I am scared to know what is gong on and I am not sure if I can handle or go through another collection again; been doing it for half my life and Im so tired. God bless all of you for your help and a special thank you to the Soaplady.