They wont let me pay!
Date: Tue, 10/04/2005 - 16:08
They wont let me pay!
In 1999 my husband took out a student loan for approximately 2500.00. It went into default and for a year and a half he paid 50 dollars a week in garnished wages. Well three years ago, the loan (I guessed got sold to a Student Loan Debt Collection agency) even after all he paid in garnished wages, and NOT TO MENTION THE 800 DOLLARS WE SPENT ON A GARNISHED TAX REFUND, they still had his balance at more than he originally borrowed!!! Well we made payment arrangements (which took it out of default), I signed up to have them automatically take a small amt out of my checking account monthly. Twice I signed up to do this,!!! and they never took a cent, but still the total owed keeps growing and growing. Every once in a while we get correspondence saying they are going to put the loan in default, and I call and try to make payment arrangements, and it never goes through! Luckily it is showing "pays as agreed" on our credit, but sheesh, we are going to end up owing 10,000 on a 2,500 loan in which we have paid close to 3,500 on!!
I dont know what to do.
Thanks in advance!
angela in Texas
Angela, Welcome to forums. Since the unpaid interest accrues
Angela,
Welcome to forums. Since the unpaid interest accrues your debt amount is going higher day by day. Though your credit report is not showing it currently, but you need to fix up the problem. Try to contact the higher authorities of the collection agency that is handling your account and discuss the facts with them.
Quote:
I signed up to have them automatically take a small amt out of my checking account monthly. Twice I signed up to do this |
Do you have any record of this agreement? Keep these records safely; it will help you to prove that you were interested to pay the loan back.
Student loans are generally sold to some specific collection agencies approved by Education Department. If you feel that the agency is not performing well, you can contact education department to talk about this topic.
Bryan
I can't believe you signed up to pay and they aren't taking mone
I can't believe you signed up to pay and they aren't taking money from you. Definately try and contact somebody else at the company of higher status.
Get that loan rehabilitated! I can't explain why all your setups
Get that loan rehabilitated! I can't explain why all your setups fail to go through, but try to either rehabilitate the loan, or compromise it for the principle and half the interest.
