Very Important Question..Help!!

It is possible that they never bothered to report it on the reports because you have been paying....but do you know how much you have total to pay, what interest or 'fees' they are assessing? You could DV, ask them to validate the account so that you can see what has been applied to the account, how much total is left and if any other things they are charging is legal.....but they may then report the collection on your reports, though they can't do it until after they properly validate. You won't really know what all (if anything) you owe if you don't DV...but then it could wind up on your report. It likely will if you stop paying anyhow.

Thanks Golden and DV is what?

And Golden wouldnt this unpaid loan though have been on my credit report from the original lender as being turned to MRS?

It is under the part that says satisfactory accounts?

debt validation...you are asking them for a complete accounting of the account in question, how much is owed total, what is being charged, etc.

Appreciate it Golden..i just dont get why the original lender isnt on my credit report since they turned it over to MRS?

and by the way i asked them for a monthly statement funny they dont send em.

It is under satisfactory accounts??? That doesn't make sense at all....if it is a satisfactory account then why would it be in collections?? I would definately DV the collection agency on this. You could also call the original lender and ask them the status of the account and what balance if any if left and who owns the account and such.

The OC could have sold it to a servicer prior to your default. It really depends on who defaulted you. who originated the loan and who holds it now??

DV'ing any student loan is a bad move. who is the current guarantor and holder and how long have you been in default?

Techically the balance is due in full when you default on a private loan. They will file for judgement before your states SOL expires, regardless of the payments being made.

Keep in mind Ca's are under no obligation to send you monthly statements. As we were told when I was collecting, CA's are not billing companies.

I dealt with MRS as a collection agency from Capital One. It did not show up as separate line item on my credit report, but the amounts owe to CO would update. For some reason they are still linked to the orginal creditor. I was glad to get them out of my hair...

They said the loan was a private bank loan for college...I don't think this was your typical government student loan....I don't see why DVing a CA who has a loan is a bad thing, especially if you have no idea what is going on and there are no statements....those student loans always have statements, which is why I think this was just a private loan that was used for school. Also why I suggested they contact the OC and see what they have to say about it.

Since the OP has already been paying on this loan for two plus years, does the CA have to even respond to a DV? I thought that had to be done within 30 days of the original dunning letter?

Technically yes (and many CAs will say that as well) but it is your right to know where your money is going, otherwise a CA could insist on being paid forever....ask this question: If the CAis charging legally and completely on the up and up, they why would they have any problem with supplying a statement? It is not an unreasonable request to ask for one after paying for 2 years. Unfortunately you might have to take it all the way to court to get it, but I would be very wary of a company refusing to honor a reasonable request for a statement after 2 years.,....would make me think they have something to hide.

Goldenblast....you are making a mountain out of molehill. For starters, student loans are NEVER sold to CA's and CA's do not "charge" anything....all calculations and interest accruals are done by the loan holder or guarantor. In both private and federal loans, account updates are done electronically. The OP can easily request a payment history thru the CA from the client. Easy peasy...no need to involve the courts. He could also call his holder to confirm who is collecting on the loan...which I would hope he has done already since he has been paying for two years. All the terms of the contract are contain in his promisory note which the OP should still have...it contains all fees,interest and any addition costs.

Student loans in good standing get monthly statements because they have a monthly payment plan. When you default on any student loan, private or federal the loan balance becomes due in full on demand. Any payment plan or payment arrangement they enter into is strickly temporary and does not change the terms of the default clause. Statements are not send as collection agencies are not servicers, but collectors.

The OP hasnt stated yet what type of loan or who the holder is......a lot of people mix up FFELP (government) loans with private loans since they originate at a bank. However even if this is a true private student loan, he still needs to pay it as they will litigate.

I wasn't making a big deal out of it..I was covering all bases...if it is a student loan then getting information on it should be a breeze (as you said and as I said before) I was just saying that if it isn't and the CA refuses to send anything then I would be looking more deeply into it, thats all.

For those of ypu being harassed by the low life of companies, MRS Associates here is a valif fax # - 856-988-7233 - get Erica and her supervisor, they are creeps!!!!!