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Arrow Financial/Won't send letter, put inquiry on credit/Please Help

Date: Wed, 02/25/2009 - 09:08

Submitted by tommygavin04
on Wed, 02/25/2009 - 09:08

Posts: 30 Credits: [Donate]

Total Replies: 16

Arrow Financial/Won't send letter, put inquiry on credit/Please Help


There is this company Arrow financial that some of you may have heard about. here's the story. I took out a loan from a private school a few years back for roughly 10K. The school sold the loan to equient who in turn sold it to Arrow as I was having trouble making payments.

The same woman would call me frequently from Arrow and then all of the sudden just stopped in October of 08. She would only take payments over the phone or offer an address to send them in but WOULD NOT SEND ME A STATEMENT

After a while I found this type of activity fishy and stopped doing payments over the phone.

They seemed to have disappeared until they put an inquiry on my credit last week.

I called the company and again, they won't send me a statment, telling me how much i owe, how much i've paid etc.

They say they only have two forms of statements, a pad in full statement or a settlement statement.

The gentlemen tried to get my bank acct information which i declined, and also offered to settle which I declined.

I said i could probably afford 50 dollars a month and he said that is fine, gave me the address but said, "we can't send a statement until you make payments"

They have not called or sent a letter in the past 5 months. I reached out to them and the above few paragraphs is how the man on the phone reacted.

I was going to mail in payments but my fiancee said it was too fishy and to not send them a dime at least until they send me something....

Any thoughts?


Ok....Arrow Financial is owned by Sallie Mae so I am assuming this is a Sallie Mae Loan. For starters, student loans are NOT sold, they are placed with CA's to collect third party. Schools as a general rule do not offer loans....you probably took out a private loan thru Sallie Mae.

Once in default, you do not have a right to a statement. You can ask however for a "payment history" Have you tried logging into sallie mae to get a payment history?

I hope you are aware that Sallie Mae do sue?


lrhall41

Submitted by SOAPLADY on Wed, 02/25/2009 - 09:31

( Posts: 17315 | Credits: )


The acct was originated from a trade school called computertraining.com

the school sold the loan to Equient who sold it to Arrow which was THEN purchased by Sallie mae. The loan had nothing to do with Sallie mae.


lrhall41

Submitted by tommygavin04 on Wed, 02/25/2009 - 09:42

( Posts: 30 | Credits: )


I cannot access this loan anywhere through the sallie mae site as i stated earlier, it is not affiliated with them. The fact that they own arrow does not mean that all arrows debts are now student loans.

That is the case here. It was a loan from a school directly that they sold to equient then to arrow which was purchaed by sallie mae.

Even if it was a student loan, do i have a right to a DV?


lrhall41

Submitted by tommygavin04 on Wed, 02/25/2009 - 09:47

( Posts: 30 | Credits: )


Equient is a receivables management company...

Equiant Financial Services

We provide superior products and services in three core areas:

* Receivable Management and Reporting
* Early-Stage Collections / Customer Service
* Document Custody


The bottom line is, you are dealing with a Private student loan own by sallie mae or a sallie mae company. Ask for a payment history from arrow...you will only get record from arrow for the payments you paid to arrow after they a paid the claim.


lrhall41

Submitted by SOAPLADY on Wed, 02/25/2009 - 10:27

( Posts: 17315 | Credits: )


Can i get a debt validation letter. I mean heres my problem. They are not calling me, sending anything in the mail in many many months. I had to contact them only after they put an inquiry on my credit report. Don't the owners of private student loans pursue in the same manner as CA?


lrhall41

Submitted by tommygavin04 on Wed, 02/25/2009 - 10:33

( Posts: 30 | Credits: )


After a certain length of time,they are not going to waste funds mailing or calling. Private loans are not subject to normal student loan calling or mailing due dilligence. They just will wait it out and when the time is right, they will file for judgement.

For validation, they will send you a copy of your prom note.


lrhall41

Submitted by SOAPLADY on Wed, 02/25/2009 - 10:38

( Posts: 17315 | Credits: )