Creditors Interchange
Date: Thu, 04/29/2010 - 14:20
Creditors Interchange
Apparently from what I've been reading I am not alone. I received a phonecall from Creditors Interchange 2 days ago saying that I needed to pay 2,000 toward a student loan for my daughter that they had bought after she defaulted and for which I am a co-signer. I have never received anything in writing from them and I did almost send them the money before looking up on all these complaints about them being scam artists and so forth. They want this money by tomorrow or they're saying the deal is OFF. They said the full balance was 14,441, and they would reduce that to 9,950 if paid by tomorrow.
I am not sending these people money at this point. Do you think they will at some point actually negotiate on this amount anyway. I do not want this to go to court but on the other hand, I really don't think it is at that point yet because it seems that they have just gotten this loan.
The original creditor "Key Bank" will not even talk to me at this point as they said that once it goes to the collection it is out of their hands.
Any suggestions..... HELP!
There has been many discussions on this board about Creditors In
There has been many discussions on this board about Creditors Interchange. You can read through some of them to get idea about this collector. Meanwhile. just hang tight, someone would soon be along to help you.
For starters, collection agencies do not buy student loans. Som
For starters, collection agencies do not buy student loans. Some private loans do have a guarantor, others the bank privately finances. They are NOT sold. Secondly, you and your daughter signed a prom note, agreeing to balance in full on demand when if the loan defaulted. If you had read the student loan forum, you would have discovered that private loan defaults are nightmares...they do actively sue for the full balance and they will garnish both of you. The settlement they are offering you is good...it aint gonna get much better.
Yes, Soaplady, I do agree that it is a good deal. My problem is
Yes, Soaplady, I do agree that it is a good deal. My problem is that the first I've heard of these people was 3 days prior to the actual last day of the proposed deal through threatening phonecalls. Then - I really was ready to send them money when I did some research and found out about all of their fraudulent practices. They even gave my husband facts and figures of my personal finances over the phone without my permission when he had absolutely nothing to do with this debt. He was not involved whatsoever. They were also threatening him and our home. I wish I had that call recorded.
I also NEVER received anything in writing from Creditors Interchange regarding any transfer of the loan from Key Bank. I called Key Bank and they would not tell me anything.
We also spoke to a bank manager for advise on this and he advised us not to send them a dime without proper validation in the mail of which we have received NONE!
The letters are probably going to the primary borrower. Veri
The letters are probably going to the primary borrower.
Verify it yourself thru key bank....causing trouble with a private student loan will result in suit being filed quickly. Student loan divisions of collection agencies are much different than credit card divisions. You either cooperate or you get sued. You get sued it does affect your spouse indirectly...loss of your income, lien on homes, bank account seizures...in other words...dont mess around.