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 Posted: Mon Dec 04, 2006 2:36 pm Subject: Allied Interstate and Defaulted Loan |
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I had defaulted on a sallie mae student loan some time back. the loan went from on collection agency to allied interstate. I made arragements with allied in which they take out some money from my checking account each month. They have told me that once I have made a number of monthly payments (8-9 months), the loan will go back to sallie mae and the default will be wiped out of my credit report. Is this true or am I being taken for a ride. Thanks.
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Gotee71
Joined: 04 Dec 2006
Posts: 1
Debtcc Points: 30
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| Posted: Mon Dec 04, 2006 3:58 pm Subject: |
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Right now, first thing you should do is to check if allied interstate has posted the payments to your account? You have been making the payments till date. Know the latest status of your account and if you can work out something with Sallie Mae, stick with them.
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keystrokes
Joined: 13 Jul 2006
Posts: 501
Debtcc Points: 7287
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| Posted: Mon Dec 04, 2006 5:11 pm Subject: |
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it sounds like a student loan rehabilitation. if it is, you must make 12 on-time payments. It does not go off your credit report until the 12 months are done. it will show on your credit report as "in collections" until the rehab period is over. you have to be patient and make the payments on time. if you miss just one payment, the deal is off.
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