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Posted: Sun Mar 02, 2008 8:23 pm Subject: FCRA gurus, who can tell me this?

OK, I have an ongoing dispute with Sallie Mae because they added fees to my loan balance that where not specifically mentioned in my promissory note. The fee itself was not mentioned, and no dollar amount was ever mentioned. But the amount was added to my account on the day the loan was originally disbursed, way back when. HOWEVER, this amount never showed up in any of my statements, original paperwork--even when I go online to their website and look up my account, there is a place I can go for 'disbursement details' and it clearly states that this fee was NOT added to my loan. Yet, these clowns still say it was.

Anyways, here is what I need to know--I got a letter from them on 08 January, 2008. This letter stated that I have this $447 delinquent balance--the fee plus interest on the fee. I have verified several times over that every penny aside from this fee and its interest has been repaid. So, they said that I had until 31 January, 2008 to correct the delinquency, and if I didnt do it by that date, they would place the negative mark on my credit report.

Lo and behold, they put it on my credit report all right--on 16 January 2008.

Here's the question--is it a violation for them to tell me that I have until the 31st, but put it there on the 16th anyways? I know that FDCPA of course doesnt apply. I actually was forced to put my account in forebearance because I refuse to pay illegal fees and that was the only other thing I could do to stop them from putting a black eye on my credit. They have since changed it to reflect the forebearance, but it still shows up as having been past due until then. I have been fighting with these idiots since October, and I am just looking for all the answers I can.

taylorheard · Posted: Mon Mar 03, 2008 8:42 am Subject:

If the fee is not in your contract, or provided for by law, you do not have to pay it. Sallie Mae is a federal corporation that probably has federal regulations that control it. I would guess the fee is legal and proper.

Your only recourse at this point is to dispute the charge with the credit bureaus. You can also put in your own statement with the credit bureaus.

taylorheard · Posted: Mon Mar 03, 2008 8:42 am Subject:

If the fee is not in your contract, or provided for by law, you do not have to pay it. Sallie Mae is a federal corporation that probably has federal regulations that control it. I would guess the fee is legal and proper.

Your only recourse at this point is to dispute the charge with the credit bureaus. You can also put in your own statement with the credit bureaus.

Posted: Mon Mar 03, 2008 8:48 am Subject:

well, the fee is legal, but I guess I didnt explain it well enough. It is a fee that they can legally charge, but in my specific case, there is no such charge on my loan, as shown on my application and promissory note. Also, this is shown in their own online account system---when I log into my account there is a page that details these fees, and on that page, when I am logged in, it shows that my specific loan did not carry any of those fees.

So, while it is a legally charged fee in the respect that they are allowed by law to charge this fee, it is not allowed by law to just add it to a contract which specifically does not state "we are charging you this fee" at the time it is originated. They are basically trying to add the fee in even though it was not charged to me on the promissory note/loan paperwork.

I know about the credit bureaus--I already disputed it, but that is not recourse because they rely on Sallie Mae's word. You dispute it, they in turn send your dispute to Sallie Mae. Additionally, in the credit bureaus, the only thing they care about verifying with your creditor is if the name and address on the account match your actual info--so any specifics are up to you to dispute with the creditor themselves, not the credit bureau. Which, of course, puts me right back at aquare one.

I am just trying to find out if what they did--when the reported the debt to my credit file as opposed to the notice they sent me--is allowed per the FCRA or not.

Posted: Mon Mar 03, 2008 11:24 am Subject:

That's a tricky one. I would call an attorney, or your local Legal Aid clinic, and ask them. Also, In your original loan paperwork, there should be a page that shows all applied fees and if they were lender paid or not. I think it's just called the itemization of fees, or something like that. Evey place has a different name for the form. Bring that with you when you see an attorney. But, since you're going up against Sallie Mae, definitely involve a lawyer with this. The Feds have their own lawyers, you should use one too.