Please Help with DCS said I need $3,000 in 2 days!!

Is this a federal or private student loan? Were you out of school for any length of time?

It was a private loan through citi and no I was not out of school. There records say I was but I really never stopped taking classes.

It was a private student loan through CITI and I was not out of school at all until December 24th of 2010....I took classed straight through to that date but citi says that i stopped in january of 2010...I had the school fax them over a letter on Friday saying that i was enrolled till december of 2010 but citi still says that since it went to default there is nothing they can do....how is that possible....

It takes 6 months to default on a private loan....numerous notices would have been sent you. Plus you would have had a six month grace period. Did you not notice the letters coming in? DId you read them?

I did not receive any letters nor did my cosigner....They have my correct address which is why I am confused. If I would have received a letter I would have called them right away to square this away. The only reason I found this out was because I got a letter through DCS saying I owed 19K in student loans. I did not receive one letter from citi financial about owing my student loans.

Greetings,

I was contacted by DCS for one of my private student loans. I took out two private student loans under a servicer called Healthxpress. I was contacted a year ago about my loans being in default status (by another collection agency). I was able to send all the pertinent information required for a forbearance for my loan (I'm currently in residency), and thought the issue was resolved. I find out that the servicer, healthxpress only applied forbearance to one of the loans that I took out, and then transferred out the other loan to another servicer (Access Group). DCS now is contacting me on behalf of Deutsche bank (the Guarantor) in regards to the loan that was transferred, and the supposed servicer, Access Group, states that they have no records of my loan. As a matter of fact neither does the Deustsche bank have any record of my loan. I am trying to negotiate with the Guarantor, the Deutsche bank, a payment plan where I can start payments after complete residency in the next 5 months. I was told by DCS that this is not acceptable and that I have to pay $3000 upfront, and monthly payments of $600 a month, otherwise the balance is to be paid in full. They are threatening legal action. I am hoping to negotiate a deal with the Deutsche Bank...I am entitled to a loan forgiveness paid out over a period of three years, that is sufficient to cover the balance of the private student loan...DCS said this is not acceptable. I'm running out of options. I don't have $3000 laying around at this moment, and don't feel comfortable maxing out my cards to make this payment. Yet I won't be able to afford to pay $600 a month at this point. Any ideas as to how to proceed?

SInce when do private loans offer loan forgiveness??

I would be on citibanks back about where and when notices where sent out.

I signed a contract with my future employer who will pay an amount that equals what the private loan that is in default. It was part of my contract...

I have been on there back everyday for the last 2 weeks. I explained that me and my cosigner never received any letters. I even faxed over the letter showing that I was in school till December 24th but they say since the loan went into collections they can not do a thing. I do not know what else to do in this situation. I even told citi I was willing to work with them and pay wahtever I needed right now to bring the loan current but they explained that once I went into default(not my fault it went into default) that I had to settle with DCS.

You need to work your way higher up the corporate ladder and request a repurchase. Threaten to report them to your states attorney general for not following due dilligence and notifiying you prior to the default.

Will that really work?? I just need a solution to this issue and everytime I talk to Citi they basically tell me there is nothing they can do. I have not been in contact with DCS lately because no one picks up their phones. I just dont want to get royally screwed because I decided to fight this issue.

It is worth a shot....you need to start working up the ladder. Start bombing corporate with letters and complaints.

I just received a letter from DCS threatening action if they do not hear from me about my private student loan debt that I had through Citibank. I have been in repayment and never missed a payment or due date-EVER. I filed Chapter 7 bankruptcy (precisely because I couldn't continue to afford to pay my student loan debt along with the other unsecured medical debt I was drowning in!) in December and am still in the midst of this process-I'm not discharged. And of course my student loans aren't being discharged.

I feel sick that I was DEFAULTED and am now dealing with collections? Any advice would be appreciated. All I wanted was to continue things with Citibank as they were--I hadn't had any issues. I had believed the worst thing that would happen due to my bankruptcy was that the loans would be put in a temporary forbearance until the bankruptcy concluded. I still paid Citibank last month........I just never saw this coming?! How did someone get Citibank to take back the debt from DCS?

Help! I'm so upset!

Contact DCS and tell them you are in Bankruptcy....the account will be closed and returned to citibank. However, once your BK is discharged, you will be placed with an agency again.

When did you default? Often the act of filing bankruptcy will result in default with student loans, regardless of the fact you are making payments.

In the meantime what do I do about DCS??? It has been about 30 days since I was first contacted by them, I Did tell them 2 weeks ago I was going to dispute this debt with Citi and have not heard anything back from them. Can they start garnishing my wages?? I am from PA and I read they can not do that for private loans. Please advise me what exactly to do about the collection agency while I fight this loan. Thanks!