Defaulted on Loan - Question
Date: Wed, 05/14/2008 - 11:06
Hi,
I did something beyond stupid. I basically tried to consolidate my student loans a few years back. I had never done anything like this before - and admittedly I was clueless about the whole process. I continued to get DOE bills in the mail which I paid so I was under the impression I was paying my student loans. I recently tried to apply for financial aid and they told me i defaulted on my loan. After researching this (and freaking out), I found that I indeed did default on the loan that I had consolidated and it was transferred back to the guarantor which of course I immediately set up means of payment. The thing is I never once recieved 1 call or a letter from the place that I consolidated my loan through (Citibank) and had I, this STUPID mistake would have been avoided. I realized that the onus is on the customer who is taking the loan and I completely own up to this BUT is there anything that I can do at all? This is goinbg to be one serious blemish on my credit report for a long time!
I did something beyond stupid. I basically tried to consolidate my student loans a few years back. I had never done anything like this before - and admittedly I was clueless about the whole process. I continued to get DOE bills in the mail which I paid so I was under the impression I was paying my student loans. I recently tried to apply for financial aid and they told me i defaulted on my loan. After researching this (and freaking out), I found that I indeed did default on the loan that I had consolidated and it was transferred back to the guarantor which of course I immediately set up means of payment. The thing is I never once recieved 1 call or a letter from the place that I consolidated my loan through (Citibank) and had I, this STUPID mistake would have been avoided. I realized that the onus is on the customer who is taking the loan and I completely own up to this BUT is there anything that I can do at all? This is goinbg to be one serious blemish on my credit report for a long time!
I would try to send a goodwill letter to Citibank, asking them t
I would try to send a goodwill letter to Citibank, asking them to delete the item, as you were never contacted. Perhaps ask them for any contracts you signed, copies of letters they may have sent, etc. If they cannot produce these items, you may have some claim to say you were never contacted.
Try simply explaining to them that you continued to receive DOE bills and were paying them. If that is the case, they can contact the DOE (which would be the original creditor in this case) and find out from them that you were paying your bill.
Because of this, they may do you a favor and delete their negative listing.
It doesn't hurt to try at least.
