Rehab almost done, received DL app for consol. loan - help
Date: Thu, 08/20/2009 - 14:17
1) Estimated payoff amount - is only $798.00 less than the "original" default amount.
I will have made 9 payments totaling $4,100.00 at the end of rehab.
How is this possible? CA "waived" the penalty charges. Did I pay $3302.00 for collection costs only?
Can I get a breakdown from the CA of how payments were applied etc..?
2) How can I get a committment to an interest rate? There is none shown anywhere on this app. Just a blurb in fine print about interest not being higher than 8.25% fixed.
3) How do I get a committment to a monthly payment amount? CA said it would go to $284 but that's not something I'm believing.
I am really NOT keen on signing something that has so little guarantees.
Thanks for your ever wonderful and helpful wisdom!
Are you doing a rehab or a consolidation? The two are totally d
Are you doing a rehab or a consolidation? The two are totally different processes. If you are doing a consolidation before a rehab has been completed, the collection fees will not be waived. The loan must be rehabbed first.
The CA doesnt apply the payments....your guarantor does. They are applied to collection fees first, then past due interest and then principal. If you rehab and the collection fees are dropped,the adjust the numbers.
Have you visited the Direct Loan consolidation website to determine what your interest rate will be? Or looked at the payment plan options there? It is not up to the CA to provide you with this information
This is a rehab - I have made 7 payments and there are 2 payment
This is a rehab - I have made 7 payments and there are 2 payments left.
The CA sent me papers for a Direct Loan. I was told that this was how they were handling rehabbed loans now, sending them into Direct Loans.
I receive monthly statements from both the DOE and the CA. The balances from both never jive either!
Since the loan is with the DOE, are they applying the payments?
The CA told me what the DL payments would be
If it's "not up to the CA" to provide me with this info, then why are they filling out the DL application for me? The CA also has filled out the DL applications, choosing the "standard" payment plan on the app. I have instructions not to make any changes to the paper work.... This in itself is a bit odd to me
It's all a bit strange that the CA seems to have no responsibility yet fills out the DL application and whatnot for me...
Thanks again!
ETA - What if I don't want to consolidate? If I do now, then I will be technically paying interest on the interest and probably tripling my amount due. Is there a way to keep paying as is?
I spoke with someone at DL and they said I don't HAVE to do a co
I spoke with someone at DL and they said I don't HAVE to do a consolidation. So what are my options then? Where would the loan go? I know I would have to keep making the payments until it was sold...
THanks!
You probably do want to consolidate. For most people, Direct Lo
You probably do want to consolidate. For most people, Direct Loan Consolidation is a god send in terms of payment plans and options, including public service loan cancellation and the 25 year in repayment cancellation. I would suggest however that you do your own application ONLINE, not a paper one, once the rehab has funded.
CA and DOE balances probably wont ever match up. Always go by the DOE statement..the CA has to be updated by the DOE on interest charges and payments and depending on when the tapes are sent and when the statement is generated, balances may vary.