Question on Loan Default/Collection Agency
Date: Sat, 05/05/2012 - 16:22
Hi Everyone-
Here is crazy story- Got a private student loan with my mom as a co-signer a few years ago; was supposed to start paying it, but I didnt, now the loan went on default; AES had it but now it was given to MRS Collection Agency; which are calling my mom, myself and even cousins and uncles which I feel is completely out of line; can they be doing this?
I am now at the point where I want to start paying this off; but the problem is that I don't know if there is anyway I can do a rehab program now since its in the collection agency. I called AES and they said now I have to deal with the CA (Collection Agency); but I have read many places that its possible sometimes to get the loan back to AES?
Here is another question; since they are calling everyone like crazy, I am planning to call them monday and tell them that I just sent [will send it Monday] a Debt Validation Letter; in which I ask for certain documents. Can they still be calling since I will be sending that letter? This will be the first time I am going to be sending such letter; but I am kind of scared they will say something because they are usually pretty aggressive and mean,they sometimes don't let me talk..
I feel so bad for all this and I regret this every minute of my life, but I guess I just have to learn from my mistakes... Is there anything else you guys can advice me?
I am still in school, finishing up a nursing school, so I dont have much money; once I told them I could only give so much; they told me aggressively again to talk to my mom [cosigner] and give them more money...
What do I do?
Thanks in advance,
Eddie
Here is crazy story- Got a private student loan with my mom as a co-signer a few years ago; was supposed to start paying it, but I didnt, now the loan went on default; AES had it but now it was given to MRS Collection Agency; which are calling my mom, myself and even cousins and uncles which I feel is completely out of line; can they be doing this?
I am now at the point where I want to start paying this off; but the problem is that I don't know if there is anyway I can do a rehab program now since its in the collection agency. I called AES and they said now I have to deal with the CA (Collection Agency); but I have read many places that its possible sometimes to get the loan back to AES?
Here is another question; since they are calling everyone like crazy, I am planning to call them monday and tell them that I just sent [will send it Monday] a Debt Validation Letter; in which I ask for certain documents. Can they still be calling since I will be sending that letter? This will be the first time I am going to be sending such letter; but I am kind of scared they will say something because they are usually pretty aggressive and mean,they sometimes don't let me talk..
I feel so bad for all this and I regret this every minute of my life, but I guess I just have to learn from my mistakes... Is there anything else you guys can advice me?
I am still in school, finishing up a nursing school, so I dont have much money; once I told them I could only give so much; they told me aggressively again to talk to my mom [cosigner] and give them more money...
What do I do?
Thanks in advance,
Eddie
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Sub: #[URL="http://www.debtconsolidationcare.com/forums/showpost.php?p=911553&postcount=1"]1[/URL] Question on Loan Default/Collection Agency
Replied on Today, 07:22 PM
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Hi Everyone-
Quote:
AES had it but now it was given to MRS Collection Agency; which are calling my mom, myself and even cousins and uncles which I feel is completely out of line; can they be doing this? |
Are you communicating with them? If not, then it is perfecting legal for them to call family for location information.
Quote:
I am now at the point where I want to start paying this off; but the problem is that I don't know if there is anyway I can do a rehab program now since its in the collection agency. I called AES and they said now I have to deal with the CA (Collection Agency); but I have read many places that its possible sometimes to get the loan back to AES? |
No, the OC is not going to take the loan back...the OC is under contract with the CA....they cannot touch the account without cause...l like a major FDCPA violation. And since this is a private loan, rehab is NOT an option.
[QUOTE]Here is another question; since they are calling everyone like crazy, I am planning to call them monday and tell them that I just sent [will send it Monday] a Debt Validation Letter; in which I ask for certain documents. [/QUOTE]
What is the point? You already verified with holder that the CA is authorized to collect. At this point in time, a DV letter will only speed up how quickly they haul you and your mom into court. Private loans will sue even if you are making payments.
[QUOTE]I am still in school, finishing up a nursing school, so I dont have much money; once I told them I could only give so much; they told me aggressively again to talk to my mom [cosigner] and give them more money... [/QUOTE]
Your mom is a legally responsible for this loan as you are. The CA and holder wants this paid and paid quickly.
