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Debt Consolidation Forums Student Loans and Education Debt forums

Huge problem with CFS Suntech and loan interest

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We consolidated our student loans from the US dept of education in March of 2004. We got 1098 e forms from all the direct loans that were paid off.
We consolidate my dh's loan to another company because they are just sucky. now they are telling me that he doesnt get the interest that was paid when it was paid off becuse the money came from a "consolidation" company. BULL PUCKEY!! It was paid on my dh's behalf. so on the phone with them, thent he IRS and even my new consolidation compant to not only get an itemized detail of what they paid and to find out what their policy is on this situation.
So I call CFS Suntech back and they try to tell me the same carp again, we didnt pay it ourselves. BULL the interest is NOW In the principal balance we are paying to lender #2. WTHECK!!?!?!?
I told them that I contacted the irs and we went thru the pub 970 and the taxpayers relief of 1997 and NOTHING says that if it is a consolidation comp that we cant take the student loan interest credit.
That CFS Suntech needed to send me a copy of the paper that says that I am not entitled and not on their letter head. SOMETHING that the government says that I am not allowed to have that credit because of "a consolidation company" paid it.
If they cant provide that, I will open a can of worms that they wont like. I will make it my life goal to get them in deep doo doo with whoever will listen and can take action!
I am getting tired of this stupid people!

Oh and just to make clear, they tried totell me it was a taxpayers relief of 1997 why they dont give the 1098e forms for that but then a day later changed it to, it is OUR POLICY not to. So they dont want to, so they dont. Bunch of crapola if you ask me!

Sub: #1 posted on Tue, 01/24/2006 - 20:38



Welcome to forums :D

IMHO, you should contact to lender #2 and explain this situation to them. Since you consolidated your loans with them, they could give you some relevant information on how to handle this situation. There should be some documents that can show what the loans are that you consolidated. If CFS Suntech has accepted the payment they should not come up with this type of arguments.

Could you tell us one thing, did you use federal consolidation loan to pay the CFS loan? They cannot deny the payments received form federal consolidation loan program. You can forward this issue to DOE as well.

Hope this helps. Feel free to ask your queries in forums.

Sub: #2 posted on Wed, 01/25/2006 - 10:01

4u.bryan 4u.bryan

(Posts: 819 | Credits: )

I have been unable to contact CFS Suntech to find out my balance. does anyone know how to get in touch with them?

Sub: #3 posted on Sat, 01/03/2009 - 14:53


You do not get to deduct interest that was included into a consolidation loan as you did not pay it. Unless you paid the interest out of your own funds, you have no legal right to deduct it. Many people consolidate with accured interest capitalized into the balance...standard practice. You may use this strategy to payoff CFS Suntech loan.

Sub: #4 posted on Sat, 01/03/2009 - 15:27

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Re: I have been unable to contact CFS Suntech to find out my balance. does anyone know how to get in touch with them?

Chase services my CFS Suntech loan. They tell you to log on to w w w . c s l s e r v i c i n g . c o m to access your 1098, but I couldn't find it there. Call 1-800-489-5005 and go past where they tell you to go to the website. They will tell you your reportable interest on the automated line.

Sub: #5 posted on Wed, 01/28/2009 - 08:54


i have not recieved any kind of statement from CFS Suntech in months

Sub: #6 posted on Fri, 01/30/2009 - 09:44


Try calling chase at 800-489-5005. They were able to give me my new account number and interest for my taxes. CFS Suntech are Chase now.

Sub: #7 posted on Fri, 01/30/2009 - 15:17


After filing many forebearences, when I retired and could not continue to pay my daughters student loan which had my name on it, Suntech filed a hardship case for me. Now I can't locate them and Suntrust and ECMC is holding a judgement against me. What dio I do?

Sub: #8 posted on Tue, 04/21/2009 - 14:12


This sounds like a federal PLUS loan in which the parent holds full responsiblity for the payments. Sounds like suntrust defaulted you and ECMC the guarantor filed the judgement. You would then need to contact ECMC.

Sub: #9 posted on Tue, 04/21/2009 - 15:17

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I have been paying on my student loan with cfs since 1998 and would like the balance but can not find a phone number.

Sub: #10 posted on Wed, 09/02/2009 - 18:25


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