How to approach GRC.

Date: Thu, 02/18/2010 - 14:47

Submitted by anonymous
on Thu, 02/18/2010 - 14:47

Posts: 202330 Credits: [Donate]

Total Replies: 1

Hi all, first time poster and reader. I am a 24 year old who has spent the last 3 years of my life not worrying about anything. I have been contacted by General Revenue Corp. stating that I owe aprrox. $20k on behalf of Sallie Mae. I know I do owe this money and am prepared to make monthly payments from 200-300$. These loans are student loans that I defaulted on years ago and am now about to face the music. I need help in the following areas, I have no idea what kind of loans they are; federal or private? I've read there is a huge difference. I have also read many horror stories about lies from GCR and need to know the proper method of contacting them and what I can expect. From my readings (which is like pulling teeth) it seems my best option is Rehabilitation of my loan, although I take anything I pay goes to CA fees? (not being used to pay down my debt). I've also read that the only way to contact CA is by letter? If anyone has any experience or information regarding my situation I would certainly appreciate it. They have not contacted my employer or mentioned wage garnishment. I am trying to take care of this situation before it comes to that. This process has to be the most crooked rat mazed process I have ever dealt with. If I could just get some documentation about the loans and how much I owe I could fairly assess the situation. Thanks for all of your help!

I know little about this but I figured I would give a bump for y

I know little about this but I figured I would give a bump for you.

You will really need to find out if they where private or Federal....If they are Federal, I think the Statute of limitations does not apply and they can pretty much do anything to collect. I think private loans go by the SOL that you state laws say and they must first sue and get a judgment before they can collect.

If that is the case and it is private and the SOL has passed, I would not pay a dime....Either way, how long ago did the debt collector contact you? Did they include a 30 day dispute period in their letter? You should really send a debt validation letter certified mail return receipt ASAP!! You can find a template on this site in the do it yourself section and also on the internet.

Hopefully someone will correct me if I am wrong and/or have better advice.

lrhall41

Submitted by pokertramp on Thu, 02/18/2010 - 20:09

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