RAB from memphis

Date: Fri, 02/04/2011 - 04:48

Submitted by anonymous
on Fri, 02/04/2011 - 04:48

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have already set up an automatic draft each month to pay back the loan. I have paid 2500 dollars showing on a tax return form they sent me. They now say that arrangement was only temporary and want me to send a form that says if the loan is resold the lender can capitalize on 18.5 percent of the outstanding unpaid principal as well as any unpaid interest. RAB collects 175 plus 9 fee each month for my loan. They are still calling my work and telling me if I dont send the paper they will just garnish my wages. They have called me every day and said because its a federal loan they are allowed to call. Private loans are not.

Do you have any documents to prove that the set up of an automat

Do you have any documents to prove that the set up of an automatic draft each month to pay back the loan was a permanent arrangement and not a temporary one? If yes, then you can show that document to the creditor and request him to not harass you regarding the payments any further.

lrhall41

Submitted by Anna Sweeting on Sun, 02/06/2011 - 19:11

( Posts: 1827 | Credits: )

Anna, again your answers show your lack of knowledge. All pay

Anna, again your answers show your lack of knowledge.

All payment plans in collections are temporary. No creditor is going to send a permanent payment plan letter. It also sounds like they are collecting on a defaulted student loan that RAB is trying to rehab.

OP...is this a federal student loan? If so, sign the paperwork...it sounds like a rehab agreement. You already have been charged up to 24% in collection fees and agreeing to the rehab reduces the fees and they are simply capitalized into your balance. Signing the paperwork will get you out of default~!

lrhall41

Submitted by SOAPLADY on Sun, 02/06/2011 - 19:22

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