A bit confused...
Date: Tue, 05/13/2008 - 10:37
Hi, I am a bit confused about my loan. It was originally taken out thru Key Bank. However, I can either pay them or Great Lakes? Whn I pay thru Key Bank it takes forever for the funds to clear..at least a week or more. What does the change signify??
Also, when I talked to Key Bank last week..he mentioned the term "charged off"..what does this mean? I am way behind but am still paying them some each month..does he mean default? If this is true, is it worth it to pay them some each month or should I just wait for them to take a serious action?
I mean I am really, really struggling (like alot of people) and I am juggling the student loan with the small credit card debt so I wonder if I should just not pay the student loan and pay off the credit card??
ANy info would be appreciated!!
The kicker is that this is my bf;s loan that I cosigned on and I didn;t receive anything for it!
Thanks so much, Robin T
Also, when I talked to Key Bank last week..he mentioned the term "charged off"..what does this mean? I am way behind but am still paying them some each month..does he mean default? If this is true, is it worth it to pay them some each month or should I just wait for them to take a serious action?
I mean I am really, really struggling (like alot of people) and I am juggling the student loan with the small credit card debt so I wonder if I should just not pay the student loan and pay off the credit card??
ANy info would be appreciated!!
The kicker is that this is my bf;s loan that I cosigned on and I didn;t receive anything for it!
Thanks so much, Robin T
You really need to be asking Key Bank, not us. If you defaulted
You really need to be asking Key Bank, not us. If you defaulted on your loan which it sounds like, the loan would have been turned over to your guarantor which means Key Bank is simply forwarding your check onto the new holder.
You do not want to stop paying the student loan...this sounds like a private loan and they are nasty. They will sue you and you bf for judgement and go for garnishment and bank levies. On top of that, you have interest accruing daily plus collection fees will be assessed. Plus there is NO SOL nor can you file BK on it.
