O.C. Citi now ECMC?
3 accounts all opened 03/2008
1) ECMC
O.C. "07 Citibank ELT SLC"
Balance 3675
Reported by: XPN, EFX, TU
Acct # end: 0001,
2) ECMC
O.C. "07 Citibank ELT SLC"
Balance 3675
Acct # end 0002
Reported by: EFX, TU only two
3) ECMC
Citibank -xxxxxxx761 Acct # very different from above
Comments: Collection account; student loan
Balance: 3452 different
[COLOR=DarkRed][COLOR=Black]Reported by: EFX only EFX which is missing from #2 above--but
amount is different, account # different too.[/COLOR][/COLOR]
All reporting: One month before credit draw in March 2012
I remember having ONE student loan and paying it down to about 3000. Then a big life problem for about two years. Now I see three collections by "ECMC".
1. Is this Citibank collecting in-house as ECMC? (ECMC address in MN which is next state over from Citi in SD)
2. How can I verify whether it is really 3 accounts or two accounts or just one as I think I remember before my memory-jarring accident?
3. Will ECMC negotiate lower, if so how far?
4. Any other wise advice for dealing with these specifics, please?
Again, I thank you. Dave
There is no connection business wise between these two creditors
There is no connection business wise between these two creditors. ECMC is a guarantor so I am going to assume this is a federal loan.
Did you file bankrtupcty?? When did you default??
answer
No bankruptcy, no intention to do it.
Had to stop paying about 2 years ago.
You are the person I'd hoped would respond, thank you!
How do I learn the truth as to the number of accounts?
Ok....you are in default. Have you called them yet??? ECMC is
Ok....you are in default. Have you called them yet??? ECMC is the guarantor who paid your default claim.
When you borrow unsubsidized funds, interest accrues from the past dispursed. With unsub, you have two dispersments, meaning two seperate tradelines.
You need to log into NSLDS and double check what you borrowed.
Dear SoapLady
Per NSLDS site I had three accounts. I guess grandpa only told me about one and was paying the others.
Questions:
1. Can any of this be negotiated lower?
2. How?
3. Lower buy what percentage range?
NDLS is not going to be reporting the collection fees assessed b
NDLS is not going to be reporting the collection fees assessed by the guarantor. These are up to 24%.
Settlements....as a general rule, they will settle some to all of the collection fees. You will be 1099'd on it if it is over $600. Settlements offers are good for 10 days or so.
to SoapLady
Dear SoapLady,
I want to work to reinstate the loans back to good standing.
1. My limited understanding tells me I can work it out with the guarantor or note holder. I understand it takes nine months of on-time payments before the loans are eligible to sell and reinstate, correct?
2. One company claims they can help do it much faster (reinstate). If they can do it I bet you know how, so HOW, please?
You are wonderful. Thank you!
[QUOTE]1. My limited understanding tells me I can work it out wi
[QUOTE]1. My limited understanding tells me I can work it out with the guarantor or note holder. I understand it takes nine months of on-time payments before the loans are eligible to sell and reinstate, correct?[/QUOTE]
This is called Rehabilitation....it is outlined by federal law, the Higher Education Act.
[QUOTE]2. One company claims they can help do it much faster (reinstate). If they can do it I bet you know how, so HOW, please?[/QUOTE]
They cant rehab your loan in less than 9 months. What they are probably referring to is a Direct Loan Consolidation which normally takes about 90 days. You have that option but it will do nothing for your credit in terms of the old negative tradelines. How long have you been in default?? If you have been in default for quite awhile, consolidation is the better route to go as the negative lines will naturally age off at 7 years.
You are wonderful. Thank you!
Dear SoapLady
Hi,
I now can pay monthly payments.
The loans went into default 4 and 1/3rd years ago.
You think Direct Loan Consolidation is best for credit and not "rehabilitation"?
1. What company(ies)/organization/s are best to get this going?
2. Will doing DLC eliminate the possibility of negotiating down the 24% of fees?
U da best, thank you again.
Quote:You think Direct Loan Consolidation is best for credit and
Quote:
You think Direct Loan Consolidation is best for credit and not "rehabilitation"? |
No, rehab is better for your credit. When you complete the rehab, the negative remarks from ECMC will go positve
Quote:
1. What company(ies)/organization/s are best to get this going? |
For rehab, you dont have a choice. ECMC or the CA handling the account will coordinate it.
Quote:
2. Will doing DLC eliminate the possibility of negotiating down the 24% of fees? |
Collection fees are mandated by federal law. If you consolidate, your fees will drop to 18% and will be capitalized into the loan. There is no negotiation.
U da best, thank you again.