Student Loan Terms of Payment Rights
I've recently set up a special student loan consolidation with Sallie Mae. I have recently run into some confusion from their end and want to know my legal rights. Here is an portion of the letter I have recently sent to them regarding my confusion:
"On June 8, 2012 your company sent me a payment terms letter indicating that I would owe a payment amount of $71.77 monthly, beginning on 08/06/12. Then, on July 8, 2010 your company sent me a bill indicating that I payment of $71.77 would be due on 08/06/2012. On 07/21/2012 I sent a payment to your company in the amount of $80.00.
On 7/19/2012 your company sent me two letters; one is a new repayment plan that states that my new payment amount will be $130.11 due, with the first payment being due on 08/06/12. The second letter was a bill stating that I would owe a monthly payment of $231.80 on 08/06/12, and that my monthly payment is $231.80. This letter also states that I have $160.03 past due. On 07/21/12 your company sent me a letter indicating that I have a payment of $160.03 that is past due and that my monthly payments are $160.00.
According to the first terms of my payments, I am not past due on anything. I understand that the terms of payment may change because of conditions changing, but you cannot send me a change of payment terms a little over two weeks before the bill is due."
Are they allowed to change the payment terms in such short notice? What do I do if they falsify me being past due on a bill? Is there a place that I can review my legal rights regarding this matter? This is of great concern to me because I wanted to start off my debt paying process with a clean slate. I feel as though my attempts are being sabotaged.
Actually, your balance is due in full per your promissory note.
Actually, your balance is due in full per your promissory note. They can change payments anytime....you are in default.
Call the collector who set up the plan for clarification.
Sorry SodaK
You can't say that the it's legal for a company to state that you are past due on a bill that was never sent to the borrower. If any company could do this, than people would be swamped with late fees for bills that they never received. An inch of consideration before a response is placed would be nice. Furthermore, according to the Master Promissary note, both the lender and the borrower are under a contractual agreement that includes a terms of payment. If the lender goes against this contract, the borrow does have legal rights.
Quote:You can't say that the it's legal for a company to state t
Quote:
You can't say that the it's legal for a company to state that you are past due on a bill that was never sent to the borrower. Furthermore, according to the Master Promissary note, both the lender and the borrower are under a contractual agreement that includes a terms of payment. If the lender goes against this contract, the borrow does have legal rights. |
If you dont know anything about student loans, dont answer. Student loans when they default become 100% due in full. The lender is NOT going against the contract....the borrower has. If you also noticed the dates of letters and payments, they overlapped. They just entered into the rehab program which had barely started. I stand on my response that the poster needs to contact the CA
What this user is clearly stating is that they should not be def
What this user is clearly stating is that they should not be default on a student loan. They had a payment plan, they made their payments according to the payment plan, but then received noticed that they missed a payment for a bill that was never sent.