What to do?
Date: Tue, 11/23/2010 - 14:28
I have an old student loan in fact it was 2 student loans, they were both for $2500.00. I defaulted quit a few years ago. GC Services finally caught up to me but they have my original principal at $3995.00 each which amounts to almost $8000.00 with penalties and fees it's almost $16000.00. I have paperwork that says my original principal is 4895.00,on the two loans that were consolidated.
GC services wants me to sign a paper that has bad numbers on it, including the date that I made my first payment, which was 10/25/10 on the paper it says I will make my first payment on 11/25/10, and this bogus amount.
I feel I should not sign because essentially I'll be signing a new loan, and agreeing to an amount.
It also says that if I make my payments for nine month that I agree for the to sell my loan to another agency who can capitalize on all aspects of this loan which will, what, double it. i think I need someone to represent me, any suggestions.
GC services wants me to sign a paper that has bad numbers on it, including the date that I made my first payment, which was 10/25/10 on the paper it says I will make my first payment on 11/25/10, and this bogus amount.
I feel I should not sign because essentially I'll be signing a new loan, and agreeing to an amount.
It also says that if I make my payments for nine month that I agree for the to sell my loan to another agency who can capitalize on all aspects of this loan which will, what, double it. i think I need someone to represent me, any suggestions.
GC services doesnt make up these numbers....they come from your
GC services doesnt make up these numbers....they come from your guarantor. Your original may have been $2500 but by the time they caught up with you the capitalized interest your guarantor paid was probably the $3995. Interest continued to accrue PLUS collections fees....it is quite easy for $5000 to turn in $16000. You can log into NSLDS...they will list your loan balances without collection fees.
