Incorrect Loan Default?? Already Rehabbed...Any Options?
Date: Mon, 07/20/2009 - 10:15
Looks like good advice on here so let me see if there's any options here:
I was paying my loans from 2000-2005 with Sallie Mae. Account # for Sallie was SSN at that time, so I sent in checks with SSN. In 2005 I was informed that one of my loans defaulted and had never had a payment on it (1999-2005). Evidently I had 2 loans with Sallie and they were just crediting 1 with my payments. (It does turn out the loan had accelerated payments so they check I was sending in was not enough to pay minimum for both, but I was just looking at statement and paying that...I wasn't getting 2 statements.)
So loan defaulted to collection company. Though Sallie says they "tried to find me" collection company found me same day it defaulted to them. I told Sallie I had been making payments on other loan, acknowledged, so "not finding me" seemed disingenous. Anyway, Sallie pushed me off to collection agency at that point. Entered rehab, since collection could care less about the problem, and loan was rehabilitated.
Doesnt' appear as default, but the initial loan shows no payments for 5 years. (In addition to $10K penalty I had to pay) Given above, is there anything I can do? I've looked into arbitration, etc. but slightly complicated now that it's been rehabbed and out. Gone on long enough...thanks!
I was paying my loans from 2000-2005 with Sallie Mae. Account # for Sallie was SSN at that time, so I sent in checks with SSN. In 2005 I was informed that one of my loans defaulted and had never had a payment on it (1999-2005). Evidently I had 2 loans with Sallie and they were just crediting 1 with my payments. (It does turn out the loan had accelerated payments so they check I was sending in was not enough to pay minimum for both, but I was just looking at statement and paying that...I wasn't getting 2 statements.)
So loan defaulted to collection company. Though Sallie says they "tried to find me" collection company found me same day it defaulted to them. I told Sallie I had been making payments on other loan, acknowledged, so "not finding me" seemed disingenous. Anyway, Sallie pushed me off to collection agency at that point. Entered rehab, since collection could care less about the problem, and loan was rehabilitated.
Doesnt' appear as default, but the initial loan shows no payments for 5 years. (In addition to $10K penalty I had to pay) Given above, is there anything I can do? I've looked into arbitration, etc. but slightly complicated now that it's been rehabbed and out. Gone on long enough...thanks!
What is to be done? Sounds like you were not paying attention t
What is to be done? Sounds like you were not paying attention to what and how much you borrowed. Were both your loans staffords? Or a private/federal loan mix?
Since you have rehabbed, your window of dispute is long since gone.
