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Paying On Debt w No Results

Date: Thu, 09/10/2009 - 14:24

Submitted by anonymous
on Thu, 09/10/2009 - 14:24

Posts: 202330 Credits: [Donate]

Total Replies: 3


Me and my husband have been consistently trying to get his credit str8. We've been paying on his student loans for the last 7mnths consistently... its gets drafted out of his account automatically...well we've recently found out tht the pymnts r reported late each mnth.... The excuse tht we're given frm the collection agency is tht its not up to them to report to bureau its up to the student loan company tht the loan was originated through...We called them and they said it wont become current until its caught up? I dont know wht the caught up point is I didnt speak to them my husband did. We original went in asking for a rehab on his loan but the collection agency said they dont have one!? This seems really bizarre to me seeing as how once I started paying on my defaulted loan the payments automatically became current and built my credit off of a rehab no questions asked by me except to say i want to rehab the loan. Now though we are paying on the loans his credits at a stand still which is nt helping us at all... We're trying to get a house Im prego and due in three months and dont know how we'll ever break the barrier on his credit if they continue to report it late...


Your student loan is in default. Until you make the required payments to qualify for your loan to be rehabbed, it will continue to report late/defaulted. Making payments will not bring you current. You will not qualify for that mortgage until this is resolved and depending on who your guarantor is, it could take several months more if they dont have a lender. As a general rule, rehabs take 10 months plus then the guarantor has 90 to update your credit report.


lrhall41

Submitted by SOAPLADY on Thu, 09/10/2009 - 14:57

( Posts: 17315 | Credits: )


so paying does nothing until after when? Im mean like a scenerio is me paying for what years and it not being str8? Im so confused what is a guarantor? I knw we cant get the mortgage thts y im trying to get a mind set on how to get it moving asap... oh and should we consolidate this loan instead? thanks for responding so quickly really appreciate it


lrhall41

Submitted by missced on Thu, 09/10/2009 - 15:15

( Posts: 2 | Credits: )