2 nd request

Discussion in 'Credit Talk' started by dc, Jul 7, 2001.

  1. dc

    dc Member

    another student loan question???



    dc | 1 posts since Jul 2001
    63.44.43.69 | 07.06.2001 @ 20:39





    JUST HOW LONG CAN THIS STAY ON YOUR CREDIT REPORT? i WAS PAYING THEM AND
    RECENTLY LOST MY JOB AND THESE LOVELY PEOPLE ARE HARASSING ME. I NOTIFIED
    THEM WHEN I LOST MY JOB , AND THEY CLAIM THEY HAVE NO RECORD. THIS COULD
    SCREW UP MY CHANCES OF GETTING A MORTGAGE AND EVERYTHING ELSE I HAVE BEEN
    TRYING TO ESTABLISH. BY THE WAY THIS STUDENT LOAN IS FROM 1984. ANY
    EXPERIENCE WOULD BE APPRECIATED......
     
  2. PsychDoc

    PsychDoc Well-Known Member

    Late-pay notations can remain on your credit reports for up to 7 years. Make your decision regarding how you are going to handle this account, and then move forward with that plan -- irrespective of how your creditor would like you to move forward. Here are a few more tips that I hope will bring cheer to your day, LOL:

    1) Pay a little something every month, even if it's just a fraction of the whole amount. This plays hell with their computer and may pay dividends later on if you choose to dispute your record of payments on your credit reports.

    2) Inform them in writing that you are no longer willing to communicate with them by phone, only by letter. When they call, tell them the same thing. If they persist, you have a few options, including some legal standing if you choose to go that route. (You could also get a new unlisted phone number with no forwarding, but that's a bit of a pain in the neck.)

    3) Most (but certainly not all) debt collectors behave like scum. They think nothing of calling, threatening, harassing, haranguing, and worse, and they would rather you pay them than pay housing, utilities, food, clothing, and transportation related bills. Don't let them con you into paying them before taking care of life's necessities. Letting debt collectors get to you emotionally is a waste of your mental health.

    4) You do owe the money, of course, so don't think that my advice is an attempt to convince you otherwise. (The morality police are alive, well, and lurking.) Defaulting is a terrible idea, as you know; moreover, defaulting on a student loan has consequences that can impact you in more dramatic ways than defaulting on, say, a regular credit card account. But you know all of this, so ignore this paragraph and pay attention to #1, #2, and #3 above. :)

    Randy
     
  3. frankowes

    frankowes Well-Known Member

    Who is harrasing you? is it a collection agency or the guarantor? How late are your payments?
     
  4. Crdt Dfnse

    Crdt Dfnse Well-Known Member

    DC:
    With all respect to Randy, who probably means well� Far longer than seven (7) years! Check out the Higher Education Act of 1965, 20 USC §1080a(f) §430A(f) and §463(c)(3) and 20 USC §1087c(c)(3), to learn more.
     
  5. dc

    dc Member

    The NJHEA =New Jersey Higher Education Association , they are absolutely relentless sob's .They call all the time and are sending me letter upon letter and like I told them , when I have it you'll get it.....any advice ? The initial lending institution has since folded I don't know if that means anything.
     
  6. PsychDoc

    PsychDoc Well-Known Member

    Lord, I try. :)

    Dc, how about that great advice I shoveled your way about writing them a letter and demanding that they cease and desist from telephoning you. Or, alternately, get an unlisted number.

    Randy
     
  7. frankowes

    frankowes Well-Known Member

    you can try getting an unlisted number and all that but the point is ....... this is going to haunt him forever. You should have gotten a deferment when you lost your job. Depending on how late your payments are you can probably still get one. this looks like it hasn't gone to a collection agency yet. You need to contact them and ask them for deferment papers. I did this when I was behind 3 months ..didn't know i could get the deferment. They predated it the 3 months and the late payments were deleted. You may have to at least make some sort of payment. I think a deferment is good for 6 months, I can't remember. If your still not working after the 6 months you can apply for another one. You don't make payments during the deferment but the loan still collects interest.
     

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