Hello, I have some questions hopefully someone can assist me with. I have a loan that was originally provided from ITT Tech, a student loan, not the typical federal subsidized and unsubsidized loans, it was a temporary credit from them. However once I stopped going to school on this loan payment was to start immediately, ITT tech couldn't accept payments unless it was automatically withdrawn, which I didn't want. They told me to wait and it will go to the company that collects their debts and they can take payments without them being automatically withdrawn. At the time, I didn't actually realize it would be a collection agency, they made it appear as something different. Anyway, once this collection agency received the debt I contacted them right away, actually a few times before they had even received information on me. I tried to explain I didn't want automatic payments, and that I wanted to send them in myself via cashiers check. They said they couldn't do that either, so I ended up giving them my debit card and they started automatic payments starting in June for a 6 month time period and i'd call them back after that to confirm the amount and give them my updated debit card info as it would expire the end of December. They also told me nothing would be reported to my credit as long as the payments were kept. Which they were, withdrawn every month correctly but come to find out they reported it to my credit in November. I called them, and they said ITT Tech could have reported it back in April (which was around the time I stopped school) because the full balance of the loan was due then. Which is a whole different thing with ITT Tech, however, ITT didn't report it, the collection agency did. My questions are: 1. Are they still able to report to my credit if I have setup automatic payment agreements with them? 2. Do I have to setup automatic payments to prevent any further action? 3. Do I have to pay a certain "minimum" amount to prevent any further action? The reason I ask 2 and 3, is because based off what they did to me already, I don't want to give them any of my info, and they told me when I originally setup payments that they couldn't accept 50.00 a month, and wanted more than that, around 150.00, I ended up getting them to agree to 100.00 a month, but now I would rather send them the least amount possible because of what they did to me. If they weren't able to report it, what can I do to resolve the issue? I hope someone can assist me and give me advice on what I should do to resolve this issue. Thank you, Cody.
Since it sounds like you had the ability to make your payments in the first place, it's really a shame this ended up in collections. I can't imagine them telling you to just wait until they send your account to the CA so you can pay with a cashier's check. You would think they would rather take your money any way they can get it! Anyway, you may be making payments now, but unfortunately that doesn't change the fact that your account is still in collections and it can continue to be reported as such. If you have the means, try to negotiate a complete deletion for payment in full and get this off your reports.
