I had a major setback.......12

Discussion in 'Credit Talk' started by roni, Dec 4, 2000.

  1. roni

    roni Well-Known Member

    Hi guys,
    I want to share what happened today. I pulled my credit report (123creditreports.com) and noticed a NEW 120days late. Keep in mind I have had clean credit since 4/99. It was a perkins student loan from my undergraduate college. Here's the deal. This loan was never on my list of student loans to repay. I called the department of ed and my college and the financial aid rep went to the basement of my college to actually find this loan and then add it.

    You see when my loans defaulted in 99, I went on an all-out hunt of all my 22 loans to make sure I didnot have surprises with lenders. So, I have been paying my other perkins loans, but my undergrad college sat on this loan. They said, "sorry, sorry" and then started reporting the loan to the agency that collects the money, EFT Technologies in Winston Salem, NC. But it had defaulted back in 1993. I left college in 1991. So, I supplied them my retrodeferment papers from Dental school and hospital residency and then my loan was taken out of default and up to date until 7/99. I found out about the loan in 2/00. But that deferment ended only 6 months prior to me finding out about the loan. So guess what, they wait until 11/00 to post a 120 days late for those months prior to me finding out about the loan (from 7/99- 2/00). They know I didnot know about it. My college concedes that fact. So I called everyone today, and got the loan rehabilitated. Here's the deal, after I make the 12 month payments of $60, the 120 day late is removed. This just kills me. I have 2 perkins loans with these people, and as soon as the agency that I pay for my college got the loan, I starting making payments. My college said that they would remove the late if I just paid off the balance which is very low. But I dont want anyone to screw me if I just pay it off. So I will just go through the motions.

    So now I have a pesty 120days late added to my credit report. But, I have in writing that it comes off in 12 months. She faxed me the agreement today. Thank God for 123 creditreports so that I can stay ontop of everything. BTW: the rehabilitation thing was pretty easy. Funny how this lender had no problem with my deferment and the lender I am fighting got all the info ahead of time and gave me hell. Oh, Well, Thanks for your EARS. See Kristi, I ended up using rehabilitation after all.

    roni
     
  2. Saar

    Saar Banned

    RE: I had a major setback.....

    It doesn't make any sense.

    Why would they agree to remove it from your report after 12 on-time payments, but refuse to remove it right away if you pay off the whole debt now?

    IMHO you should contact an executive there. S/he will make some sense out of it.


    Saar
     
  3. roni

    roni Well-Known Member

    RE: I had a major setback.....

    Saar,
    I fought hard on this. Technically it was late, after deferment ended and I started paying. But they did not submit a bill. It is a mess and the rep told me nothing could be done except this. I took it. I have bigger fights with my other loans than this little loan. This 120 days late will make it hard for me to get any new credit. So this is an incentive for me to stop applying for more credit.

    roni
     
  4. Saar

    Saar Banned

    RE: I had a major setback.....

    It could get worse, i.e. your other creditors may consider you delinquent based on the latest updates to your credit report. What a wonderful excuse to jack up your APR, now that you've allegedly become a big credit risk.

    I'd use a different approach. Now that you have the agreement, make your first payment, to signal acceptance and compliance with the agreement. As soon as it is posted, call them, ask to speak with an executive and offer to pay off and to have the agreement changed to reflect that. Chances are they'll take it, especially from a "high risk" debtor such as you.

    Then pay them off and dispute. Chances are, this will get the recent "120-day late" out of your report within weeks. When it does, call all your creditors to make them lower the APR's back to what they originally were.


    Saar
     

Share This Page