I need help

Discussion in 'Credit Talk' started by Imhosed, Jul 23, 2001.

  1. Imhosed

    Imhosed Well-Known Member

    After reading this board for about 4 months I fired off a letter to the 3 credit bureaus in an attempt to clean my embarrassing credit report. I am happy to report I disputed 5 items with TUC and they can with 4 deletions, EQX returned 1 out of two and EPX returned two out of 4. I am pretty happy with the results but from everybody has been saying on this board, I can do better.

    My problem is I have student loan with Cornell University. The original amount was for $5000 which I started paying but i moved away and never bothered to follow up to change my address. Now they want $7000 to close off the account. Is there anything i can do about this? The loan was from 1998. Can i get them to take the loan back from the collection agency and start paying it off again? I told the collection agency told me I can even get rid off it If I file bk. Is this true? This loan is a direct loan from the school and not one of these government loans.

    Please, I am desperate and I will appreciate any help I can get on this matter. Thanks everyone for the wealth of information on this board.

  2. Terry

    Terry Well-Known Member

    Call the Student finance office at Cornell. See if you can rehabilitate your NDSL. It worked for me. My university had a judgement against me for 2 years. I paid on it for one year, and true to their word they deleted the negative tradeline. Now it reads Open/Never Late.
  3. Imhosed

    Imhosed Well-Known Member

    They have handed the account over to a collection agency. I tried to call them and they said the account is out of their hands and there is nothing I can do about it. Can they take it back from the agency for me to rehab it?
  4. PuuOoPaul

    PuuOoPaul Well-Known Member

    I have provided a link for you that may prove useful. As far as student loans go they are like taxes. There is no statute of limitations and extremely difficult to get discharged in bk (you almost have to be in a coma on your death bed). Even if this is an NDSL I do not beleive you can discharge it.


    Good luck
  5. godaddyo

    godaddyo Well-Known Member

    The collectors that the goverment hires are usually much easier to deal with than your standard everyday slime ball collector. They will usually lead you to the correct program to rehablilate your loan. This will usually consist of 12 consecutive payments. This will allow them to give you another loan through the William T Ford loan program. These collectors are usuallly informative. I would inquire about the program. Of course do not send a penny until you have recieved the paper work that explains the whole US dept of ed rehab process. It will come complete with a brand new loan application to boot. They will even allow you to make very small payments.. Running from goverment debt can be a big mistake. They have too much power.
  6. Imhosed

    Imhosed Well-Known Member

    I don't think I mentioned that the loan is from the school itself and not one of the government sponsored loan programs. Can I still use the rehab program you mentioned with this type of loan?
  7. godaddyo

    godaddyo Well-Known Member

    I assumed this was a government loan. Someone else posted something very similiar. I am not familiar with this type of debt. Is is a private or public institution?
  8. Imhosed

    Imhosed Well-Known Member

    It was from Cornell University, which is a private university. It the kind of loan that a rich alum donates some money and the school loans it out how the see fit.
  9. godaddyo

    godaddyo Well-Known Member

    What kind of contract did you sign. If you can scan it and leave out any personal info, I would be more than happy to help you. Email it to my personal email address below...
  10. godaddyo

    godaddyo Well-Known Member

    what is the name of the collection agency?
  11. Imhosed

    Imhosed Well-Known Member

    The CA is Security Credit Systems, they are located in Geneva, NY. I have to contract I signed, I will send it to you tomorrow since I don't have scanner at home. Thanks.

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