i defaulted on a
sallie mae loan yes things happen so i made arrangements to be on a payment plan 460 for 3 months then 250 for 4 months then 2 payments of 1600.00 bucks to settle the loan i worked over time on my
new job to get the
money and it hurt... i was told i would get a letter saying the loan was settled called after the funds cleared they said it would take a few weeks will i checked my account i still owe 3200 bucks and i am getting the run around.. they are saying that
sallie mae does not do settlements and i need to keep making payments mind you my next payment is not due until 2010 but i can still make payments to sallie may on a loan that is suppose to be defaulted how is that when i try to talk to them about it they keep
hanging up the phone on me or giving me other numbers to call....when i call there collection side i was told that the
money i paid was not a settlement but a
good faith payment WTF??
so after paying 6300.00 on a 5000.00 loan i still owe 3200.00......also they are saying my next payment is do 2010 ($115) but i also owe collection fees of ($213) also due in 2010 when i asked how is this i got another number to call
1. Written by guest, on 06-11-2009 13:29
no company is allowed to take settlements on federal loans. what you were doin was rehabilitaing the loan since it defaulted. you should be happy they let you do that because the next step was to garnish your wages and tax returns! the reason the loan had grown so much is because for the year or so you decided you didnt feel like payin interest was accuring. you also get enormous fees when you default. i love it when you people want to borrow money but as soon as its time to pay it back its sallie mae whose evil!! grow the eff up, pay your bills, and quit crying!!!
|
2. Written by Lissa, on 16-10-2008 09:17
These guys are insane!! With the amount of interest they tack on for forberance and all the false information that they provide, it's uncanny how they are still able to be in business.
|
3. Written by Christopher Rose, on 01-07-2008 09:14
I totaly agree. The whole Student loan thing is not much better then federally subsidized loan sharking. I made payments on time and in full for 4 years on a 10 year loan 40k. I hit a divorce and a bankruptcy then due to the divorce. Due to my high income I had to pay a LOT in child support. And I had a choice, either abandon my kids and live in a 1bedroom ina sluma nd not be aprt of their lives, or do joint custody but NOT be able to pay on my student loan for a while. I took a forbearance. At 9% interest it has been snowballing. Like many my wages have stagnated, prices have gone up, and my ex is habitually underemployed or unemployed and her child support demands increase every year. I finally had to forgo having my kids live with me half the time, and am now struggling to make the 500+ a month payments to Sallie Mae. I went ISRP and have gradually increased every year what I pay them to try to get back to making fullpayments. I'm accruing massive amounts of interest. I recently had my car totaled and had to spend every dime I had to replace it. I can't make this months payment. Of course they are on me like a *** hound. I have tried applying for a 3 month forbearance. They say I can't have any more. I tried calling and explaining to them my situation. Problem is their cutomer service people read from a script and pretty much do the things you can already do. They make no exceptions for nobody . I tried to explain how they can't squeeze blood from a turnip and they don't care. Becasue the feds give them protection I couldn't flush them in bankruptcy. If I am homeless and can't work due to their payments I'm not sure how that helps them. I think reform of the whole student loan program is way over due. Reigning in these loan sharks would be part I. The second would be some limits on what can be borrowed. Colleges push up costs becasue it;s so easy to get loan money. No incentive to keep prices down.
|
4. Written by nancy, on 27-06-2008 16:05
 I completely empathize. I have been wanting to lower my monthly payments down from $500/ month and they are impossible to work with. They are notorious for giving you the run-around and are not helpful at all. I am frustrated with them. It seems all you do is pay 90% towards the interests (yes it's plural). They're bleeding me alive. I barely get by every month. It's soooooo frustrating!
|
5. Written by contact the better business bu, on 16-06-2008 12:30
Very poor customer service. Customer services representatives are very rude and unprofessional. I have, on numerous occasions, been given incorrect or inaccurate information. There reps are unprofessional and their demeanor is nonchalant. One of the customer reps hung up in my face (Gregg- in the Career Training Loan Collection Department) after I questioned their practices, and when I called him back he proceeded to tell me that he didnt have time to argue with me. I am usually transferred to several departments and no one can seem to help me. I have contacted this company to set up payment arrangements, and either the rep does not have valuable information to offer or I am told that the past due balance must be paid in full before they can offer any assistance. Customer Service with this company is terrible. Gregg is the rep that hung the phone up on me and flat out told me to be sure to contact the Better Business Bureau when I mentioned that I would. On my last call, when requesting to speak with a supervisor, Lucas Boehm, I was put on hold and the rep came back to the phone and told me that her department did not handle those kind of issues and once again directed me to another department. The department i was directed to was just as unhelpful as she. These companies should be held responsible for services that are not up to par but they get away with it everyday.
|
|
Consumer Forum is another great place to discuss consumer concerns NOT RELATED to this article. |
Comment
Comments (5)
