Im in default over a few DofE loans....
I went onto the website today and filed for loan consolitation. Is it to late or will I be able to get them consolidated and moved into a better status on my credit reports?
Consolidation...in default
Started by
pt0872
, Dec 03 2003 04:16 PM
7 replies to this topic
#1
Posted 03 December 2003 - 04:16 PM
#2
Posted 04 December 2003 - 12:18 AM
pt
If you consolidate while in default, you will codify the defaul status for the next 7 years. A much better solution would be to go into a rehabilitation program and rehab the loans. With Direct Loans, once your loans are rehabbed, all negative items are usually removed and replaced with paid as agreed. You will see your credit scores soar this way.
fla-tan
If you consolidate while in default, you will codify the defaul status for the next 7 years. A much better solution would be to go into a rehabilitation program and rehab the loans. With Direct Loans, once your loans are rehabbed, all negative items are usually removed and replaced with paid as agreed. You will see your credit scores soar this way.
fla-tan
#3
Posted 04 December 2003 - 10:05 AM
<you will codify the defaul status for the next 7 years.>
Not sure what that means....I have an email from them saying to call in 5 days to check on the status of my loans, so Ill do that.
Reason I need to consolidate is that I have one monster for $20,000 and about 5 others ranging from $3K to $6K. And they all want like $200/month in payments....cant afford that.
I did send money to DofE for the $20,000 loan last week...not sure how they're going to respond.
I really need these items paid or paying...and showing better on my report.
Not sure what that means....I have an email from them saying to call in 5 days to check on the status of my loans, so Ill do that.
Reason I need to consolidate is that I have one monster for $20,000 and about 5 others ranging from $3K to $6K. And they all want like $200/month in payments....cant afford that.
I did send money to DofE for the $20,000 loan last week...not sure how they're going to respond.
I really need these items paid or paying...and showing better on my report.
#4
Posted 04 December 2003 - 11:00 AM
As fla-tan mentioned, you really should enter into rehabilitation. If you don't your default status will stay on your credit reports for seven years. If you are able to rehab they will remove all negative remarks after one year.
One question for you, are all your loans with DOE?
One question for you, are all your loans with DOE?
#5
Posted 04 December 2003 - 11:44 AM
The ones I tried to consolidate are....I have a bunch of SM's that are consolidated and showing very well on my CRs.
So I filed for consolidation yesterday...I can still cancel that right?
And I know..stupid question, but how do I start rehabbing? Just sending them $$$ will that do it?
So I filed for consolidation yesterday...I can still cancel that right?
And I know..stupid question, but how do I start rehabbing? Just sending them $$$ will that do it?
#6
Posted 11 December 2003 - 12:44 PM
I consolidated my student loans with the DOE a few months ago. I had no idea about rehab at that time. So, now I have the new consolidated loan in good standing on my reports and the other 3 closed with lates....lots of lates since they were defaulted. I guess all I can do now is dispute the closed accounts, right?
#7
Posted 12 December 2003 - 04:02 PM
No you have tos et up a rehab and probably sign something. definitely go rehab route. Once you consolidate the only option you have to remove negs is the Ombudsman. I had good luck with them but a lot of people don't
#8
Posted 12 December 2003 - 04:39 PM
Thanks....
So what should I do now...I sent CA a DV letter yesterday.
I really dont want to call CA and talk to them...but I will if I have to. Should I call them and talk to them about rehabing this loan? Ive read a ton about it...some are saying I have to pay a down payment to start it..others are saying I dont.
CA called and wanted 21,000 settlement....didnt want to talk about payment.
So what should I do now...I sent CA a DV letter yesterday.
I really dont want to call CA and talk to them...but I will if I have to. Should I call them and talk to them about rehabing this loan? Ive read a ton about it...some are saying I have to pay a down payment to start it..others are saying I dont.
CA called and wanted 21,000 settlement....didnt want to talk about payment.
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