Confused.......what is the deal?

[NeverQuietHere]

Not sure what is right and what is wrong. Will tell you this. Took loans out for Spring of 97 and Fall of 97. took 3 separate loans. They were originally through MOHELA which I think (am i right---)the guarantor is Bank of America.

Paid a few months on them or so and have been in default for quite a few years. Looking to rehab or do something to get these baddies off of my CR.

 

I have worked on my other part of my CR, ie, credit cards, medical debts etc etc. now i am working on this.

 

Ok, I know the stuff in bold is wrong. these are not medical debts. I don't know why some show closed and some show open? why some say educational and why some say collection?

 

Did ECMC buy the loans from someone? I used to have OSI calling me or sending me letters. Last year when we filed BK, all of a sudden I got a letter from ECMC. Just got another letter from them stating they are going to do what is necessary to get the loans paid. Ok, well, I don't work so..........they can only take part of our tax returns right? i think that i have to file some sort of paperwork with out tax returns this year correct?

 

Also, is it true if you make voluntary payments that they can't take your tax returns? My friend was in the same situation and (in default) and made a payment or 2 and they didn't take her tax returns......

 

ECMC

Account No.: **** BANK OF A-****

Condition: Derogatory Derogatory

Balance: $649 $649

Type: Educational Collection

Pay Status: Collection/Chargeoff Late 120 Days

 

 

ECMC

Account No.: **** BANK OF A-****

Condition: Derogatory Derogatory

Balance: $4216 $4216

Type: Educational Collection

Pay Status: Collection/Chargeoff Late 120 Days

 

ECMC

Account No.: 4**** BANK OF A-****

Condition: Derogatory Derogatory

Balance: $2811 $ 2811

Type: Educational Collection

Pay Status: Collection/Chargeoff Late 120 Days

 

NO CREDITOR LISTED HERE

Account No.: 4**** 40**** 4****

Condition: Closed Derogatory Open (Paid)

Balance: $0 $0

Type: Educational Educational Medical debt

Pay Status: Late 120 Days Late 180 Days Late 120 Days

 

 

MO HIGHER ED

Account No.: 49**** 49****

Condition: Closed (Transferred) Closed (Transferred)

Balance: $0 $0

Type: Educational

Pay Status: Too New to Rate

 

Account No.: 4**** 4**** 4****

Condition: Closed Derogatory Open (Paid)

Balance: $0 $0

Type: Educational Educational Medical debt

Pay Status: Late 120 Days Late 180 Days Late 120 Days

 

 

Account No.: 4**** 4**** 4****

Condition: Closed Derogatory Open (Paid)

Balance: $0 $0

Type: Educational Educational Medical debt

Pay Status: Late 120 Days Late 180 Days Late 120 Days

 

the MOHELA ones also say consumer disputes after resolution, defaulted loan, claim filed against guarantor.

Edited February 3, 2007 by cfj503

[Cynic]

Not sure what is right and what is wrong. Will tell you this. Took loans out for Spring of 97 and Fall of 97. took 3 separate loans. They were originally through MOHELA which I think (am i right---)the guarantor is Bank of America.

Paid a few months on them or so and have been in default for quite a few years. Looking to rehab or do something to get these baddies off of my CR.

 

I have worked on my other part of my CR, ie, credit cards, medical debts etc etc. now i am working on this.

 

Ok, I know the stuff in bold is wrong. these are not medical debts. I don't know why some show closed and some show open? why some say educational and why some say collection?

 

Did ECMC buy the loans from someone? I used to have OSI calling me or sending me letters. OSI is a default prevention company. They are hired by guarantors to help with "pre-claims assistance"/"default aversion assistance" Last year when we filed BK, all of a sudden I got a letter from ECMC. That means ECMC paid the claim. ECMC is a guarantor. They also service loans that are transferred due to bankruptcy from Missouri Department of Higher Education (MOHELAs guarantor). Just got another letter from them stating they are going to do what is necessary to get the loans paid. Ok, well, I don't work so..........they can only take part of our tax returns right? Offset tax returns, administrative wage garnishment when you get a job, lawsuit, and other collections activities, including checking to see if there are any assets in your name. You are now responsible for interest and principle they paid the lender, plus 18.5%. Interest is still accruing. i think that i have to file some sort of paperwork with out tax returns this year correct?

 

Also, is it true if you make voluntary payments that they can't take your tax returns? Once you have entered a rehab agreement and started making payments in accordance to that agreement they will not report you for offset. That's the least of your worries. My friend was in the same situation and (in default) and made a payment or 2 and they didn't take her tax returns......

 

ECMC

Account No.: **** BANK OF A-****

Condition: Derogatory Derogatory

Balance: $649 $649

Type: Educational Collection

Pay Status: Collection/Chargeoff Late 120 Days

 

ECMC is a guarantor. This is what a defaulted student loan often looks like when reported by the guarantor that is collecting on it. Rehab could remove this.

 

ECMC

Account No.: **** BANK OF A-****

Condition: Derogatory Derogatory

Balance: $4216 $4216

Type: Educational Collection

Pay Status: Collection/Chargeoff Late 120 Days

 

ECMC is a guarantor. This is what a defaulted student loan often looks like when reported by the guarantor that is collecting on it. Rehab could remove this.

 

ECMC

Account No.: 4**** BANK OF A-****

Condition: Derogatory Derogatory

Balance: $2811 $ 2811

Type: Educational Collection

Pay Status: Collection/Chargeoff Late 120 Days

 

Same as above.

 

NO CREDITOR LISTED HERE

Account No.: 4**** 40**** 4****

Condition: Closed Derogatory Open (Paid)

Balance: $0 $0

Type: Educational Educational Medical debt

Pay Status: Late 120 Days Late 180 Days Late 120 Days

 

LOL looks like the credit reporting agency does not have the original lenders name listed hehe. This is likely a tradeline from the original lender who was paid in full by claim, hence the 0 balance. Usually you can't get rid of these, but with no original lenders name you might get lucky:)

 

MO HIGHER ED

Account No.: 49**** 49****

Condition: Closed (Transferred) Closed (Transferred)

Balance: $0 $0

Type: Educational

Pay Status: Too New to Rate

 

Tradeline from MOHELA; all it says is that it was transferred. Although possibly paid in full by claim, or sold to another lender, there is nothing wrong with this tradeline. It is not negative. Leave it alone.

 

Account No.: 4**** 4**** 4****

Condition: Closed Derogatory Open (Paid)

Balance: $0 $0

Type: Educational Educational Medical debt

Pay Status: Late 120 Days Late 180 Days Late 120 Days

 

Tradeline from lender. "Medical debt" is bogus...you can dispute calling it medical debt, but you may not want to open that can of worms. They might just decide to verify something not showing up at all, or not showing up the way it should (like the one above this, for instance). Could correctly state "Chargeoff/Government claim filed/Guarantor Collection Account" or something similar.

 

Account No.: 4**** 4**** 4****

Condition: Closed Derogatory Open (Paid)

Balance: $0 $0

Type: Educational Educational Medical debt

Pay Status: Late 120 Days Late 180 Days Late 120 Days

 

see above

 

the MOHELA ones also say consumer disputes after resolution, defaulted loan, claim filed against guarantor.

 

LOL OOPS! Looks like you did dispute the 2 above, and now they are making it very clear that these loans defaulted and were sent to the guarantor. This is correct, valid, and you are stuck with it until it ages off.

Edited February 3, 2007 by Cynic

[NeverQuietHere]

silly me must have disputed long before I found these boards. I have not touched these accts since starting to post on the credit forum etc. I wasn't exactly understanding what it all meant for some reason..........

 

 

I contacted ECMC to see about rehabing. Is this the correct course of action?

 

From what I can tell, i think the MOHELA should fall off in 4/2007. Not sure though.

 

My goal is to get these paid and up my scores as much as I can. I also do not want them taking our tax returns as we need that money to get an apartment.