Can I rehab my loan if I defaulted with Direct Loans?

[voluminous]

Good afternoon to all:

 

I just found this forum from a TCI investor member. Ironically I am in trouble with a collection company for the Department of Education. Here is my scenario:

 

1. Direct Loans called me regarding a $5,000.00 loan that I received in 1991. I don't recall the loan because I was a poor college student and my education was free.

2. I agreed to pay the loan through direct loans.

3. I forgot about it and didn't pay it. HonestlyI did.

4. The loan was sent to a collection agency who's name escapes me.

5. I am paying 45.00 per month for 12 months (Rehab program) so that I can get out of this program to get reinstated for another loan.

6. I have paid every payment on time and now this agency tells me that I missed a payment and now I have to stay in 6 more months which is a rip-off. I also proved that I didn't miss payments and they continue to find reasons to kee me in.

7. My taxes are now being offset and I have paid over $3,000.00 on this loan. For whatever reason I am still in default of about $2,700.00.

 

My question: Can I do a reconsolidation of this $2,700.00 without staying in this program for another 6 months? I can't afford for them to takemy income taxes again. I have a 7 month old child and we need all the money that we can get.

 

These people are purposely keeping me here because they are making money off of the loan. I received a statement showing over $600.00 paid in interest on this loan.

 

Help Help Help

[fla-tan]

Good afternoon to all:

 

I just found this forum from a TCI investor member.  Ironically I am in trouble with a collection company for the Department of Education.  Here is my scenario:  

 

1.  Direct Loans called me regarding a $5,000.00 loan that I received in 1991.  I don't recall the loan because I was a poor college student and my education was free.  

2.  I agreed to pay the loan through direct loans.  

3.  I forgot about it and didn't pay it. HonestlyI did.

4.  The loan was sent to a collection agency who's name escapes me.

5.  I am paying 45.00 per month for 12 months (Rehab program) so that I can get out of this program to get reinstated for another loan.

6.  I have paid every payment on time and now this agency tells me that I missed a payment and now I have to stay in 6 more months which is a rip-off.  I also proved that I didn't miss payments and they continue to find reasons to kee me in.

7.  My taxes are now being offset and I have paid over $3,000.00 on this loan.  For whatever reason I am still in default of about $2,700.00.

 

My question:  Can I do a reconsolidation of this $2,700.00 without staying in this program for another 6 months?  I can't afford for them to takemy income taxes again.  I have a 7 month old child and we need all the money that we can get.

 

These people are purposely keeping me here because they are making money off of the loan.  I received a statement showing over $600.00 paid in interest on this loan.

 

Help Help Help

 

voluminous

 

Contact the ombudsman's office at the link at the end of the post. Explain your situation and that you have documentation that you made your rehabilitation payments on time as agreed and you wish to hav ethe rehabilitation completed so that you can consolidate with Direct Loans.

 

http://www.creditboards.com/phpBB2/viewtop...pic.php?t=14410

 

 

fla-tan