VERY Long, default situation, etc.

[BoatGirl1]

Hey, Ya'll!

I'm relatively new to the SL BB. I just pulled DH's credit report and have found that he needs a lot of help in the form of rehabing student loans, etc. Did get good news in the mail today...Since he is working on Masters one of the loans has gone into deferment. This will buy time so I can figure out how to handle multiple loans while repairing/building our credit.

 

Also, we are paying out of pocket for current tuition, we pay one month, in-laws pay the next. They are very generous and kind...

 

Okay, I will give a very general description of what is on the EQ CR and if anyone has ideas, suggestions input please feel free to tell me what to do. I've read every single post here in the Student Loan forum and I am working on the rest of the forums.

 

Citibank...opened 09/1992...pays as agreed....deferred

Edu Finance...12/1996....contact credit grantor for status????? DOLA 12/1998

Edu Finance...12/1996....contact above same???? DOLA 12/1996

Edu Finance...03/1996...contact same??? DOLA 07/1998

 

Are the previous three the same loan??? They don't show any lates.

 

Edu Finance...12/1996....account transferred or sold...DOLA 12/1997..three lates over 120 days. one late 90 days.

 

Also one more from Edu Finance

 

GR LK is showing a collection

First Consumers is Pays as agreed Opened 03/2000...DOLA 10/2001

Fifth Third is Account Paid/Zero Balance; Auto (What does the Auto mean?)

 

Nelnet over 120 days past due; account transferred or sold

 

Standard Fed 30 days past due...no other info except that balance is $489. DOLA is 04/1999.

 

M Guarantee....default...DOLA 07/2000....lists over 120 days past due from 08/2001 thru 12/2003

 

M Guarantee paid collection with charge off.

 

DOE....paid collection...over 120 days past due

 

 

:cry: :cry: :cry: :cry: :cry:

 

Okay now that it's out of my system, one if his student loans is being garnished from his wages. How do I find out WHO to contact about this to see if it is really paying the principle or if this is not really doing any good at all. I would love to stop the garnisheenment and pay voluntarily or work out a deal or whatever. I want to know how much longer it will be taken out or paid off at this rate.

 

Wish one of the 'experts' here was my neighbor so they could come over for coffee and work up a 'game plan' with me. DH wants nothing to do with fixing credit :evil: ....doesn't even like to talk about it...serious issues started when he finished his undergrad and thought he was repaying on three but actually only paid one so others went into default/collections. This is the only info I can get out of him :evil:

 

I would like to buy a house in the near future...was hoping this summer so I am doing everything I can to make that happen.

 

:oops: I am sorry this is so long but I have to start somewhere, and I guess this is the place :oops: :oops:

 

Thanks so much.

[lgt525]

Hi.

 

This is what I learned about my student loans when I began to deal with fixing my credit:

 

1. Each semester I got a loan payment from the school counts as a SEPARATE loan.

 

2. Each time each loan was transferred to another lender/bank/guarantee agency, it was reported as a separate trade line on all three credit reports.

 

3. When I consolidated my loans some of the negatives were changed to positives, some were not. Only REHAB of loans fixes the negatives, simply consolidating like I did, makes the creditors go away, but leaves the negatives on my credit reports.

 

4. With 4 years of undergrad and 3 years of grad school and a "separate" loan for each semester (16 semesters, including summers in all) and with EACH loan transferring 3 to 5 times to different lenders, and ALL of them reporting negatively because I defaulted for 3 years, I had an average of 50 negative entries on EACH credit report, for a total of a whopping 150 NEGATIVE entries!!!!! Consolidation and credit repair has removed all but about 10 of these (about 3 on each report), but these last few are really sticking.

 

5. Because student loans are tied to social security numbers, they get verified more easily than credit cards. It's difficult to dispute a student loan as "not mine" because it is tied to your social security number. I found that I could get lates removed, or change the comments to postive "pays as agreed" once I consolidated. I found that once the creditors had been paid off by consolidation, they were less likely to verify. The guarantee agencies are another matter. They have really refused to delete or change my negatives.

 

6. As far as wage garnishment. If you consolidate all the loans, the garnishment will be taken care of by the consolidation.

 

7. As far as the different "flavors" of negative comments you showed. All of those would be eliminated if you rehab-ed your loans, but will stay on your report for 7 years if you merely consolidate like I did.

 

I am glad that I consolidated. It allows me to have one creditor and one loan. I am tied into a horrible interest rate though, so be careful. Once you consolidate you cannot re-consolidate.

[BoatGirl1]

Thanks so much for responding. Somehow it makes me feel like I'm not the only one dealing with this. Fortunately by the time my loans come out of deferrment I'll know what to do. My concern is getting DH's CR taken care of so we can buy a house ASAP.

 

I'm just picking up the ins and outs of rehab vs. consolidation and have yet to weigh the pro's and con's of each, but will surely do so soon.

 

I just figured out that the guaranty agency is the one garnishing the wages, so what should my next step be with them? Should I call or send a letter? I would like to voluntarily pay monthly vs have wages taken.

 

Anyone else in this situation or has anyone else gotten through this??? :cry:

[woe is me]

Beware that doing a rehab will only remove the current loan, and NOT any sold, closed, or transfreed loan trade lines.