 Just Finished Rehab!, ..and yet I'm confused... |
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  May 18 2009, 03:37 PM
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#1
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748  |
My loans were orginally with Direct Loans and the DOE. I just finished rehab through the CBE group, all payments exactly on time (wish wish wish I had realized they screwed me on the payment amount at the time!)
They called me today and informed that since I made my 9th payment on the 15th of this month, Direct Loans has already accepted me. So, yay for that. But, the woman informed that I cannot call DOE and Direct Loans until June 15th. And that CBE will still have a payment scheduled for me on the 15th unless I call them after I speak with DOE and tell them that I have new payment information to the original lender. Huh? It's accepted. I'm done. But I'm not allowed to speak with DOE for a month and they still want money from me. Does this make sense to anyone else or even sound remotely plausible? I'm calling the direct loans center anyway. I think they worst they can do is tell me to hang up. Thanks much. |
  
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| Googie |
May 18 2009, 03:37 PM
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The MoneyMaker
Group: Accounting
Posts: One in Every Topic Joined: 1-February 03 From: Mountain Home, CA Member No.: 1 |
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May 18 2009, 04:43 PM
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#2
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Group: Members
Posts: 661 Joined: 11-April 08 Member No.: 72,893 |
Yes, it makes sense. You have to continue making the payments under your rehab agreement until you receive notification from the new lender that your loan has been transferred.
I don't know why they wouldn't let you call DL or DOE, but I assume the CA might get a little more money for the additional payment or two. Still, I'm sure it wouldn't hurt to make a phone call to DOE or DL. Congratulations on graduating from rehab. Please let us know what happens to your scores and reports as soon as you know. |
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May 19 2009, 12:16 PM
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#3
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748 |
I most definitely will. I'm at 541 with Experian as of last month (gawd, it's pathetic to have to type that). I can't wait to see what happens.
I did call the DOE. They told me to keep checking with them, that there is no reason I can't call but if CBE requires a payment in June I have to make it. I was notified very, very quickly of my acceptance so my hope is that they will get it all transferred as quickly. I was/am paying $259/month on a 5k bill. Yikes. Thanks so much for the help. |
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May 19 2009, 04:43 PM
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#4
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Group: Members
Posts: 172 Joined: 23-February 09 Member No.: 91,010 |
Congrats keep us up to date
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Jul 1 2009, 05:04 PM
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#5
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748 |
Yay!!
I kept bugging the DOE and found that my loans were transferred in the first week of June. I was told that since I was setting up payments, to be started in July, that no further payments had to be made to the collection agency. I then called the CBE people and they were a little pissy but had no choice really. I set up payments with DOE well in advance of their due date. I've been finally getting letters stating I am out of rehab and they have notifed the credit bureaus. I plan on pulling my reports sometimes this month, though because I will have to pay for them I may wait until August to be sure everything has been reported and is current. As promised, over $1,000 in fees has been removed and my payments dropped form ridiculous to more manageable. I would really like to thank the people on this board for their incredible help through this process! |
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Jul 1 2009, 05:57 PM
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#6
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Group: Members
Posts: 661 Joined: 11-April 08 Member No.: 72,893 |
Reporting the new TL seems to take a while. I got my completion letter about three weeks ago. I called them and they said it could take up to 12 days for the new TL to report. Hopefully it will be much much much sooner than that.
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Jul 2 2009, 03:29 PM
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#7
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748 |
12 days would be awesome. I was told it could take 30-90 for it to appear. I cannot wait to see what this does for my scores. It's like waiting to open a christmas present.
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Jul 2 2009, 04:47 PM
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#8
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Group: Members
Posts: 661 Joined: 11-April 08 Member No.: 72,893 |
Actually its a typo... up to 120 days to report, not 12. Sorry about that, and yes, it would be awesome.
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Jul 20 2009, 06:29 PM
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#9
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748 |
update... I am in total shock. Almost speechless.
Got my transunion report from myfico and my transunion fico score. Holy cheezus. All my loans are updated post rehab, and so now I have a credit history well over 12 years. and. DRUM ROLL PLEASE I went from a "fako" 541 (on experian) to a fico 700. SEVEN HUNDRED. I haven't ordered the experian yet - I did the trans because we're looking at a loan through our credit union and they pull transunion. So for all you guys out there rehabbing I have this advice: LISTEN TO THE PEOPLE ON THIS BOARD and stick with it. |
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Jul 20 2009, 07:29 PM
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#10
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Site Owners
 Group: Admin
Posts: 35,299 Joined: 31-January 03 From: at the beach..... Member No.: 3 |
  Privacy Matters | Free Credit Report | Discover 0% APR Intro | Shop CB - help pay the bills | Get CB Stuff Current discount code = CPPSAVINGS | free scores and free trial  |
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Jul 20 2009, 07:46 PM
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#11
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Group: Members
Posts: 699 Joined: 25-April 05 From: Georgia Member No.: 16,300 |
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Jul 20 2009, 08:23 PM
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#12
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Group: Members
Posts: 172 Joined: 23-February 09 Member No.: 91,010 |
Kelly that is great congrats. A few uestions though. How many negative TL's did you have and what was the total of the defaulted loans? I should be in the same boat in the next month or so.
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Jul 21 2009, 10:15 AM
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#13
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748 |
I had one negative TL from DOE, total of a little over 4k. When you have NOOOO other credit, that looks pretty freakin' bad. I still have one TL that reports as "not in repayment" but isn't defaulted. I'm working on that. It's just wierd.
What's dinging me now is high util. on a subprime card that I opened earlier this year. Just pulled experian - 667. So another yay. Also a lot to work on... headed over to the credit forum now 
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Jul 21 2009, 11:50 AM
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#14
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Group: Members
Posts: 661 Joined: 11-April 08 Member No.: 72,893 |
Congratulations.
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Jul 29 2009, 09:41 PM
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#15
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Group: Members
Posts: 774 Joined: 30-July 08 From: deep in the heart of TEXAS! Member No.: 79,853 |
 I have one more payment to make in August; HOPEFULLY my scores will update in September, but no later than October. B/T my saving and my loans, I wouldn't mind taking advantage of that $8000 tax refund for first time homebuyers. Plus I believe I'll be qualified for FHA loans. Navy Federal nRewards Visa: $6,000| NFCU nRewards Mastercard: $6,000|NFCU Cash Rewards Mastercard: $3,000 USAA Total Rewards Amex: $5,000 | USAA Total Rewards $5,000 Couldn't have done it w/o CB!!! _____ Don't post TMI, and keep your powder dry. - breeze Never miss an opportunity to keep your mouth SHUT! _____ The best of CB: My Granny is not a chicken biscuit Removing Experian inquiries |
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Aug 1 2009, 10:10 AM
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#16
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Group: Members
Posts: 172 Joined: 23-February 09 Member No.: 91,010 |
You might be waiting till October for those scores to update. If your last payment is in August, they will then send your consolidation info with everyone elses at the CA on at some point during that month, usually towards the end. They send them in bunches. Then it takes anywhere from 30-45 days for your review, during which you may still have at least one more rehab payment to make. Once they review and approve it still will take another 30-45 days for you to see the updates on your CR's and it may take some of the CRA's a little longer to get that updated. You could be looking end of Oct-mid Nov to see anything happen..Sorry to be Debbie Downer. Of course I could have the time frame off by a little, but not by much.
This post has been edited by Feech: Aug 1 2009, 10:14 AM |
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Aug 6 2009, 06:59 PM
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#17
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Group: Members
Posts: 71 Joined: 29-September 08 Member No.: 83,010 |
So the rehab program- what was your balance at the beginning of rehab, and what were your payments? I want to start rehab now, but I don't want to reset the clock AND end up with an unmanageable payment.
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Aug 7 2009, 01:20 PM
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#18
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Group: Members
Posts: 661 Joined: 11-April 08 Member No.: 72,893 |
What do you mean by "resetting the clock?" There is no SOL in SLs.
To rehab, you need to know where your loans are. If they are with a CA, you need to call the CA and set up payment arrangements. The CA must offer you reasonable and affordable payments, which generally means 1% of the balance per month. They may try to get you to pay more... don't fall for it. Sometimes CA's try to get you to make a down payment. You don't have to do that so don't agree to it. If you cannot afford 1%, they will sometimes accept lower payments, but you will usually have to fill out a financial statement. In rehab, you will make a designated number of on-time payments (depending upon the loan type) and once you've made the required payments, your loan gets sold and you are out of default status. This post has been edited by Jaymes: Aug 7 2009, 01:21 PM |
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Aug 16 2009, 08:39 AM
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#19
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Group: Members
Posts: 774 Joined: 30-July 08 From: deep in the heart of TEXAS! Member No.: 79,853 |
QUOTE (Feech @ Aug 1 2009, 10:10 AM)  You might be waiting till October for those scores to update. If your last payment is in August, they will then send your consolidation info with everyone elses at the CA on at some point during that month, usually towards the end. They send them in bunches. Then it takes anywhere from 30-45 days for your review, during which you may still have at least one more rehab payment to make. Once they review and approve it still will take another 30-45 days for you to see the updates on your CR's and it may take some of the CRA's a little longer to get that updated. You could be looking end of Oct-mid Nov to see anything happen..Sorry to be Debbie Downer. Of course I could have the time frame off by a little, but not by much. No, I appreciate the information! This will be my first home, and I'm reading up as much as possible. Gotta admit I'm pretty scared, but I was scared when I got my car loan, and that's working out beautifully. I wasted so much money on my old car just because I owned it outright that I keep the old keychain from the dealer just to remind me of when I tried to be cheap and it cost me dearly. Navy Federal nRewards Visa: $6,000| NFCU nRewards Mastercard: $6,000|NFCU Cash Rewards Mastercard: $3,000 USAA Total Rewards Amex: $5,000 | USAA Total Rewards $5,000 Couldn't have done it w/o CB!!! _____ Don't post TMI, and keep your powder dry. - breeze Never miss an opportunity to keep your mouth SHUT! _____ The best of CB: My Granny is not a chicken biscuit Removing Experian inquiries |
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Aug 17 2009, 06:15 PM
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#20
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Group: Members
Posts: 22 Joined: 9-March 09 Member No.: 91,748 |
About the size of the payments - I set all my rehab stuff up months before I found this site. I wish I'd had all the info when I started but it worked out ok sooooo I can't whine TOO much.
I had almost 7k to rehab, counting all the penalties and fines and late fees, etc. The CA (CBE Services, actually not too bad to deal with in my case, though I may have just gotten lucky) reviewed my pay stubs - they said the DOE reviewed them and decided on the payment. Now I believe that may have been a load of poo. Anyway, payments were set at $259/mo, and that is so NOT 1% or thereabouts. So stick to your guns on the "reasonable" and "affordable". On the plus side, once you're done, you're DONE and the payments actually set by the DOE will actually BE reasonable. There's a light at the end of the tunnel, and it's shiny like your new FICO scores will be
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