I will have to go find it, put it up and tell you for sure what it says. The basics that I remember is that it stated obviously loan was not DC in Ch7 and that they will contact my employer and start garnishing wages unless I call them within 30 days. Blah blah blah. Also stated they could turn it over to a "professional" collection agency. ha on that!
Couple of questions, can't afford to make payment on it right now. Only have my husband's income. Could do it in about March. Can I get a deferrment or something? The loan total they say now is 7500, which last year it was 8,000 and i had paid $1400 from tax returns on it so how does it only go down by 500? there is no way that i have 900 in ninterest in less than a year.
2nd, they had already turned it over to OSI, a ridiculous collection agency, and had already attached almost 2,000 in fees to my loan. so if they turn it over to another collection agency do i get charged their collection fees too? how did it get to ECMC?
3rd, i don't want my husband responsible for any of this so if I sign consolidation papers or something to that effect, is he responsible since he is the only bread winner?
What are my options?
Full Version: got letter from ECMC telling me to pay loan
QUOTE(cfj503 @ Nov 26 2006, 07:06 PM) 
I will have to go find it, put it up and tell you for sure what it says. The basics that I remember is that it stated obviously loan was not DC in Ch7 and that they will contact my employer and start garnishing wages unless I call them within 30 days. Blah blah blah. Also stated they could turn it over to a "professional" collection agency. ha on that!
Couple of questions, can't afford to make payment on it right now. Only have my husband's income. Could do it in about March. Can I get a deferrment or something?
Nope..since you are in default you have no deferrment priveleges.
The loan total they say now is 7500, which last year it was 8,000 and i had paid $1400 from tax returns on it so how does it only go down by 500? there is no way that i have 900 in ninterest in less than a year.
Collection costs of 18.5% have been added to your account balance.
2nd, they had already turned it over to OSI, a ridiculous collection agency, and had already attached almost 2,000 in fees to my loan.
OSI did not attach at penny to your loan. Collection fees are added by the guarantey agency or ECMC.
so if they turn it over to another collection agency do i get charged their collection fees too? how did it get to ECMC?
3rd, i don't want my husband responsible for any of this so if I sign consolidation papers or something to that effect, is he responsible since he is the only bread winner?
No he will not be responsible.
What are my options?
Couple of questions, can't afford to make payment on it right now. Only have my husband's income. Could do it in about March. Can I get a deferrment or something?
Nope..since you are in default you have no deferrment priveleges.
The loan total they say now is 7500, which last year it was 8,000 and i had paid $1400 from tax returns on it so how does it only go down by 500? there is no way that i have 900 in ninterest in less than a year.
Collection costs of 18.5% have been added to your account balance.
2nd, they had already turned it over to OSI, a ridiculous collection agency, and had already attached almost 2,000 in fees to my loan.
OSI did not attach at penny to your loan. Collection fees are added by the guarantey agency or ECMC.
so if they turn it over to another collection agency do i get charged their collection fees too? how did it get to ECMC?
3rd, i don't want my husband responsible for any of this so if I sign consolidation papers or something to that effect, is he responsible since he is the only bread winner?
No he will not be responsible.
What are my options?
Lynn is quite correct.
One thing to add: you may consolidate your husbands student loans, as well as other debts, through a private bank, but you cannot consolidate federal student loans that were disbursed to anyone but yourself unless you and your husband had a substantially complete federal spousal consolidation application prior to 07/01/2006.
In other words, if you take out a regular old loan from a bank and use that loan to pay off your husband's student loan he will no longer be responsible for it, and it will no longer be a student loan.
One thing to add: you may consolidate your husbands student loans, as well as other debts, through a private bank, but you cannot consolidate federal student loans that were disbursed to anyone but yourself unless you and your husband had a substantially complete federal spousal consolidation application prior to 07/01/2006.
In other words, if you take out a regular old loan from a bank and use that loan to pay off your husband's student loan he will no longer be responsible for it, and it will no longer be a student loan.
Please have patience with me.....I would like to pay my student loans back. I think they are Federal Loans, I had 3 of them, one for like 500, one for 2500, and one for 3000 I think.
My husband has NO SL. I would like to see if I can get this back on track. I would also like to be able to do one payment, instead of 3 separate ones. I could have sworn at one time that OSI had sent me info on consolidating them..........not sure though at this point. We were so hard up that opening mail and keeping it was just not something I looked forward to. Now that we are debt free, but for our auto, I would like to start fresh and make sure things are done right.
Any loan companies in particular you think I could look into? I thought that Direct Loans was a name I had heard before or ACS? ????
Is rehab an option? I just want to make sure that come spring they don't take my husband's tax returns, since they have done that before.
I would love any suggestions, or direction as to where to look for these answers. Thanks guys!
My husband has NO SL. I would like to see if I can get this back on track. I would also like to be able to do one payment, instead of 3 separate ones. I could have sworn at one time that OSI had sent me info on consolidating them..........not sure though at this point. We were so hard up that opening mail and keeping it was just not something I looked forward to. Now that we are debt free, but for our auto, I would like to start fresh and make sure things are done right.
Any loan companies in particular you think I could look into? I thought that Direct Loans was a name I had heard before or ACS? ????
Is rehab an option? I just want to make sure that come spring they don't take my husband's tax returns, since they have done that before.
I would love any suggestions, or direction as to where to look for these answers. Thanks guys!
Yep, contact them and talk about rehabbing your loans. If you have difficulties, you can contact the Obmudsman.
Once rehab is complete, IIRC, you could then consolidate into one loan, with one payment, rather than 3. If you consolidate through Direct, you can use teir income contingent plan.
Once rehab is complete, IIRC, you could then consolidate into one loan, with one payment, rather than 3. If you consolidate through Direct, you can use teir income contingent plan.
Thanks grammers,
I was online at ECMC's website, pretty informative! anyway, they said that there program is 12 months....although on my CR right now it's not reporting as in DEFAULT. it just says IIB. Will that change do you think?
I read where people have 9 months of rehab.....I wonder if I call if they will lower it?? prob not, but worth a shot.
Thanks for the suggestions
I was online at ECMC's website, pretty informative! anyway, they said that there program is 12 months....although on my CR right now it's not reporting as in DEFAULT. it just says IIB. Will that change do you think?
I read where people have 9 months of rehab.....I wonder if I call if they will lower it?? prob not, but worth a shot.
Thanks for the suggestions
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