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
