As I near the end of my rehab (Sending payment #8 next week!), I am looking forward to having my credit score go up a bit, get a tax refund, not worrying about my wages being garnished, etc.
Yesterday I came home to find a letter in my mailbox. It was sent from Concord, CA, regarding my student loan. It basically said "You owe this money and you need to call us today as we are willing to make you an offer to pay in full for substantially less than what you owe!", and listed the agency, Premier Credit, who has my loan.
Why on earth would I get a letter like this? My payments have been for the agreed-upon amount, and have always been within the 20-day grace period.
I got home late last night, and won't be home until after 9:00 tonight, but I do plan to call on Thursday to find out what is going on. Has anyone ever gotten something like this?
Full Version: Collection Letter During Rehab?
Okay, I didn't have the letter with me when I posted this - I do now.
The letter says SETTLEMENT OFFER, and goes on to say that my account with the DOE has been placed with Premiere (their spelling) Credit of North America, and I qualify for a compromise that would allow me to pay off my student loan for substantially less than what I actually owe.
I would worry that this was somebody trying to get my bank account info, but it does tell me to mail my payments to the DOE at POB 4169 in Greenville, TX.
Why would they send this when I am so close to the end of my 9 agreed-upon payments??
The letter says SETTLEMENT OFFER, and goes on to say that my account with the DOE has been placed with Premiere (their spelling) Credit of North America, and I qualify for a compromise that would allow me to pay off my student loan for substantially less than what I actually owe.
I would worry that this was somebody trying to get my bank account info, but it does tell me to mail my payments to the DOE at POB 4169 in Greenville, TX.
Why would they send this when I am so close to the end of my 9 agreed-upon payments??
QUOTE(dawniedawn67 @ Sep 13 2007, 08:00 AM) 
Okay, I didn't have the letter with me when I posted this - I do now.
The letter says SETTLEMENT OFFER, and goes on to say that my account with the DOE has been placed with Premiere (their spelling) Credit of North America, and I qualify for a compromise that would allow me to pay off my student loan for substantially less than what I actually owe.
I would worry that this was somebody trying to get my bank account info, but it does tell me to mail my payments to the DOE at POB 4169 in Greenville, TX.
Why would they send this when I am so close to the end of my 9 agreed-upon payments??
The letter says SETTLEMENT OFFER, and goes on to say that my account with the DOE has been placed with Premiere (their spelling) Credit of North America, and I qualify for a compromise that would allow me to pay off my student loan for substantially less than what I actually owe.
I would worry that this was somebody trying to get my bank account info, but it does tell me to mail my payments to the DOE at POB 4169 in Greenville, TX.
Why would they send this when I am so close to the end of my 9 agreed-upon payments??
Even though you are participating in the rehab program, you are still a collection account. Rehab doesnt occur until the loan is transfered.
They sent the letter because they can. They dont need a reason.
QUOTE(LynnInMN @ Sep 13 2007, 02:57 PM)
They sent the letter because they can. They dont need a reason.
I guess what startled me was seeing the wording "Your account has been placed with....", and "....call to set up payment arrangements." , when I knew my account was with them, and I already had a payment arrangement!
I usually don't have the office to myself, but I was able to find some privacy this afternoon and give them a call - it was just an offer to settle for the amount due, minus the collection costs, before it went to a lender. When I explained that I could not do this, she just told me that the offer was on the table until my ninth payment was made and it DID go to a lender.
Thanks!
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