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KimShea

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About KimShea

  • Birthday 12/02/1970

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  1. Just updating to say EQ finally dropped my old student loan on 2/1/19. DOFD was 3/1/12, so one month early. That was the last of my baddies. Now I just have a handful of 30 day lates from a couple years ago, and otherwise clean.
  2. I hate autopay for this reason, and rarely use it. You bet I check it on each thing I've used it for - which is like two other things. I'm looking at it daily until I see it's actually been paid. I hate the lack of control I feel I have.
  3. Yep, he talked to the collection agency for over an hour and has it all set up. Making first rehab payment today, and they confirmed what I found - that they can only collect fees during the rehab trial payments. It's still a really high payment, but we've adjusted our federal tax withholdings recently from single with zero to married with zero and a little extra withheld, which should increase our take home pay about $700 a month. - not quite enough to pay the new payment, but pretty close. We should be able to manage the rest of it. Set up autopay for the rest of the payments after this first one, so shouldn't be late on any. It's going to hurt a little, but I feel a huge relief having set that up and dealing with it, as opposed to the ignoring it we've been doing for years. Plus this one loan was tanking his credit score forever, and getting it to a positive status will be a huge help for him. I wasn't sure we were eligible for rehab - I thought we'd tried it years ago, but apparently not. They said we're eligible to do it, so that's the plan.
  4. I've been researching all day, and I think we need to try to rehab. The collection fees they are estimating if we let them garnish is $17,073.10. According to Department of Ed website, if we rehab, the collection agency can collect a percentage of each payment to go toward these fees, but then after the 9 months of rehab payments it gets transferred to another servicer, and it is only principal and interest that is transferred. So theoretically we can get rid of the majority of that $17K in fees. And as best I can tell (he's waiting on a call back from the proper department) both garnishment and the rehab rate are the same - the 15% of disposable income, or in our case the $888.74 monthly payment. Seems like a no brainer. Not only can any negative info be changed to positive (I still think it will drop off his reports either way, though, as it's over the 7 years next month, but we'll see) but we can pay a heck of a lot less money overall. I think the collection agency didn't tell us this, as they can get all the fees themselves if we don't rehab it, versus if we successfully rehab the loan, they only get a percentage of the first 9 payments. Hmph.
  5. Hello all - DH has a defaulted student loan. It's his name only at this point, though it was consolidated years ago with loans from both of us. At this point, it is set to drop from credit reports very soon - most of the CR's say February of this year. So in just a couple of weeks. Coincidentally it was recently moved to a collection agency (this is a federal loan). We've been trying to work with the agency to rehab the loan, but the representative told us it would actually be cheaper to let them garnish, as we have a decent income. She told him in rehab we'd have to pay something like $1800 a month, but the garnishment letter just came back (after submitting appeals of the amount) saying he'd have to pay about $800 a month. Which will still be a huge financial hit for us, but looks like this is best we can do. The letter that he just got this weekend gave the $800 garnishment amount, but says that if we elect to voluntarily pay this same amount, we can avoid garnishment. Trying to figure out best course of action at this point. We know if they garnish, the payments will be made on time. If we pay it ourselves, the likelihood of us never being a few days late is non-existent. We will not likely ever go over 30 days, but most certainly will be occasionally a little late. So that's a factor. My biggest concerns are the fact the loans are about to drop from his report, and the collection and penalty fees. The collection account has not shown up. If we can get this off the reports, or only reporting in good standing, that would be great. However, this was a huge loan, and it's significantly huger because they've added penalties and fees that well exceed 10K. I'd have to look at the letter to get exact amounts. If we attempt to rehab this loan, is there any getting rid of any part of the penalties and fees? I think at this point, that would be the only reason we'd prefer to rehab it or pay the collection directly rather than just letting them garnish. Thanks for any information or suggestions.
  6. I went to pull my monthly three report from CCT and I can't seem to get it. They upgraded, and it's Experian something or other now instead of CCT, but I think I'm still paying for CCT three bureau, but can only see Experian now. They sent an email on Friday congratulating me on being upgraded to their new system. Anyone else able to navigate to see all their reports?
  7. When numbers get this high my brain doesn't work, but aren't mortgages more than revolving debt on this chart? 9.14 Trillion in mortgages vs. 420 Billion in revolving debt?
  8. Nah, we're all good. I shouldn't have said that at all, and I apologize - I just get frustrated with the fighting. As for you personally, I've always gone with assuming your intention was to educate, and I've appreciated all the good advice you've given to me and to others. I think at times your style can seem abrupt, and that might be misleading as to your intentions. I have no issues with you, though I'd never say no to some strudel.
  9. Chase Amazon - $4K. Not great, but haven't had a Chase card of any kind in years, and it's my highest limit on a non-store card. Care Credit and Art Van (both Synch) are the only higher ones I have, so far. Slowly getting there.
  10. In my very own tiny humble opinion, you're both right. You can get more info to dispute using a paper report. There's more info there. However, I have never really had any problems disputing online and he's right - it's easier. A lot easier. And faster. Of course I'm no expert, and I have done things not recommended here and sometimes that has worked out badly. Though not always. But here's the thing. People on CB can really turn off newbies here. Everyone is all uptight and ready to jump down people's throats if they mention anything that isn't 100% "The CB Way." CV is particularly good at this, and I feel has tried to put me in my place a few times, when I'm asking a question or seeking advice. It's very off-putting, and frankly doesn't come off as all that helpful. I'd hope we were here to help each other, which hopefully would look a little more tolerant and kind, and less rigid. I mean - presumably we've all "been there" where "there" is a bad place in terms of credit? I really doubt there's only one "proper" way to do anything in credit repair/rebuilding, but I hope we'd all share what has been successful. I appreciate the CB community greatly, as it has taught me so much and given me a huge amount of help in a relatively short timeframe. I only wish it could be slightly less - I dunno - contentious? - at times. I suspect the end result would be a lot more people who are able to get help and knowledge and move into a better place, financially. Anyway - peace.
  11. That sounds like good news. It hasn't dropped yet, and DOFD is 3/1/12, so I'll keep an eye on it and call after 12/1 if it hasn't gone away yet.
  12. No luck with student loan on EQ. Anyone have any luck with EQ lately? Timeframes for early obsolete?
  13. I have a synch app on my phone... iPhone ap... Assuming they'd have it for other platforms as well? MySynchrony is what they've brilliantly called it.
  14. KimShea

    Discouraged

    Thanks shifter. I wouldn't say any of this keeps me up at night, but I am one of those people who got straight A's and didn't like it if that deviated. I don't like that I'm rated merely "good" when "excellent" is an option. I hate that I can be a reasonably intelligent well educated person, but still struggle with a simple stupid budget. It makes me feel ignorant and like I'm a bad person, somehow. Dumb, sure. Still, can't help it. Maybe it's how my brain is wired. I think your suggestion of keeping my goals in mind is an excellent one. I want that last 120 day late account gone early if I can manage it. I've gotten rid of it on 2/3 of the reports and working on the last one. If I can get it off before it's due to drop, I'll count that as a win. Probably nothing to do on the 30 day lates but wait them out. Another goal is to be able to obtain parent loan for kid in college next semester. I'm putting off applying as long as possible to hopefully get that last derog to drop. And a third goal is to get husband's student loan into rehabilitation without going broke... working on that as well. I'll focus on those three for the time being.

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