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Mothergoose24 posted a topic in Credit Forum*Disclaimer: typing with my iPad, so I apologize for errors! Today while doing my daily pulls I noticed something Imtersting. A little back story first. I received a letter stating that Navient who I never heard of was buying my loans, but nothing else would change. I received that letter probably six months before the switch. Well, soon after the switch, I log on to my new navient account only to find that half of my loans are gone. I then get another letter a week later stating the Nelnet has purchased half of my loans. I was pretty mad considering Sallie Mae said nothing else would change, so did Navient. I didn't know anything of this until after it happened. So after being aggravated, I just decided to deal with it, set them all up for auto pay again, and forget about them. Well, today I login to find that during the switch my Navient loans were closed and new Nelnet loans were reporting, but the new Nelnet loans were reporting with my original loan date, so it added 10 months to my AAOA and also 10 months to my credit length history. Raised my score to the tune of 8 points on my EQ. so essentially it added four new accounts with old 2006-2008 dates The second odd thing was my capital one card that I got during college (my first cc) which only had a limit of $500 was bumped to $2000. I asked for a CLI last year and they said no, so I called and asked and they said they wouldn't give me one since I didn't use the car, I complanined saying that I have credit lines of well over 10k and i would never use it with that low of a limit, they still said no. I never login and even check that account, but just so happened to check and boom the AUTO CLI, which seemed odd to me. I may have to use it now a couple times to show them I still care 👍😀 Anyone else have a similar experience with their Student Loans. I'm on the downside and hoping to pay them off this year, but thought that it was interesting how it took place on my CRs. Didn't think they would process like that. My old loans show (Transferred/Sold/Closed.) INPUT PLEASE?
In 2009 I defaulted on a Federal student loan with Nelnet. The loan had a balance of approx $950 at the time of default. Nelnet transferred the loan to ECMC, and in 2010 I entered into a rehab agreement with ECMC. Under the rehabilitation payment terms, the loan was paid in full on the final rehabilitation payment. Fast forward to 2014 and my credit repair journey... I discovered that despite stating all negative remarks would be removed, ECMC continued to report this account as a collection on my reports. I disputed; they verified. I filed a BBB complaint; they removed the account and stated that the loan had been paid in full during rehabilitation. Nelnet continues to report the account with a current status of 120+ days past due with comments stating, "Student loan assigned to government." I disputed; Nelnet verified. I filed a BBB complaint and included the response from ECMC. Nelnet refuses to remove the current reporting status of 120+ days past due, and the comments. They state that because the loan was paid in full to them by ECMC, and never repurchased by a lender, they do not considered it rehabilitated. So, I abided by the terms of the rehabilitation, and am being punished for it. Any advice on where to go next? NELNET's Response: Our records reflect that your loan #* on account **** did not receive the necessary payments, went past due, and defaulted. This loan was paid to Nelnet by it's guarantor, ECMC. Our records reflect that the loan owned by ECMC was paid in full to ECMC. Payment in full to the guarantor does not rehabilitate a loan. Since the loan was not rehabilitated, we are unable to retract the default or past due reporting for this loan. ECMC's response: ECMC has reviewed your concerns with the collection agency which was assigned to handle your account. Based on that review it was determined you did establish a repayment plan to rehabilitate your loan. Due to the low balance of the loan, it was paid in full before a rehabilitation lender could repurchase any balance. Because your rehabilitation payments were made as per your agreement, ECMC has submitted requests to remove its tradeline from your credit report. ECMC has no control over and is not responsible for how long it takes the consumer reporting agencies to remove the tradeline.
I posted this already in the bankruptcy forum: http://creditboards.com/forums/index.php?showtopic=534860 I have student loans with Nelnet. that were not discharged in bk7. Bk7 was discharged about a month ago. The loans show admin forbearance until the year 0001. I called them to try to get the loan status and find out when I can re-apply for the income based repayment plan. I was on the IBR plan until I filed bk7 and my payment was $0. They told me that it was valid until January 2015, but that I need to reapply in October or November. However, the rep I spoke to last night said I will not be able to do this online because of the admin forbearance status. She says I have to submit a paper request, but that I can't do that until January. The previous rep said not to wait until January or I might have to make payments until they process my request. When I go to studentloans.gov, and try to request the IBR plan there, it says I have no eligible loans. Likely because of this admin forbearance. Should I be concerned about the forbearance date? Or should I just wait it out? Anyone else go through this?
is Nelnet and ECMC private or federal loans?
carpartsdepot posted a topic in Student LoansMy Student Loans are in Default now for almost 6.5 years, my last payment was in 2008 and they went into default and now The original loans which were from Nelnet/Wells Fargo sold to ECMC who has hired some collection agency they keeps calling me, I have no income, no job nothing and cant pay anything but theyre saying that they will sign me up for the William D Ford program and I wont have any payments, it goes off my tax returns and if i dont file tax returns all I have to do is sign a paper that says im not working every 12 months and will never have a payment, sounds too good to be true and these guys sound like a bunch of liars, not only that but they sent me out a package and it hasnt even goten here yet and theyve called everyday since monday and todays friday (still not here) 1. Does any of this sound right? 2. Are these loans Federal or Private? 3. And do they fall under SOL's? Thanks for your Help, Im really trying to figure this thing out, but these people are almost off my credit report and i dont want them restarting their 7 years again, im very worried about that, and not only that but ECMC has reaged the account and they started 7 years from when they got the account and not when i first defaulted so ECMC is trying to stay on my credit report 9 months longer than the original loans from nelnet, so they cant be that honest? Any help is greater appreciated!
Nelnet and Transunion
road2freedom posted a topic in Credit ForumFYI for anyone else that may be experiencing this. My wife and I both consolidated our student loans a couple of months ago, and they were previously serviced by Nelnet. They managed to update Experian and Equifax, but Transunion showed no updates for either of us. In fact, for both of us, Transunion hadn't been updated in 6 months. I used the chat feature on their site to ask them to report the update to TU. They claim they already did on MM/DD/YYYY and tried to pass me off to them. I then asked them to "open a research ticket to have this information resubmitted to Transunion" and they did as requested without further pushback. A few days later my wife's TU file was updated and I'm working on mine now. For anyone having this problem, I recommend calling or chatting and following these steps.
Defaulted-Garnished-Paid- Now What
Erwelder posted a topic in Student LoansA few years back I hit a few life bumps and the ol' credit report took a beating. Not that it has ever been all that great, but that has all changed. I am being responsible and taking care of business. I laid low for many years and just let the dust settle and the slate be wiped clean- suffer for my previous mess ups but learned good lessons. I have 4 accounts out there dealing with 2 student loans with Nelnet. When I was out of work in 2009 and couldn't pay - they showed 120+Late and sent them over to the state government insurer who promptly put in a wage ganishment when they learned I had started back to work. At the end of that garnishment my employer stopped taking out the payments at the amount of the original garnishment. Only thing is- there were real small balances of accrued interest (less than $20 each) that I was not aware of and I don't recall ever being notified of. After about 6 months they wrote these off and closed the accounts reporting as Settled for less than Balance, 120+Late. I tried to dispute the student loans in 2/13, but not sure what to dispute because yes they are mine. Now, the Nelnet says - Transferred to Government 2/13- when they were transferred in 6/10. Anything I can do to make these negative student loan issues better?