is Nelnet and ECMC private or federal loans?

[carpartsdepot]

My 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!

[VK429]

I have a similar issue with ECMC re-aging my accounts. Do to this mine are staying on my reports over a year longer.

[carpartsdepot]

I disputed ECMC with EQ and EQ removed them from my credit report, seems EQ lets you dispute things online over and over again a million times until everybody gets tired of verifying it but EX wont budge and Im currently disputing it with TU so we'll see what happens there, but atleast theyre gone from EQ, If that doesnt work Im just going to wait until it falls within 6 months of the 7 year mark, which will be sometime next summer and dispute them as obsolete, but I dont want them reaging it again after theyve messed up my credit for the last 6.5 years! And this Collection agency that ECMC farmed my loans out to just seem a little to eager for me to re consolidate for me, especially with me not paying them $1.

[carpartsdepot]

I guess my loans are Federal Loans because on my credit report it says, claim filed with Government, and I spoke with ECMC yesterday and they said that if I do the IBR William Ford consolidation that my balance will be reduced to 0 but it remain on my credit report for 7 years reguardless, even though the CA Allied Interstate said that it would be removed from the CR, so either theyre lying or dont know what theyre talking about, and concerning the matter about reaging or restarting the SOL the lady at ECMC said that she didnt know, so I'm skeptical.

[carpartsdepot]

And I keep reading where the 7 year reporting to your CR doesnt start until they are noted as Defaulted which usually takes 8-12 months after you miss your first payment, so i guess it can stay on your credit report for over 7 years then?????????????????

[evapor8ted]

So what is your question?

 

They are helping you consolidate since you aren't paying them. You would be better doing a rehabilitation, but you have to pay 9 months worth of payments for that.

 

IBR is based off of your income. If you certify 0 income you get a $0 payment. Simple.

 

Your loan will subrogate soon if you don't do something, either consolidate and IBR or rehabilitate. ED wants all of the back log of old loans that are waiting for subrogation taken care of by guarantors like ECMC. Since it is a federal loan, ultimately it is a federal debt. Subrogation is when the government takes back the bad debt from the state guarantors.

 

You can consolidate without dealing with the CA, studentloans.gov . They just want it resolved.

[carpartsdepot]

1. my question was why are they calling me everyday from different numbers,and they want me to overnight it back to them and all this other hooplah and since my original loan was for around $34k not to mention i paid $200+ payments every month for over 6 years and now they want me to reconsolodate almost 50k, but the way youve explained it if the government takes it back they take a big loss as opposed to a 14K profit, so that sounds like its the aswer to my question. they want me to hurry up and reconsolodate so they can make 14,000 dollars or else they loose money, correct?

 

2. and my next question is what happens to the ecmc collection account on my report, doesnt it get moved to zero and remain negative on my report for the remainder of the 7 years? does it renew the sol?

Edited May 14, 2014 by carpartsdepot

[hodap2001]

1. The Federal Government will never ever take a loss of a Federal Loan - let's get that straight, the loss is your future by your refusal to pay this debt or enter into a repayment plan to get this debt out of default and set-up reasonable and affordable repayment under an income driven repayment plan. The Federal Government will recoup their money any way possible through Tax Offset, Administrative Wage Garnishment, Bank Levy, Judgement, and Social Security Offset - so if you are content being unemployed and ignoring this debt then I guess you will have nothing to worry about and continue to stay under the radar. Are you actively looking for employment? How are you supporting yourself? You can't possibly live on a zero income unless some one is taking care of you and your expenses.

 

2. If you are able to set-up with rehabilitation or consolidate your student loans there are two choices - Rehabilitation will allow the removal of the default status (original creditor will still report derogatory remarks for 7 years from the date of default) and you will be given a fresh start by the loans being assigned to a new federal loan servicer and you will have a new trade-line. If you consolidate, then it will report as a paid collection account and will stay on your credit profile for 7 years.

 

3. Please note, the is NO SOL for Federal Student Loans, please get that out of your head! They will stay with you for the rest of your life until paid-in-full.

[carpartsdepot]

1. The Federal Government will never ever take a loss of a Federal Loan - let's get that straight, the loss is your future by your refusal to pay this debt or enter into a repayment plan to get this debt out of default and set-up reasonable and affordable repayment under an income driven repayment plan. The Federal Government will recoup their money any way possible through Tax Offset, Administrative Wage Garnishment, Bank Levy, Judgement, and Social Security Offset - so if you are content being unemployed and ignoring this debt then I guess you will have nothing to worry about and continue to stay under the radar. Are you actively looking for employment? How are you supporting yourself? You can't possibly live on a zero income unless some one is taking care of you and your expenses.

 

2. If you are able to set-up with rehabilitation or consolidate your student loans there are two choices - Rehabilitation will allow the removal of the default status (original creditor will still report derogatory remarks for 7 years from the date of default) and you will be given a fresh start by the loans being assigned to a new federal loan servicer and you will have a new trade-line. If you consolidate, then it will report as a paid collection account and will stay on your credit profile for 7 years.

 

3. Please note, the is NO SOL for Federal Student Loans, please get that out of your head! They will stay with you for the rest of your life until paid-in-full.

 

Thank you for your response. Im mainly concerned with this from a credit report perspective.

Edited May 14, 2014 by carpartsdepot

[carpartsdepot]

Thank you for your response. Im mainly concerned with this from a credit report perspective because all my bad stuff is from 6-7 years ago is falling off my report and Im trying to get good credit again and I want to start over fresh with a clean slate.

1. Your wrong on this one because they are going to take a loss because after me not getting a job for the next 20 years the loan is automatically desolved, probably not your first time being wrong. And no I dont file taxes, I dont and wont work for anybody, I dont keep more than 100 dollars in my bank account and If I make it to file for SS they will only be able to take half, but thats more than 20 years from now so If I do the IBR it will be forgiven by then, like I said Im mainly concerned with the CR side of things. And to answer your questions, No I am not looking for employment, Im Native American and just because England dumbed all you people over here because they didnt want you people in Europe anymore and so you could steal our lands and systematically try to wipe my race off the face of the earth based on your theories of racial superiority doesnt automatically mean im going to work for you people and be your slave, and yes Im living on zero income, I signed over my house to my Aunt 6 years ago before I defaulted on my student loans (and everybody else) and she paid off the house so I dont have any rent, I live with and take care of my grandmother and she pays the utilities and buys the groceries which is not much because we have a garden that produces most of our food, and I sell misc junk off ebay to pay my credit cards which I just use to pay my car insurance, my cell phone gas, my cigarettes and what have you.

 

2. the nelnet accounts are 6.5 years old, so they come off in 6 months, and the ecmc accounts are 6 years old, so if i reconsoladate, the ecmc acounts will report as paid and then fall off in 1 more year and a new TL will appear on my report?

Edited May 14, 2014 by carpartsdepot

[hodap2001]

The negative credit remarks will drop after 7 years, but you will still have a hard time getting any 'real' credit with a defaulted student loan! Just because it drops off, doesn't mean it truly goes away - where do banks get money from? It doesn't come from a tree...you will still have the Scarlet 'A' written on your chest.

 

Good Luck to you and I will not be responding to this thread any further.

[carpartsdepot]

it drops off but it doesnt go away, whats that supposed to mean? either it goes away or it doesnt, and if its not on your credit report, its not on your credit report and if its not on your credit report how do people that youre applying for credit with know about it if its not on your credit report? that desnt make any sense.

 

What happen to forgiving your debtors, isnt that what your bible says? Dont you guys even practice your own religion?

Edited May 14, 2014 by carpartsdepot

[Morpheus1967]

What happen to forgiving your debtors, isnt that what your bible says?

 

Applies to everything except student loans.

[carpartsdepot]

forgive me for being stupid but im just not getting it, on my credit report it says this item will be removed 03/15 and the CRA confirms that it will be infact removed on 3/15 or before, so does it get removed and something else pops up for another 7 years or what?

[hodap2001]

You are blacklisted - the federal government has a debarment list!! Read a book!! You'll never ever get any credit! Who would want to loan you any money when you owe the United States Federal Government!

Edited May 14, 2014 by hodap2001

[carpartsdepot]

I dont think thats right, I have already obtained credit from Capital One, First Premier, Fingerhut, Merrick Bank, Comenity Bank (Marathon) and Sportsman Guide, Wells Fargo and US Bank. So for someone who is "Blacklisted" I dont seem to be having any problem getting new credit and to answer your question, those people, are the people who wanted to loan me credit when I owe the United States Federal Government. And for someone who has been in the SL business for 10 years you sure do seem to not know what youre talking about and Im not trying to be a jerk or a smarty-pants Im just trying to figure out how this thing works so I can fix my credit and get it back to where it use to be.

Edited May 14, 2014 by carpartsdepot

[hodap2001]

If you want to know how things work - then listen to the people who can help you and stop being a smartass! You wouldn't be in this predicament if you would only listen and listening and communicating is key to success in life. Are you ready to listen or would you like to continue to ramble on about stuff that you have no idea as to how things work in the real world?

 

If you don't want to listen, then why did you post on this board??? If you are a troll, please troll elsewhere...my time is valuable and I only help those who need it...go elsewhere if you can't take the advice given and don't question my integrity.

[carpartsdepot]

Of course I want to learn and understand, why else would I post this, I need to learn how this thing works and more importantly how it will effect my credit based on any decision i need to make, I need to know how this will effect me before I can make an informed decision, and Im sorry if I offended you and I wasnt questioning your integrity, its just your telling me no one is going to give me credit if I owe the us government and I owe the u government and people are giving me credit, and you also said that the us government is not going to take a loss but based on the ibr consolodation which is based on your income is forgiven after 20 years no matter how much you owe, so obviously they are willing to take a loss, I just want to know the truth, thats all.

 

So I take the IBR william d ford reconsolodation, based on my income which is 0, so my payments for the first year are 0 dollars, a new tradeline appears on my credit report for the new loan amount of 49k, the negative 120+ days late connotation on my original 2 nelnet loans does not go away but its already 6.5 years old so it drops off in another 6 months correct? and then the CA accounts for these 2 loans which is ECMC get marked as paid but still remain and since they are 6 years old will drop off in another year, then all that remains are the new TL's which will be marked as "paid as agreed" with a 0 dollar monthly payment for the next 12 months, then next year they check up on me and if i still did not file taxes for next year and if i still do not have a job and still do not have an income i get another 12 months of a 0 dollar payment, then I have 18 more years of that to go and then the loans get forgiven and i never have any more negative stuff appearing on my CR from these SL's correct? Do I have this all correct?

Edited May 14, 2014 by carpartsdepot

[carpartsdepot]

my 1 question is this, if I reconsolodate and ECMC gets paid off, will that reset the date of last activity and make those ecmc accounts stay on my CR for an additional 7 years, or will they stick with the original default date and still fall off within the next year?

[evapor8ted]

Just because it is removed from the credit doesn't mean the debt disappears. Would still be up for offset and no new government loans (VA, FHA) until the loan is taken care of. Also if the dept of ed does take it over they begin a new cycle of reporting. It is important to get it resolved ASAP.

 

What is this "be absolved of the loan after 20 years" talk? Because it doesn't exist. At least not anywhere near as simple as that. And if you're referring to IBR, it is 25 years and really a lot more complicated.

[DollarDog]

How did you get credit cards with $0 income?

[carpartsdepot]

first, thank you for your responses, its very difficult to find these answers, and I feel like nobody knows the truth and yes i completely realize that the debt does not go away and yes they have me on tax offset but like i said i have not filed taxes since the default as i have not worked, and i do want to get it taken care of but i do not want ECMC to register a new date of last activty and restart their 7 years on my report garbage, I want to do the IBR bottom line especially since i dont have to start paying anything, and if the IBR payment is based off of my income and i dont file taxes and have no income, how does it not go away like they said after 20 years or you say after 25 years, i have heard 25 years too, its just the CA that told me 20 years but theyve also told me other inaccurate things, they just want me to sign the reconsolodation no matter what they have to tell me, i realize that, but heres my thing, and again i mainly care about this from a CR perspective because i dont work, i dont file taxes because i dont work and i dont plan on looking for or obtaining any kind of job.

 

my nelnet loans on my CR are marked as 120+ days late, i have 2 of them and they are scheduled to fall off 02/15 and i plan to try to get them off 6 months early which is only a few months away, and the ECMC accounts fall off 12/15 and i already got them off EQ because a CA is not supposed to stay longer than the original debt, thats illegal, but i have read where CA for SL can start the 7 year clock at the date of default which is usualy about 7-9 months after first payment is missed, either way EQ removed them and im disputing them with TU and EX but either way i should have them off no later than next july which is about a year away, and the minute i get them off my report i will accept the william d ford ibr consolodation and 2 new accounts will appear on my report as paid as agreed and it wont be smashing apart my credit score, which is my main concern here, and i would of already started the ibr accept for the fact the ive heard that it will restart the ECMC accounts, so they will be marked as paid but will continue to report neg TL's for another 7 years and i dont want that especially since theyve already been there for 6 years, i dont need these jerks messing up my CR for 13 straight years, if thats the case.

 

so my question is when you reconsolodate does that start a new date of last activity and restart the 7 years on your CR? this is he determining factor for me so i need to know the truth before i reconsolodate.

 

and to answer your question about income when applying for CC's i just mark anything depends on what kind of mood im in, 72k a year 58k a year, 95k a year, whatever they just ask you how much you make, its not like they require you to fax them your latest w2 or provide old pay check stubs and usually i apply for student cards and/or indicate that i am a student because i am, im just not taking any classes and i havent been approved for any real credit yet although i have been getting approved for stuff but my highest limit is 1k, so im trying to get better credit limits. not because i need it but because one day i might.

Edited May 18, 2014 by carpartsdepot

[hodap2001]

Because you don't file taxes you will not be able to get IBR; therefore, you must pay on your student loan debt. Federal Regulations coming down the pipeline will require everyone to use the IRS data retrieval tool and certify household size for income driven repayment plan (I.e IBR, ICR, and Pay As You Earn) so that they can detect any fraud under these repayment plans. In addition, student loans will under Income Driven will not be fully forgiven under proposals by the Obama Adminstration which seems to have the full backing of Congress - so you will repay your student loans either voluntary or involuntary through your assets that you are hiding.

 

You won't be able to self certify your income -

A tax return will be required...so, what will you do now with this revelation?? You think they will honestly give you a $0.00 dollar repayment without any documented proof of income? Better start filing those tax returns and pay any penalties.

[carpartsdepot]

wow, your stupidity amazes me, practically everything you say is wrong, and youre wrong again because i can file for the IBR and William D Ford reconsolodation and in the event that no taxes were filed all that is needed is a signed statement just stating the fact that i did not work and do not have any income and with no income the fist year of payments is zero dollars, and you seem to be able to answer every question but the one im asking.

 

Have you ever heard the expression "you cant get blood out of a turnip?" and NO i am not going to pay, and i have no assets, no house, no savings, no land, no property, i dont work, i dont have a job and i dont file taxes, im not looking for a job and im not going to work and im not going to pay taxes, and im not going to pay back any loans, thats it, and im sorry that upsets you but thats the way that it is.

 

besides i havent even asked about all that nor do i care, what i am asking about is about this from a credit report perspective, why do i have to keep repeating this? are you honestly that stupid? I dont think that youre smart enough to give advice to anyone about anything.

Edited May 18, 2014 by carpartsdepot

[nysbadmk8]

Contact an attorney. They have answers.

 

Any reason why you plan to never work?

 

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