Advice on Student Loans

[willynikes937]

Hello everyone, I am hoping to get some advice on what to do about my student loans. Like most people I didnt take my credit very seriously when I was young and messed up badly with my student loans but earlier this year decided to get my lfie right and fix my credit. One last hurdle is all my student loan lates and I'm wondering whats the best strategy if any to get these removed. I have disputed every way I can think of but cannot get anyone to budge. I have also tried goodwill letters to no avail. Heres what I done so far:

 

Consolidated loans in 4/2014 which closed out loans in question.

 

Am currently on IBR plan with nelnet and current with my payments

 

Disputed accounts as being obsolete as most were opened in 2004 and 2006. Always comes back verified. My issue with this is I know I did not pay one red cent until 2014. I went to school from 2003 to 2007 then again from 2009 to 2011. I never made a payment and was never in default during my repayment periods. My NSLDS says I had deferments (pics attached) but I did not make any payments just went back to school. The reason this is a issue for me is simple. If I would have been decalred in default sometime in 2007/2008 like I should these tradelines would drop off next year. Since the earliest reporting for these TL's are 2012 that means these negative entries will remain until 2019! I feel there way of helping me out by deferring payments and or not reporting earlier lates will cause the negative items to remain on my report for 16 years. My question since its clear I went into repayment years ago in late 2006 and never paid anything just went to school shouldnt some date back then be the FCRA compliance date for these accounts. Or do the deferments reset the account by bringing it to good standing even if no payment is made? My interpretation of FCRA 605 is adverse info supposed to fall off after 7 years from when it happened not when the creditor decideds to report you for it. If anyone can tell me when these will fall off my reports or how to proceed with disputing I would be much grateful. I asked Sallie Mae for a complete payment history and copy of all deferments as well and they said theyre records only go back to 2009 when they got the loan and to contact my previous servicer which has gone out of business. Thank you guys for your help pics attached

 

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[willynikes937]

Nobody? No suggestions ? If Im wrong and I gotta stick with it fine I just trust the experts here more than i do the CRA;s or the Servicers. Also both of these loans appear on my account twice as well so double dings. they told one for subsidized and one for subsidized.

[hodap2001]

In reference to credit reporting it is the standard 7 years from the date of default and NOT the first date of delinquency.

 

It appears through the screen shots provided (without knowing more factual information from the loan holder/servicer) that you had requested several deferments over the course of the loan history and some of them appear to be back-dating which they can legally do which means they will cover the arrears months that have not been paid (i.e. missed 5 months of payments at $100 a month is $500.00 to bring the account current OR you can use a deferment or forbearance to satisfy those months of payments to bring the account current). You ultimately went into default in July 2013; therefore, your seven years credit reporting begins then. Did you do any rehabilitation when you were defaulted or did you just make three payments and consolidated??

[willynikes937]

Thats the thing I never defaulted. If you look at the last line it says non-defaulted paid through consolidation. I guess the Dept of Ed. never paid Sallie Mae before I did thats why I didn't default. What I didn't back in Feb this year was make one payment and then consolidated. I didn't do any rehabilitation. Thats the problem I think are the deferments I don't remember making those plus they cant provide me with the records since their records only go back to 2009 when they started servicing the loan. (loan was transferred). Problem I have when I look at my dates of attendance my last date was 10/12 thats puts me in repayment in 2/13. But my lates start in 1/13 with the first one being 90 days late? Thats what led me to believe that 90 days came from an earlier time because I would have still been in my grace period in 1/2013. The part about the deferments is what really grinds my gears because you have to re-certify every 6 months and it looks like I had one for close to 3 years with a break in school being from 10/06 to 9/09. My question is how am I 90 days late on 1/2013 and I didnt even supposed to start repayment until 2/2013. Also I thought there was a FTC opinion on deferments not resetting compliance dates or am I wrong?

[hodap2001]

Based upon the screen shots, you definitely did Default - a default status wouldn't show if you didn't, so I'm not going to argue whether it did or didn't.

 

According to the screen shot, you were placed into Grace Period on 05/07/2006 and repayment began 11/07/2006 and you were in and out of repayments with Deferments. Your last deferment was 06/27/2012 and you were in repayment 10/04/2012 - did you make your next payment due date of 11/2012 and then you defaulted one year later on 07/12/2013 with no action in between 10/2012 - 07/2013?? What did you do between 10/2012 - 07/2013 any proof of payments or deferments???. I am showing that you used your entire grace period at the beginning of 05/07/2006 - you are not eligible for more grace periods, once it's up, that's it - doesn't matter if you took out new loans after the fact, repayment would begin immediately on that set of loans which prompted the late payments. You definitely need to check with the school on how they reported your attendance because that's what the loan servicer are using to determine your repayment status - once you graduate, withdrawal, or drop to a less than half time status you enter repayment. Contact your school for your attendance records to see how they certified your enrollment.

[willynikes937]

Trust me Hodap I didn't default. I spoke with the customer advocate several times at Sallie Mae and was told they will put you in default status after so many days but you actually don't default until the government pays the claim on the loan. That's your date of default. I made a payment then consolidated before I defaulted So I didn't default. Plus when you default on a loan there's another site or link I believe you have to click to consolidate those loans. I just used the normal consolidation process. That's why the last line says "non-defaulted paid through consolidation". But I digress. I can see the logic behind this reporting now basically those deferments are what kept me current even though I made no payments. And I used up my grace period back in 2006. So when my last date of attendance was 10/12 those loans were due. I didnt make any payments which prompted the series of late payments Ok I can see that. The problem I have with this is the deferment is not really catching anything up. Its just an agreement with you and creditor that you wont make payments for a certain time to continue on a certain time. To me if you don't pay you don't pay because if those deferments wasnt there I would have defaulted a long time ago a couple of times. By now it would have been off my reports I have included them in my consolidation and life would be grand. I just think that deferment business is re-aging just wrapped as a gift. Yeah I got the benefit of those times supposedly whatever those was but now a measly $273 and $5227 that I opened in 2005 will probably be on my reports longer than it takes to me pay the 40 plus I owe in Loan Debt. Definitely not right.

[willynikes937]

Can I do anything about these being on my report twice check screen shot below:

 

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I have 6 baddies on my reports now and these 2 loans account for 4 of them when it really should just be 2. It looks like they are double reporting the transfer and their own reporting of the lates is this legal. Its the same loan I shouldn't be getting dinged twice.

[hodap2001]

Default occurs after 270 days of non-payment and then will be classified as default - so, if you truly didn't default, you need to have them amend the record of your loan.

 

Deferments and forbearance are used as a postponed of payment - a type of relief from making your regularly scheduled payment due to various reasons such as Employment, Hardship, In-School, etc. They can be used to back-date missed month of payments to get the borrower current instead of making a lump sum payment of what is owed; however, you may not still fully be caught up as being current which happened in your case.

 

What did you do between 10/2012 - 07/2013 any proof of payments or deferments as this relates to the lates being reported on your credit report??

 

In addition, was your deferment applied retroactive from 10/05/2011 - 06/27/2012 which is the period of late payments being reported on your credit report?? Do you have any proof of payments or deferments to cover this period??

[willynikes937]

I didn't make any payments or deferrals during 10/2012 -07/2013. I stupidly didn't even notice until Feb 2014. I don't know about the retroactive deferment for 10/11 - 6/12 all I did was go back to school for a quarter. My official last date of attendance was 8/2012. Although my loans didn't go into repayment until 10/12. They should have made them retroactive however thats what they did all the last times. It would suck if thats what they were supposed to do. Should I call Sallie Mae about this?

 

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[hodap2001]

You have a gap in enrollment greater than 6 months between 08-18-2011 through 06-11-2012 which is also part of your credit reporting issue - you were not enrolled in this time period therefore your loans converted into repayment on 10-05-2011 and you did not request a deferment until 06-27-2012 when you went back to school for 06-11-2012 - 08-16-2011; therefore, you were required to make payments during that gap period and since you didn't make any payments the lates appear to be reporting correctly for 2012.

[willynikes937]

Thanks Hodap2001 you have been great. You have been the only one who has helped me make heads or tails of this reporting. You really need to work at Sallie Mae they could use you. Save them alot of money in wasteful disputes lol. I still think they are the devil tho lol. I guess I should have known the easiest loan to get, will be the hardest to get rid of. Future Students beware smh. Thanks.

[hodap2001]

Your welcome and good luck to you! I'll be around if you need additional assistance!