Student Loan Debt

[CashCow]

I have a student loan that is 120 days past with a low balance (I just forgot about it). IT has adversely affected my CR.  Is there any point of me sending in a goodwill letter or calling to take some of the late payments off before I pay the final amount?  Or should I just pay it off?  Please help, I am on the road to recovering a a 590 score.  Thanks in advance for your help.

[Anonymous]

depends:
is it a Federal Loan? If it is they are required to report correctly.

[CashCow]

Yes, its a federal... I will pay just pay it then. Thanks

[Anonymous]

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@CashCow wrote:

Yes, its a federal... I will pay just pay it then. Thanks

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I am in a similar battle right now.
I hear (and am researching) that you have more leverage AFTER the loan is no longer backed by the government. RE: Paid off.

[fused]

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CashCow wrote:

I have a student loan that is 120 days past with a low balance (I just forgot about it). IT has adversely affected my CR.  Is there any point of me sending in a goodwill letter or calling to take some of the late payments off before I pay the final amount?  Or should I just pay it off?  Please help, I am on the road to recovering a a 590 score.  Thanks in advance for your help.

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I hate to say this but I have never heard of a GW letter working for a SL.  The Fed Government is just ruthless when your late or default.  Not sure what else you can do.  PFD does not apply here.  You have to pay up.  Maybe you could dilute the baddies with some newer positive TL's.  Do you have any cc's, what are they?  What is your balances and util on them?  Do you know your FICO scores?

[CashCow]

Yes I have just started checking the scores:

513

525

560

I have a Cap1 with a $2000 limit, which I am current on.   It has a 1400 balance and I guess I can pay some of that down.  Should I pay it way down? 

Yes, I know horrible...but that's why I am here. 

1. I plan to pay student loan tomorrrow.

2. Keep paying creditors on time. 

Is there any helpfull advice, this is really depressing, but I know I have to deal with it...

[Anonymous]

I have a Direct Loan that i started paying last year. First payment was due on JUNE2006.

My reports say that as of MARCH2006, my account was 90 days late!!. I was in the forbearance period at that time. I did not have any payments due.

I called them and explained the situation to them, but nope, they will not remove it from my report even though my first payment wasn't due till June06. Ridiculous!

[Anonymous]

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@Anonymous wrote:

I have a Direct Loan that i started paying last year. First payment was due on JUNE2006.

My reports say that as of MARCH2006, my account was 90 days late!!. I was in the forbearance period at that time. I did not have any payments due.

I called them and explained the situation to them, but nope, they will not remove it from my report even though my first payment wasn't due till June06. Ridiculous!

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I can't find the link right this second. There is a Government SL site that has a dispute form, use this to have them fix the servicer.

Often there is also a State one as well.

[Tuscani]

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@Anonymous wrote:

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@Anonymous wrote:

I have a Direct Loan that i started paying last year. First payment was due on JUNE2006.

My reports say that as of MARCH2006, my account was 90 days late!!. I was in the forbearance period at that time. I did not have any payments due.

I called them and explained the situation to them, but nope, they will not remove it from my report even though my first payment wasn't due till June06. Ridiculous!

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I can't find the link right this second. There is a Government SL site that has a dispute form, use this to have them fix the servicer.

Often there is also a State one as well.

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Please share this link if you can find it. Thanks!

Message Edited by Tuscani on 06-11-2007 09:36 AM