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New Member
Posts: 5
Registered: ‎03-04-2013
0

CO chase student loans

So, I am a co signer on my wife's student loan, we were paying on it on time $57 a month. The all at once no bill and idisappeared from our online banking. I went into the local branch, they could not really see what was going on but assumed it was sold. Called them a little while later and yes it was sold. Not uncommon, I took a loan with one bank and by the time I graduated it had been in the hands of four other banks. Then out of nowhere bam it is in collections? No bill, been sold, in ever missed a payment until something happened. What do I do bal is 5k+ settlement is still like 3500. I can't afford that and the CA won't stop fees on account so if I continue my monthly payment I won't get any where cus they want to charge me collections fees of $600 a year. I'm lost?

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: CO chase student loans

How long from the time it disappeared from your bank did it show up with a CA?

New Member
Posts: 5
Registered: ‎03-04-2013
0

Re: CO chase student loans

12-18 months

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: CO chase student loans

Well, that could be why all of a sudden it shows you owe that much.

 

Have you contacted the DOE and explained to them what happened and you were never made aware who got your debt.

New Member
Posts: 5
Registered: ‎03-04-2013
0

Re: CO chase student loans

to clarify this was a private loan. So I dont think DOEd (doe=dept of energy fyi) could help me. suggestions? apparently it was sold to the collection agentcey, this is why chase couldnt see it. I waiting like two months of not getting a bill to do anything. Everyone seems to just blame eash other CA says chase sent it to them, Chase says I was 90 days late and they sold it yet my last payment that posted to the account was like 70 days prior. Nobody wants to admit if there is a mistake or not so idk.

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Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: CO chase student loans

Yep, pretty sure the Department of Energy can't help.

 

I would send the CA and Chase a direct dispute under FCRA 623(a)(8).  They will each be required to investigate and correct any errors and notify you of the outcome within 30 days.  This is a requirement and they have to do it or each one will be in violation of the FCRA.

 

I provided a template.  The one you send to the OC will not include the information about the CA.

 

 

“This is a Notice of Direct Dispute with you, under the provisions of FCRA §623(a)(8)(D), of the accuracy of information you have reported to my credit file.

       ►       (If sent to a debt collector, (CA), it might  be beneficial to also include the blurb:

       ►  “This is a direct dispute of credit reporting. This is not a request for debt validation/verification  under FDCPA §809(b).”.
                  (don’t let them just simply sluff it off as a meaningless  DV letter)

“In compliance with FCRA §623(a)(8)(D), and enacting regulations published at  16 CFR § 660.4, this Notice of Direct dispute includes:

 “Identification of the specific information being disputed:
           (specify the account number, and the specific information that is disputed under  that identifying account)

“Basis for the dispute:

            (how the reporting was inaccurate;    was any reporting in violation of any statutory or regulatory provisions?  account or express agreements?  CRA reporting gudelines? Account not yours? etc.)

“Supporting documentation:

            (all documents that support your dispute; it is recommened to also include, as part of your documentation, at least a copy of the portion only of your
             recent credit report showing their reporting of the disputed information was actually reported to your credit flle.  The implementing rule suggests a  showing
              that it appeared in your credit report)

 

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