Here is my story and I am hoping for adivce, I am very new to all this.
My Direct Loans were sold off to EdFinancial 2 or 3 years ago. When this happened I was still in the post-school grace period. When my first bill arrived I signed up for the Income Based Repayment Plan, and qualified for a payment of $0! So for a year I did not have to worry about a monthly loan payment because of my small income.
The next year I updated my income information, but because it had not increased much I didn't think anything of it. Then I went though a rough period of not living in the home where I receive my mail consistently due to family issues. My $0 loan was the last thing on my mind. Months later, when I finally did start checking my mail regularly, I realized I was getting letters threatening loans defaulting for being so past due. Turns out my IBR went up to $25 a month and I had not realized. I called the company and they quickly brought my account current and I have been paying my $25 a month on time since.
Since my loans are in the form of 6 different accounts, there are 6 180-day deliquent accounts on my credit report that are killing my credit score and preventing me from finding somewhere to live. The account was late and it is not the company's fault that I wasn't receiving the mail they no doubt sent and I know this. I was just wondering if anyone had a similar situation with IBR confusion and had any luck with EdFinancial and some sort of goodwill letter or phone call and getting any late reports at all deleted from their credit report. Thanks in advance.
