So the ex had one of her student loans, I unfortunately co-signed on, serviced by Wells Fargo. Fast forward to recently and WF apparently contracted WLMS Fudge to handle the loan. When I spoke with WF, they said they didn't sell the loan but hired the CA to handle the loan and they couldn't help me anymore. She said that WF could not help me at all anymore and there wasn't anything they could do. This loan shows up as a charge-off/bad debt under WF on my CR.
Am I doomed to deal with this CA and having to eventually do a GW to WF to get this cleared up? I've been in the process of clearing collections left and right, and now I have yet another added because of this.
If Wells Fargo cannot or will not recall the loan from the CA if you offer to make payments or pay it off, then yes, you'll have to deal with the CA. Once they've transferred the debt, its their perogative to require you to deal with the CA.
I'm assuming this is a private loan (since I don't think Wells Fargo serviced federal loans), so rehabilitation is not an option. You'll want to follow the same process you have been with your other collections to pay them off while getting them removed, and then deal with the original creditor or wait for the negative information to age off.
That's the weird thing about the loan. It was another student loan she got when she got numerous others, and they all got sold and resold exc exc. It should have originated as another federal loan, but I'm not sure on that. Is there a way to find out, would they know if I called them?
I figured as much about having to deal with the CA if it does end up being a non federal loan though.
You can have her go to the National Student Loan Data System (www.nslds.ed.gov) and log in. That site will list all of her federal loans, if the loan isn't there, it is private. You could also have her go back to the original paperwork from her school, if she still has it. The aid agreement should detail the types of assistance she received.
Wells Fargo should also know, but it's always nice to confirm what they're telling you from another direction. I would be very surprised though, I've never heard anyone say that WF serviced federal loans, but they are a common private lender.
I was talking with her about this morning and she was pretty positive it is private. Wells Fargo actually bought out the loan, along with a few others from Wachovia a couple years ago. For some odd reason though, this loan got separated from the others when she set them up. Its a touchy subject to deal with her on, so I have to try and tried lightly. Meanwhile, its hurting my credit until something is done and I don't have full rights or permissions as a co-signer.