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I want to pay my private loans, but I can't find them!!!!

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Anonymous
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I want to pay my private loans, but I can't find them!!!!

Just got out of Ch 13 BK, I was left with about $24k worth of private loans (the problem children, because apparently they immediately default and get sent to collections as soon as you file, awesome Smiley Mad) and $5k of federal loans (I know where those are and how to repay them, no prob with them).

 

Part of my payments to the trustee went towards the student loans over the past 5 years (I think.... ?). Most of my loans were being paid $200-500/mo, if indeed that money was going towards them. I have my doubts because I called my loan servicer (AES) and they weren't able to tell me much of anything useful about where my loans might be. They still have one that did indeed get paid down, but four are kind missing. They told me to call National Collegiate Trust, who told me they had had one and it was paid off (no way it could have been, and they should've had two loans with about a $7k remaining balance each, so I'm super suspicious).  Citizen's bank is supposed to have two (correct) and when I called they said that they're with a collection agency now. Didn't wanna poke that bear just yet, so I'm letting it be for a few days and trying to poke the AES bear some more. I want to know where the mysterious NCT loans are. They weren't discharged, but they seem to have been paid/vanished.

 

I hate to sit around waiting for creditors/CAs to contact me, but how else am I supposed to find my loans? NSLDS only comes up with Federal loans, and those aren't the problem right now. AES doesn't seem to have a clue. I'm trying to rebuild my credit and I don't want any sneaky lates popping up on my CR after BK. That would really not look good, not to mention I have the means and the want to pay all these off quickly, but I can't.

 

I've tried signing up for ECMC, Navient, Nelnet (didnt realize it was federal only) just in case maybe a loan was hiding with them, but my SSN doesn't bring up anything. Are there any other companies like these out there that may be harboring my missing loan?

 

How else could I possibly find the loans? This is super frustrating. I already wished I hadn't wasted close to $80k on college, and this makes me wish it even more. I just wanna be out from under this student loan debt blanket.

Message 1 of 7
6 REPLIES 6
IOBA
Senior Contributor

Re: I want to pay my private loans, but I can't find them!!!!

Have you contacted the trustee who was making the payments?

 

Did you receive a statement of how the payments were distributed?

Message 2 of 7
Anonymous
Not applicable

Re: I want to pay my private loans, but I can't find them!!!!

I didn't even think to contact the trustee, honestly. Good idea! I did contact my atty about it before I was discharged. She said I should just wait and see who contacts me. Well, I'm not all about waiting anymore. I want action and things DONE haha. I want to be proactive, not reactive.


I did look up my loans on the NDC site (shows how your trustee payments are disbursed). That's how I confirmed the money was going to 4 places (2 NCT (aka 1st Marblehead) and 2 Citizen's). The NDC lists creditor phone numbers, but those led nowhere.

 

I did just notice both NCT/1st Marblehead accounts posted refunds to the trustee right before the end of my 5 years. Maybe they were paid off, after all? I really doubt it, though, as both were originally over $14k loans. I don't think Student Loans can be "crammed down" like auto loans and the like. And I know dang well they can't be discharged!

 

11/30/2015 FIRST MARBLEHEAD CORPORATIONREFUND FROM CREDITOR/PRINCIPLE-$402.99 $7,345.45

 

11/30/2015

 FIRST MARBLEHEAD CORPORATIONREFUND FROM CREDITOR/PRINCIPLE-$415.09 $7,565.90

 

I guess I will try calling the trustee.

Message 3 of 7
IOBA
Senior Contributor

Re: I want to pay my private loans, but I can't find them!!!!

Usually in ch 13, the creditor and the trustee agree to a sum owed and a payment that would result in a zero balance at the end of the ch 13.  So it's very possible that your student loans are paid off, in full.

 

Since there were two payments refunded, where did the money go?  Was it returned to you?

Message 4 of 7
Anonymous
Not applicable

Re: I want to pay my private loans, but I can't find them!!!!

If that's true, that would be amazing. I'm still skeptical though! Nothing in my life is ever that easy, lol.

I'm not entirely sure where the refunds went? I'm assuming it probably back into the general pool of money and then to another creditor. They were refunded before my final payment to the trustee. I did not receive them, though. I sent an email to the trustee but I haven't heard back yet. I'll probably try calling tomorrow if I don't hear anything.

Message 5 of 7
Anonymous
Not applicable

Re: I want to pay my private loans, but I can't find them!!!!

Update, in case anyone is curious.


recap:
Loan #1: Still with AES, easy peasy. No problems there!

Loan #2/3: Formerly Citizen's, now in collections with Schlee and Stillman. Called them this morning fully intending to do a payment plan to pay in full. Lady says they do not do payment plans to pay in full. Instead they want to settle, and I can do payment plans on the settlement amount if I pay the smaller loan settlement in full. Okay, so you will let me do the easier thing AND pay less money? Weird, but sure, I'll do it, I want it over with and I'm not gonna argue to pay more money haha

Loan #4: NCT: Actually WAS paid in full for some reason. Didn't pry into it too much, but requested documentation that it was indeed PIF just in case anything weird goes on with it.

Loan #5: NCT/Bank of America. Did a little digging with the NCT lady and she found out that one of the loans had been returned to BofA. I called them, and that turned out to not be entirely true, apparently that one went to collections as well, but they're getting back to me on doing a 36 month payment arrangement on the balance of $14k-ish. So it looks like the $7k I thought went to this loan just went to pay the entirety of loan #4.

 

Glad to have the ball rolling on all this crap! And definitely wishing I'd qualified for more Federal loans that I did. Private loans are a female dog. Smiley Frustrated

Message 6 of 7
IOBA
Senior Contributor

Re: I want to pay my private loans, but I can't find them!!!!

Thanks for the update.  Sounds like things are moving forward.

 

Definitely follow up and get the list of how ALL of your money was disbursed, each month, during the BK!

Message 7 of 7
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