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Contributor
Posts: 78
Registered: ‎01-18-2013
0

In Rehab but am confused about my CR...Please Help!

[ Edited ]

I have already started a Rehab Program for my SL's, I did so back in Oct. of 2012 and will finish in June 2013. The CA that my Rehab Program is through is F.M.S. (Financial Management Systems), the only problem I have with them thus far is that they have sent me absolutely zero paperwork via USPS only the agreement I had to sign via E-Mail; I couldn't even get them to send me paperwork regarding all of the promises them made to me i.e. removal of Default Status, removal of ALL Baddies, and dropping all of my interest in fees once Rehab Program is complete. I'm hoping that someone on here has had some experience with FMS and can relieve my worries by letting me know that they kept to their word.

 

A big reason for writing this post is the confusion with what is being reported on my CR, it is as follows, please advise!

 

1.

US DEPT OF ED
08-09 5500

Hist: 12-12
Ctgy: STUDENT LOAN

ACCT SUBMITTED OT COLLECTION COLL 09-12

PAST DUE PAT $6466

 

2.

US DEPT OF ED

05-10 3066

Hist: 12-12
Ctgy: STUDNET LOAN

ACCT SUBMITTED TO COLLECTION COLL 09-12

PAST DUE PAT $3486

 

3.

CITI/STDNT LN RSRC CNT

08-09 5500

Hist: 10-10

Ctgy: STUDENT LOAN

ACCT TRANSFERRED

STUDENT LOAN

DEFERRED STUDENT LOAN

 

4.

US DEPT OF ED

05-10 3228

Hist: 05-12

Ctgy: Education Loan

Lates: 10x90 etc.....

DEFAULTED STUDENT LOAN

CLAIM FILED FOR INSURED PORTION OF BALANCE

GUARENTEED STUDENT LOAN

 

5.

US DEPT OF ED

09-09 5988

Hist: 05-12

Ctgy: EDUCATION LOAN

Lates: 10x90 etc.....

DEFAULTED STUDENT LOAN

CLAIM FILED FOR INSURED PORTION OF BALANCE

GUARANTEED STUDENT LOAN

 

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This is everything pertaining to my student loans, there are two of them but I'm not sure what each entry here on my report means and what will drop off when I'm done with Rehab and what won't. Any help and or advise is greatly appreciated.

PresP
2/6/15: Credit Karma: 626
4/23/13: TU 615, EX 600, EQ 581
1/16/13: TU 585, EX 525, EQ 514
Goal: Purchase Second Home ASAP

Cards: Cap1 Secured - $300; Authorized User on Chase Card: $5500.
Frequent Contributor
Posts: 465
Registered: ‎06-13-2008
0

Re: In Rehab but am confused about my CR...Please Help!

FMS will not send any paperwork...there is no requirement for them to do so.  Rehab is written into the Higher Education Act.

 

  In reality, there is no such thing as a "rehab program".   You are simply making the payments to qualify for the rehab program.  Up until that 9th payment is made, you are simply making payments.  CA's are not permitted to send out any letters, documentation that changes the terms of your original promissory note.

Ex-Financial Aid Officer

Ex-Student Loan Collector
Contributor
Posts: 78
Registered: ‎01-18-2013
0

Re: In Rehab but am confused about my CR...Please Help!

Thanks LynnlnMN, I appreciate your feed back! This at least makes me feel better about not receiving anything from them.

PresP
2/6/15: Credit Karma: 626
4/23/13: TU 615, EX 600, EQ 581
1/16/13: TU 585, EX 525, EQ 514
Goal: Purchase Second Home ASAP

Cards: Cap1 Secured - $300; Authorized User on Chase Card: $5500.
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