02-20-2012 09:18 PM
I think it is criminal what Key Bank has done to us. They have charged off loans in excess of $75000, which cannot and will not be paid in full for at least another 10 years or so. So in the meantime how am I to buy a home or even a car with a credit score that says I am "irresponsible with dept" As far as I understand it, it will take 7 years after the charged off accounts have been paid in full, for my credit to return to what is deemed responsible. If anyone has any answers on how to fix this injustice let me know please.
03-12-2012 11:50 AM
I am having the same issue!! I just got a call from a collection agency telling me that my 10K loan amount is due in full by the end of the month. I NEVER received any notices/bills from Key Bank. My dad co-signed on the loan and he never received anything either. How can they DEMAND I pay the total amount in full when this is the first time I have even heard from them.
I tried calling Key Bank directly and they wouldn't give me any information and said I will be contacted by the collection agency. Can they do that? My husband and I have 8 student loans between the 2 of us and pay $1100 a month for those, and have never missed a payment. I dont understand why they wont work with me. I am 100%responsible for the amount, I know that, but for them to not even work with me on a payment plan is absolutely unreal. Especially when this is the first time I'm hearing about the amount even being due.
Has anyone had any luck with getting through to Key Bank or working out a debt through collections?
11-08-2012 03:02 PM
I am fairly new to this so I hope someone replies to me...
i also got my loan charged off with NO notification until i checked on of my credit cards...they won't reverse it..
i said that i sent an in school deferrment to all my loans and i am almost certain that i sent it to keybank as well. Now, i am at a total loss...im only 24...going on a 2nd bachelors...and i have no help from keybank...so i've been doing online research as to what to do...keep paying off the charges...but how do i talk to these people?? they're jerks!!
any help would be appreciated
11-09-2012 07:16 AM - edited 11-09-2012 07:22 AM
I have 6 private education loans through Key Bank. What a nightmare. I went through the whole deferment process when I lost my job a few years ago, telling me that I was approved and that I'd be getting paperwork in the mail in 30-60 days. After 60 days, and nothing.. My father (cosigner) receives notice that all 6 accounts have been charged off. This really was devastating to my family. They never called me, mailed me, nothing. Just demanded $50k in full from my father. This caused a huge divide in our relationship and ruined my credit. They have been a nightmare to deal with, I have been in repayment since, paying $200 a month for now. They won't be removed for years. They certainly partake in shady business practices to get these off their books. I feel your pain!
02-06-2013 07:38 AM
I am having the same problems. I know this thread is old but it still applies. I owe two loans to Key, 12K and 13K and they charged off my accounts without notice when I was in deferment for my federal loans. My federal loans are still active but these guys are horrible, horrible!
02-13-2013 04:12 PM
wow! I just learned that I have 7 charged off loans with Key Bank. They haven't contacted me in 3 years, no phone calls, emails or letters. There answer was that they couldn't do anything unless I paid $350 a month. Well I work part time as a school counselor, not a money making job. I told the lady, who was very rude, that $350 is basically half my salary and I won't be able to eat. They have never even tried to contact me. They even said that they had called me 1/27/10 to tell me, when in reality I called them to put my loans in deferrement while I was in S. Korea to make money teaching English. I had updated my address and number to my mom's house so I would be able to know if anything happened. They decided not to update my info and now blames me that I didn't update my info. This is a racket and it needs to stop, there has to be something we all can do.
02-13-2013 10:16 PM
Are these federal student loans? Are they currently in default?
Per the terms of the rehab program, if they are, the collection agency has to work with you so that you can make 9 reasonable payments to rehabilitate the loans and get them out of default. Call the collection agency back and explain that you cannot pay what they asked. I've read here that people have had success with asking them to send a worksheet where you can detail your income and monthly expenses, then you can both use that as a starting point in determining a payment amount. If they really won't budge, it might be time to contact the Student Loan Ombudsman and ask for their assistance. That said, the experience around here seems to be that with a little firm pressure, the CA will adjust the payments to a reasonable amount.
Going forward, it will be very important for you to be proactive about knowing your loan status, and ensuring that your lender always has your up-to-date contact information, because as you've learned, mistakes happen and the borrower often suffers the consequences. I'd reccomend making an account on the lender's website and checking it at least once per month to make sure your payment has posted, and that everything else seems correct.