NCO now has OSI Education accounts

Anonymous · ‎07-15-2008

I had two private student loans that were placed with OSI Education. I've been making payments to them since October 2006, on time every time.

In response to my last payment, I got the usual confirmation, but the confirmation stated that OSI was now NCO but same address as before. I did a little research and found out that as of NCO's 10k (this is a form that the SEC requires quarterly) filing in March 2008, OSI was a subsidiary of NCO. I'll have to go further back into NCO's SEC filings to find out when that happened, or if it's always been the case.

Anyway, I'm scared that my agreement with OSI won't stand, or that NCO will come after me more hard core. These private loans were for substantial amounts, and a judgment would really be devastating (to my career).

I'm hoping that since I'm paying, and will continue to pay, it will be in NCO's interest to leave it alone and continue to accept payments. Has anyone else been dealing with OSI Education?? Or NCO but with student loans?? I've had a decent relationship with OSI, but I can't tell if this is a sale of OSI's accounts, or a corporate takeover, or just a corporate parent realigning a subsidiary. I don't need to panic, right??

Anonymous · ‎07-23-2008

Federal Student loans don't have a statute of limitations so there is no need for a creditor or collection agency to file for a judgment in court. Hopefully they leave you as is paying what you have been paying. Good luck with this matter.

LynnInMN · ‎07-23-2008

I originally worked for a company that was bought out by OSI. Nothing changed except the name. I talked to a friend of mine who works for OSI still and again they noted that nothing had changed except the ownership.

Keep in mind with private loans in default, they will eventually file for jugdgement whether you are paying or not.

Ex-Financial Aid Officer

Ex-Student Loan Collector

Anonymous · ‎07-24-2008

Thanks Lynn. I appreciate your insight. We're still well within the SOL on these, thankfully, so I hope that they won't move in the judgment direction. The loans are for very substantial amounts, but I think that with my next job I will be able to pay them off by summer 2010--still a couple of years before the SOL is up. Unfortunately for me, that's really the only thing that comes close to a bargaining chip since I can't just pay them off.

Anonymous · ‎07-24-2008

SOL?

SL's (private or Federal) do not have ANY SOL- I recall a recent article about a 70+ year old man that was having his SS garnished.

jesslyn wrote:

Thanks Lynn. I appreciate your insight. We're still well within the SOL on these, thankfully, so I hope that they won't move in the judgment direction. The loans are for very substantial amounts, but I think that with my next job I will be able to pay them off by summer 2010--still a couple of years before the SOL is up. Unfortunately for me, that's really the only thing that comes close to a bargaining chip since I can't just pay them off.

Anonymous · ‎07-25-2008

Yep. If you go to any of the legal forums elsewhere, threads about guarantors popping up out of the blue to freeze accounts and whatnot (pretty sure I've heard of them attaching liens to homes) are more plentiful than threads about being sued by CAs!!

I may not be a fan of paying $500/month on SLs my hubby incurred 10 years before we met, and I may not be happy about owing $22K for something that I can't touch, smell, or drive, but the alternative to paying them is UGLY.

There IS no escape from SLs. Just because they haven't grabbed you by the short 'n' curlies and slapped you silly YET doesn't mean they WON'T. And from everything I've read EVERYWHERE, it will come at a time that you A) don't expect and B) will devastate you.

Anonymous · ‎07-28-2008

I was referring to the SOL for getting a judgment against me in court. Since the collection agency is getting a substantial amount of money from me every month--more than they would be allowed to garnish, and certainly vastly more than my monthly payment would have been--I don't think they'll go the route of putting garnishment in place. The reason that there are other remedies for student loan providers is because there is a statute of limitations for judgments.

Admittedly, getting a judgment is only one of their remedies, but it is the one I'm most concerned about. I'm praying that I don't become one of the true horror stories, where you make a deal with the collection agency, abide by it, send in extra, and they don't abide by the agreement and come after you worse. Since I can't pay it off in total at this moment, the most I can do is continue to do what the collection agency asks of me.

Anonymous · ‎08-02-2008

I haven't been working w/ OSI Education, I've been on the hospital bill side (I worked with them as a hospital employee as well as a debtor) and all the same people are there and all indications are that it's the same operation (for now) that it always was.