Private Loan Nightmare

[Anonymous]

Here is the summary of my horric daily nightmare:

-For my B.S. I took out a private loan via Citibank.

-After college, was unemployed and took a paycut requested a deferment.

-Reapplied and thought I was deffered.

-Citibank private loans were charged off and bought out by Arrowood Indeminty Company.

-LCS Financial collects for them.  

-I have been paying them from $50 (at the beginning) and gradually up to $300 (the past few months).  
-I have 4% interest rate and owe about 10,400.00

-They always want to up my payments and I have other bills.  

-They want me to do a financial profile and provide my monthly expenses.  I do not feel comfortable as I have future expenses that I need to save for a car (my car is going).

-The past two months, I have been making a minumum payment that they agreed on $300.  Today I did that , the lady said in a nasty tone, that she has been calling me despite the fact that I have been making payments and didn't skip within the year.  She demanded that I give her a financial profile and that I speak with her on Monday.

-I tried to get personal loans to pay this account off and was denied.

-I asked them if I could speak to the Arrowood Indeminty Company and they say that I cannot speak to them.  

-This is the Collection Agency that is collecting for this company who bough  the accounts from Citi.

-I want to pay this off but the harrassment and anxiety I get from this is unbearable ...what should I do?

-Any options?

[IOBA]

lol - my first thought was change your phone number!   But that won't make the problem go away.

In this case, you are in the driver's seat - not them.   They are trying really hard to be a backseat driver - don't let them.

IF this were me, I would

1.   Send them a payment, cashier's check/money order, twice a month.   Seeing money come in more often eases tensions sometimes.

2.   Send them the payment CMRR - you want proof that they received it.

3.   Send a cease and desist letter to them, CMRR.   In the letter state that all communication must be through mail and never by phone.   This should stop the phone calls.

4.   I am driving the car - not them.   If I don't want to fill out for a financial profile, I am not doing it.   Their goal is to get as much information about me as possible.   MY goal is to pay off the debt as quickly as possible with terms I can afford.  

If they already have your bank account information - change banks and then only use cashier's checks/money orders.   If they charge your cc for the payment then leave it alone.   You can always dispute the charge - either the full amount or a partial amount.

I know the CA's employees can be pushy, aggressive, and not so nice.   Their paycheck depends on you making payments.  Keep that in mind.   Always treat them with respect.   Keep chuggy along and making payments.   

[Tazman81]

I agree.  You should start getting everything in writing.  I would also let them know that $300 a month is a very reasonable amount for a 10k student loan.  You need to get in writing with them a payment plan.  This way you will know exactly what you will be paying each month.  Unfortunately with private student loans, they do not offer as many luxuries as the federal student loans did.  Keep up the work and keep sending them payment.  Make sure you keep track of the payments and the amount the loan should be decreasing.

[Booner72]

I'd like to point out that the bright side is that it's only 10K and it is a reasonable rate.

Try to stop letting this be the nightmare of your days.  I would follow all advice given!

Good Luck, chin up!  Could be wayyyyyyyyy worse.