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Valued Member
Zekester
Posts: 27
Registered: ‎12-27-2012
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Rehab waiting game

I made my 9th payment December 20th and am waiting for a funding date so I can start seeing some of the benefit from the program. My guarantor was Sallie Mae with USA Funds showing for the loans. GC Services was handling the rehab process on this and originally said the funding date would be the 11th and now the 17th. Anybody else in roughly the same time frame as me experiencing something similar?


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Kathy4NU
Posts: 280
Registered: ‎07-09-2012
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Re: Rehab waiting game

Keep us posted.  I am making my 8th payment today and my 9th payment early (on February 1st - the earliest they will except the 9th payment).

 

I am hoping by making it early my loan will get picked up before I have to make a 10th payment.




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What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Contributor
elleng81
Posts: 100
Registered: ‎12-10-2012
0

Re: Rehab waiting game


Zekester wrote:

I made my 9th payment December 20th and am waiting for a funding date so I can start seeing some of the benefit from the program. My guarantor was Sallie Mae with USA Funds showing for the loans. GC Services was handling the rehab process on this and originally said the funding date would be the 11th and now the 17th. Anybody else in roughly the same time frame as me experiencing something similar?



Hello! My student loan was rehabbed with GC Services as well. My 9th payment was made on September 26th. I made a 10th payment on October 26th and was informed that my loan actually was picked up on the 24th by AES and that my 10th payment that I had made to GC Services was credited to my AES account. I am now in the waiting game for the removals of negative information from the original lender (MOHELA). I called MOHELA and was told they gave the updated information to the CRs on December 3 and they have 60 days to update. 43 days and counting... AES is showing up now (backdated to 4/2009) with all positive paying history. I am concerned about the MOHELA information updating...  I would love to see my 120+ days removed, as I was told they would be after completion. I also don't understand how it is showing on my CRs... they show up twice, once with MOHELA and once with FedLoans (4 loans each) so I am actually showing 8 loans with 120+ days lates. Does anyone know if all of them will be removed?


Thanks!

Valued Member
Zekester
Posts: 27
Registered: ‎12-27-2012
0

Re: Rehab waiting game

Thanks for the update with your progress. I will keep mine updated on here as well. I was hoping I would get picked up before the 10th payment, but I doubt it is going to happen in time at this point.


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New Contributor
moneypenny02
Posts: 83
Registered: ‎04-27-2012
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Re: Rehab waiting game

Thanks!  I think you may have answered a question I had about the rehab program -- but you are saying that after making the req'd number of payments, all of yoru negative history should be deleted?  I am trying to get rid of multiple 120+ day late payments and trying to figure out of PFD is the only way to get rid of these without waiting the 7 years.

Member
ZeroG1MC
Posts: 7
Registered: ‎11-29-2012
0

Re: Rehab waiting game

 

What will happen is that your current loan accounts will be closed (note of default removed and account balance brought to $0). The new lender will open up a fresh student loan account that will appear on your credit report with perfect payment history dating back to the same initial payment start date of the original defaulted loans. The issue that most have is getting those lates removed from the defaulted accounts. I just posted today about how my Good will letter to have them removed by Nelnet was denied. Its worth a try, however those missed payments of yours (and mine) are accurate so they dont have to remove them. You do have a good shot if the payments were missed due to being shipped out by the military or something along those lines. They have to remove the "default" from those old accounts, but bot the missed payments. It helps to just look at the situation and feel lucky that we both had a second chance and have our loan rights restored (ability to receive new loans and deferment etc...) and have the default removed. That default destroys your credit score. Good luck to you!


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Valued Member
Zekester
Posts: 27
Registered: ‎12-27-2012
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Re: Rehab waiting game

I just spoke to the rehab people again and they told me that in my case, the default will be cleared and the two TLs will be deleted and replaced with positive ones. He backed it up by saying that he will send a letter to that effect as well. I am not sure what makes each of these scenarios different for everybody.


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Member
ZeroG1MC
Posts: 7
Registered: ‎11-29-2012
0

Re: Rehab waiting game

 

I guess there is mix of factors such as luck, persuasive skills in the good will letter, whether someone has a direct staff email / name, or which company is being dealt with.


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Valued Member
Zekester
Posts: 27
Registered: ‎12-27-2012
0

Re: Rehab waiting game

Well, they said it would be funded on the 17th and I should receive mail letting me know who picked it up before then. As it happened, the loan was funded on the 18th before my 10th payment would have been deducted, which I am happy about, but I haven't received any mail yet about it.

 

I have been hacking away at clearing up old collection accounts and other baddies off my report, so hopefully this will delete off about the same time as some other items so I get a dramatic bounce. 

 

Once I get the letter and follow up, the rep said it is running about 2 weeks to see the default cleared and the new tradelines. Hoping this turns out to be the whole cleansing of the TLs some people have picked up. Fingers crossed!


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Valued Member
Zekester
Posts: 27
Registered: ‎12-27-2012
0

Re: Rehab waiting game

Another interesting thing about this. I got my student loan interest statement for my taxes last night. I was paying $250 a month on the rehab payment and apparently that whole thing went to interest. A hefty extra deduction I wasn't counting on. 


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Current Score: 5/21/13 - USAA EXP 679 EQU 659 TU 677 MyFico EQ 667
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