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Member
trulygifted01
Posts: 7
Registered: ‎04-12-2012

Wait time for new lender after 9th payment of rehab

[ Edited ]

Hello,

 

I want to know has anyone had a lender pick up their loan after the 9th payment was completed. My 9th payment was completed the beginning of March and still no lender,.. I would like to know since jan of 2012 how long did it take for a lender to pick up ur student loan.

 

 

Member
mollyork
Posts: 11
Registered: ‎04-03-2012

Re: Wait time for new lender after 9th payment of rehab

I was just wondering if you ever got a lender to pick up your loans.  If so, how long did it take?  Thanks!

Regular Contributor
InvincibleSummer2
Posts: 171
Registered: ‎06-15-2012

Re: Wait time for new lender after 9th payment of rehab

I'm not the original poster, but I finished rehab on 9/14 and was picked up within 3 weeks after that.



Member
mollyork
Posts: 11
Registered: ‎04-03-2012

Re: Wait time for new lender after 9th payment of rehab

Thanks for the reply.  My husband is paying his last and final payment Nov. 1 and we are looking forward to putting this mess behind us.  I have heard that getting the loans picked up again can stall the "default" status change on credit reports and Dept. of Ed.  Hopefully his will go as smoothly as yours.  Thanks again.

Regular Contributor
InvincibleSummer2
Posts: 171
Registered: ‎06-15-2012

Re: Wait time for new lender after 9th payment of rehab

Well, I'm not entirely out of the woods. I got picked up fast, but there are multiple stories of people who wait, often for some time, for the changes to reflect on their credit reports. Or the new tradelines get reported but the old ones aren't always removed. Or they remove part of the negative info but not all. Lots of pitfalls.

 

My servicer reports to the CRA's on the 22nd, so will keep you posted on what happens.



New Contributor
mizmagic
Posts: 64
Registered: ‎10-20-2012

Re: Wait time for new lender after 9th payment of rehab

I would like to know the same thing.

I just completed rehab and sent a GW to the company that currently holds my loans and they sent me this:

 

"Dear xxxxx,

 

Thank you for contacting American Student Assistance® (ASA).

I reviewed your account and found the Loan Rehabilitation program for your federal Consolidation loan currently held by ASA®  is due to be completed this month. As such, ASA® your guarantor, will ask your previous loan holder and consumer reporting agencies, (Equifax, TransUnion, and Experian), to remove the default entry from your credit report; It may take up to 90 days after the loan is sold for the default to be removed from your credit history.

I hope this information is helpful to you."

 

Does this mean they are selling my loan to someone else, but removing the negative marks on my credit report?


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Regular Contributor
InvincibleSummer2
Posts: 171
Registered: ‎06-15-2012

Re: Wait time for new lender after 9th payment of rehab

Yes, your loan will now be picked up by a new lender. The default notation will come off your credit report, but most of the time the lates that led up to the default remain on your report until the 7.5 year CTRP is up. So there may be some negative marks remaining, but the default is the big kahuna and that should be removed.



Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Wait time for new lender after 9th payment of rehab

I waited 4 months to get picked up...my wife went less than 1 month....

 

We both started rehab literally the same month.



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Member
mollyork
Posts: 11
Registered: ‎04-03-2012

Re: Wait time for new lender after 9th payment of rehab

I wonder if the collection company makes a difference.  If you don't mind me asking - was it the same company for the both of you? 

Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Wait time for new lender after 9th payment of rehab

I believe so.

 

I don't think it has anything to do the collection servicer.

 

Hers was a much larger amount than mine so I think it appealed more than mine. Mine was under 9k hers was over 25k.



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three

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