topic Re: Grandma forgot to pay for college in Rebuilding Your Credit

Grandma forgot to pay for college

zerbherb — Mon, 11 May 2015 14:27:16 GMT

now I have a collection, how easy will this be to fight if she pays it right now.

Re: Grandma forgot to pay for college

zerbherb — Mon, 11 May 2015 14:27:55 GMT

I'm not happy camper right now. 8 months of hard work to be screwed over by your grandma who forgot about your 529b plan

Re: Grandma forgot to pay for college

zerbherb — Mon, 11 May 2015 15:37:04 GMT

Thanks?

Re: Grandma forgot to pay for college

Anonymous — Mon, 11 May 2015 15:45:10 GMT

I would post this on rebuilding your credit forum. Is the collection on your credit report? Ultimately this is your credit and your responsibility. Call the collection agency and find out what your options are. Perhaps they will remove if you pay asap. Good luck.

Re: Grandma forgot to pay for college

Anonymous — Mon, 11 May 2015 20:08:51 GMT

Call the collection agency and try to negotiate a pay for delete asap.

and the title of this post.... ohhhhh sweet lawd that title made my day. I am still laughing.

Re: Grandma forgot to pay for college

Anonymous — Mon, 11 May 2015 21:13:48 GMT

Depending on how much the collection is for and how it is repaid this can be worked out from what I've read and the conversations I have had with the Dept of Ed. If you rehabilitate your loan through a series of monthly payments (9-10 iirc) the loan will be pulled back and serviced by a new lender and the old bad collection gets removed. Now I can't say this is 100% true across the board w/o exception but it's what I've read and what I was told by the Dept of Ed when I called and talked to them about a old loan of mine that popped up after 13 years. On the plus side if you rehab the loan then you get a positive trade line that dates all the way back to the beginning of the loan which can add significantly to your AAoA and end up being a blessing in disguise. If I have said anything wrong anyone please correct me as this is simply my experience with a student loan.

Re: Grandma forgot to pay for college

Anonymous — Mon, 11 May 2015 21:21:40 GMT

Just want to remind everyone to play nice. Remember we are all here for help in difficult situations. How we got there, and whose fault it was or wasn't is not really relevant or helpful to the OP.

OP, post some specific details as to the debt and the related collection and some folks may be able to offer some advice. Was it federal loans or private?

Re: Grandma forgot to pay for college

zerbherb — Mon, 11 May 2015 23:21:44 GMT

It wasn't a loan. Just my grandma literally forgot to pay the college with my 529b thats all shes sending the 2000 grand tomorrow.

Re: Grandma forgot to pay for college

2b2rich — Tue, 12 May 2015 00:38:08 GMT

@zerbherb wrote:
It wasn't a loan. Just my grandma literally forgot to pay the college with my 529b thats all shes sending the 2000 grand tomorrow.

I have a degree, but for the life of me I can't think of what a 529b is at the moment? At any rate, yours apparently didn't get paid and it is now in collections.

Did the college really not tell you that it had been paid before sending the debt to collections?

Re: Grandma forgot to pay for college

Anonymous — Tue, 12 May 2015 00:42:52 GMT

@2b2rich wrote:
So
@zerbherb wrote:
It wasn't a loan. Just my grandma literally forgot to pay the college with my 529b thats all shes sending the 2000 grand tomorrow.
I have a degree, but for the life of me I can't think of what a 529b is at the moment? At any rate, yours apparently didn't get paid and it is now in collections.
Did the college really not tell you that it had been paid before sending the debt to collections?

It's basically an IRA that you can use for college.

Re: Grandma forgot to pay for college

SunriseEarth — Tue, 12 May 2015 00:47:23 GMT

@zerbherb wrote:
now I have a collection, how easy will this be to fight if she pays it right now.

Have you contacted your college to see if they can recall the collection if you pay them?

Re: Grandma forgot to pay for college

zerbherb — Tue, 12 May 2015 02:42:00 GMT

What he said. Yeah i have one of those. Thank god, my new school is 33 grand.

Re: Grandma forgot to pay for college

Anonymous — Tue, 12 May 2015 03:05:11 GMT

I hope you can reach out and get that collection either recalled or pay for delete. If its in collection though it may have been more then 30 days late? It may be good to set up a calendar reminder to ask your grandmother a week ahead if it was paid moving forward, or if you can manage the responsibility , take it over.

One thing I learned the hard way is that credit health is like your medical health ; despite how bad it looks deal with it as soon as you can because it only gets worse with time unhandled.

Re: Grandma forgot to pay for college

Anonymous — Tue, 12 May 2015 05:11:53 GMT

From what I've heard colleges pretty good at removing these things, particularly when it's addressed early. My daughter had a collection from a JC that she didn't know about until she applied for an auto loan. She was able to get it removed in about a week.

Re: Grandma forgot to pay for college

Anonymous — Tue, 12 May 2015 08:09:37 GMT

I would definitely try a "pay for delete". Negotiate! All they want is payment. You'd be surprised how willing they may be to work with you.

Re: Grandma forgot to pay for college

zerbherb — Tue, 12 May 2015 22:05:15 GMT

All is good its gone. Grandma just sent them the 2 grand. Does a day old collection count if its taken off? Like will i have any after flow from this?

Re: Grandma forgot to pay for college

Rebuilding69 — Tue, 12 May 2015 22:19:21 GMT

@zerbherb wrote:
All is good its gone. Grandma just sent them the 2 grand. Does a day old collection count if its taken off? Like will i have any after flow from this?

I would assume if you lost points from it, then you should be afforded those points back after its paid/deleted..

Re: Grandma forgot to pay for college

SunriseEarth — Wed, 13 May 2015 00:00:48 GMT

@zerbherb wrote:
All is good its gone. Grandma just sent them the 2 grand. Does a day old collection count if its taken off? Like will i have any after flow from this?

FICO doesn't have a memory, but is merely a snapshot of your credit profile at a given moment in time. So no, once removed your CRs, there's no impact. Just follow up to make sure it's removed. It can take some time for CRs to update.

Re: Grandma forgot to pay for college

crrredit — Wed, 13 May 2015 00:08:29 GMT

I'm glad you got things straightened out. That's what we all work together to accomplish and cheer for when it happens. That said, I'm going to miss seeing the title of this thread popping up.

Re: Grandma forgot to pay for college

zerbherb — Wed, 13 May 2015 01:41:35 GMT

i'm glad i made you laugh. While i was like oh s***T.