topic Re: What can I expect?? Rehabbing with Windham Professionals in Student Loans

What can I expect?? Rehabbing with Windham Professionals

ironsight — Wed, 01 Aug 2012 18:15:30 GMT

I am currently rehabbing with Windham Professionals. I am 7 months into it and going good.

My question is, what can I expect in the way of score change, TR deletions ect. on my CR? I currently have 7 TR's from Nelnet all showing $0 balance, some showing up as Pays as Agreed and some showing up as 120+ all with a status of claim filed with governmnet. I also have 1 TR from Colorado Student Loans (I am assuming this was my consolodation) for my total $22,848 in loans showing as a Collection Account.

So....once I make my 9th payment and the loan is sold, what do you guys think will happen on my CR? Will the Nelnet lines go away? If they don't will the lates be cleared? Will the Colorado Student loan TR show current and will my lates go away on this TR?

Any info you guys can provide will be appreciated!! Thanks in advance!!!!!!!!

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Thu, 02 Aug 2012 13:47:03 GMT

I have no idea...but there are several of us right at that 7 month mark. We could be a club. August & Sept will mark payments #8 and #9 for me.

It would be interesting to see the differences once the rehab results start happening.

Re: What can I expect?? Rehabbing with Windham Professionals

apandabear — Thu, 02 Aug 2012 18:33:37 GMT

There's a very long thread on "Student Loan Rehabilitation and the Effect on Tradelines." I've read through the entire thing. It's actually pretty interesting, but does go to show you that everyone's situation will be different.

Some people's loans are purchased right away and they begin on a new loan immediately.

Others take a few months to get purchased. Some of those end up paying the Collection Co for a few more months, some don't.

Then there's different situations. For me, I started with Sallie Mae, who closed my accounts two years ago. I will likely have those lates forever.

Because they were sent to my loan guarantor, USA Funds. They are now reporting on those loans. This is the tradeline that will either get deleted, or all lates removed and paid as agreed. I hope!!! I am paying a collection agency, Allied Interstate, to rehab my loans. Allied Interstate is nowhere on my credit report. USA Funds is updating my loan amount each month as it gets smaller.

I'm at payment 7/month 6 right now. I know what a rough, bumpy, and scary ride this can be. Just hang in there. No matter what happens, it's going to get much better from here!! Best of luck, and check in with us often!

Re: What can I expect?? Rehabbing with Windham Professionals

trix_r_4_kids — Thu, 02 Aug 2012 15:21:23 GMT

My rehab was through a different agency even though I have Nelnet loans. Here is what has been my experience so far:

June 29th -- Made 9th rehab payment

July 13th -- Loan returned to Nelnet

July 27th -- Loan officially released from collection agency

I pulled all 3 bureaus from USAA CMS today. Collection is GONE from EX and EQ! Still showing on TU, though :-(

Nelnet reports to the CRAs on the 16th of the month. Their tradeline hasn't been updated as of yet. I'll check back in a few weeks.

Congrats for working your way through rehab. Keep up the good work!

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Sat, 04 Aug 2012 18:16:33 GMT

Once you successfully complete the rehabilitation process, your loans at Nelnet would change from "defaulted" to "transferred.' Edited

Re: What can I expect?? Rehabbing with Windham Professionals

scotth1424 — Sat, 08 Sep 2012 05:20:44 GMT

Im in the same boat as apandabear, my student loan also started with Sallie Mae which then got sent to USA Funds and i actually made my 9th/last rehab payment to Allied Interstate Aug. 20th. In July I called Allied Interstate to see if i could make my 9th payment earlier to speed up the process which they only moved it up a couples day because a policy they have. They also sent me some papers i had to sign and return certified mail early that way when they received the last payment they could get the ball rolling to get the loans out of default. Lady at Allied said they would be out of default by Sept. 6 which was yesterday. So im waiting till the end of Sept. to see if any changes have been made to my Credit Report.

Re: What can I expect?? Rehabbing with Windham Professionals

Poorboi — Sat, 08 Sep 2012 22:04:27 GMT

I'm about to start rehab, mine also is from sallie to USA now to the collection agent. That's three hands i called sallie they told me my loans was paid from USA .now isn't this private and after the CA called me it jumped on my report the next day saying USA funds. They both are on my credit report hurting me, my scores dropped another 28 points. Is this process wrong or illegal! My original loan amount was $3900 in 1999 now it's at $8700.no one have spoke to me about how much to pay and where to send

Re: What can I expect?? Rehabbing with Windham Professionals

scotth1424 — Sun, 09 Sep 2012 04:37:52 GMT

Its not illegal, the loan developed interest w/ penalties. My loan also accured interest and penalites which started at $10,000 and is now up to $18,000. Also, if you know what collection agency has the loan then you should contact them about starting the rehab process. My CA was Allied Interstate, which they asked me if i could pay 50% of the loan, which i couldn't, dont have that type of coin lying around. Worked out payment arrangements and they were pretty easy to work with as they set up payments that would automatically withdraw from my account.

Re: What can I expect?? Rehabbing with Windham Professionals

Poorboi — Sun, 09 Sep 2012 05:31:10 GMT

Ok thanks, will do Monday morning

Re: What can I expect?? Rehabbing with Windham Professionals

apandabear — Sun, 09 Sep 2012 17:24:40 GMT

Also, as a benefit of rehabbing, a lot of those penalties will fall off.

For example, I had $21k in student loans before default. That skyrocketed to $28k. Once rehab is done, the penalties will reduce to like 18% or something, which brings my owed amount down to like $25k-ish. You should get the specific terms in the rehab paperwork they send you. Read it carefully!

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Tue, 18 Dec 2012 18:37:21 GMT

Hi. Just curious as to what happened with your loan in collections with Windham. I am in month 7 with them and am hoping you can shed a little light on the stuation

Thanks.

Re: What can I expect?? Rehabbing with Windham Professionals

ironsight — Tue, 18 Dec 2012 20:02:37 GMT

Funny you should ask....I made my 9th payment to Windham about 2 weeks ago and received a letter in the mail today from Nelnet saying that they are now my loan servicer. I am guessing that means that the loans were successfully rehabbed and bought back by Nelnet. Now I just wonder what needs to be done to get the CA's updated....

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Wed, 19 Dec 2012 17:29:01 GMT

So.....you did nothing to facilitate the process ?

The loan just reverted back to the original servicer ?

I'm curious to know if the terms of the loan are the same or if they have been modified with the rehab.

Thanks for posting back so quickly

Re: What can I expect?? Rehabbing with Windham Professionals

ironsight — Wed, 19 Dec 2012 20:35:02 GMT

No, I didn't do anything to facilitate the transfer of my loan. I checked, and I made my last payment on 12/10, I received the letter in the mail from Nelnet on 12/18 stating that they were my loan servicer. My payment amount didn't change much and I don't remember what the original terms were on the loan. The intrest rate seems high to me at 7.5%, and the term is crazy...something like 158 months.

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Thu, 20 Dec 2012 16:03:01 GMT

If you have any questions about your Nelnet loan or anything about the interest rate/loan term, please call us at 888.486.4722. We'd be happy to answer any and all of your questions! - edited

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Mon, 31 Dec 2012 18:38:31 GMT

Can any of you please post what your beginning Total debt was with Principal + Collection costs and then also list what your payment size was?

Right now I am at $67k + $16k, for a total of $80k, and for rehabilitation they say they want $1,040 a month for the next 9 months, and that is WITH them considering me a hardship.

Except that I make $2,200 a month.

This seems totally unreasonable to ask for half someone's monthly income, and there is no way my debt size calls for that big of payment. Rehab is my only option, and i don't know what else to do.

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Wed, 02 Jan 2013 16:44:57 GMT

Jackie,

I think you're getting a raw deal here. My loan balance including penalties,etc., comes to more than the amount you have given for yours. My income is greater than the amount you have stated. My monthly payment is just about half of what you have stated they are asking of you.

There is a worksheet that they will provide you where you may list your income vs expenses. I would think that you should be able to reduce that monthly payment if you can show that a good amount of your monthly take home goes toward living expenses.

Always be gracious when dealing with them.

Best of luck.

Re: What can I expect?? Rehabbing with Windham Professionals

ironsight — Thu, 03 Jan 2013 15:56:31 GMT

Jackie,

I agreee with FICOnator, you should be able to negotiate a payment that works for your current income level. My balance is right around 30k, and my rehab payments were approx $260.

Good luck!

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Wed, 23 Jan 2013 18:03:11 GMT

Hi everyone!

I haven't rehabbed with WP just yet. I just received the letter in the mail yesterday. I think in all my loans are coming up to 69,000 dollars. I talked to a rep today my father and I and they want 6900 by next week. But we told them we couldn't pay that. Now I only make around 1200 bucks a month and I have a car payement, car insurance and a but t loan of other bills. My pops def doesn't make alot he just got hired at a temp job. They are talking about doing equity on the house and everything. It's just alot. Not to mention other loans that I am paying through other providers. So my question to you guys when I call them back today should I ask about the rehabilitation program and then tell them what I can pay? I'm really hoping that they can work with me because I"m at work stressed the hell out to the max. Any suggestions or advice would be great to the ppl who have been through it already. I'm reading some of the post just crying. I hope I can have success stories like you guys.

Re: What can I expect?? Rehabbing with Windham Professionals

Anonymous — Thu, 24 Jan 2013 17:10:30 GMT

I think you may be confusing some of the terms that are used in the loan business. Here's my take FWIW.

It sounds like you are in default on your loans ( for not paying them for whatever reason). The original lender or guarantor has now turned the loan over to a collection agency (Windham). They are trying to collect payment from you (and from your post maybe trying some strong arm tactics to scare you a little). Unless your father co-signed your loans then it would be best to not include him in the discussions with the collection agency. (they don't really care where the money comes from and will try to get anyone to pay)

If you do not pay they will seek whatever remedies they have available to get money including wage garnishment.

You need to let them know that you do not have the ability to pay the amount that they are asking based upon your current income. Ask them for their worksheet so that you can document your income vs expenses and prove to them that what you say is true. (if you're making a $500/month car payment on $1200/mo income, they are not going to be too thrilled b/c it shows poor money management)

Once you have negotiated a do-able monthly payment with them and have made that monthly payment for nine months (or longer) in a row without missing (which shows that you are responsible with your debt) then you will be eligible for loan rehabilitation which is where the loan is restored to the original lender (taken out of collections) and you resume with the monthly payments to the original lender instead of Windham.

Thus the main advantage of loan rehabilitation is that it removes the negative credit report item of having a loan "in collections" which should allow your credit score to improve with time.

HTH