I had two private student loans that were placed with OSI Education. I've been making payments to them since October 2006, on time every time.
In response to my last payment, I got the usual confirmation, but the confirmation stated that OSI was now NCO but same address as before. I did a little research and found out that as of NCO's 10k (this is a form that the SEC requires quarterly) filing in March 2008, OSI was a subsidiary of NCO. I'll have to go further back into NCO's SEC filings to find out when that happened, or if it's always been the case.
Anyway, I'm scared that my agreement with OSI won't stand, or that NCO will come after me more hard core. These private loans were for substantial amounts, and a judgment would really be devastating (to my career).
I'm hoping that since I'm paying, and will continue to pay, it will be in NCO's interest to leave it alone and continue to accept payments.
I will also post in Student Loans section, but I'm hoping for comment on the OSI/NCO relationship, and how folks have done with NCO in general, in this section. Thanks!
my situation with them is pretty crummy. 3.8% daily interest and payments that rival a car payment of $245....I was wondering if you ever tried to consolidate these private education loans (mine were with Great Lakes originally) into a Direct Loan through the Dept. of Education?
I am trying to do this now and on their website they do say
"Borrowers can consolidate most defaulted education loans, if they make satisfactory repayment arrangements with the current loan holders or agree to repay their new Direct Consolidation Loan under the Income Contingent Repayment Plan." also they say "Borrowers who do not have Direct Loans may be eligible for a Direct Consolidation Loan if they include at least one FFEL Loan and have been unable to obtain a Federal Consolidation Loan with a FFEL consolidation lender or have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to them"
I guess what I'm saying is that if you have NCO / OSI and you want to be able to get out of it you might try the Direct Loans at loanconsolidation.ed.gov for easier payments, getting out of default and being able to defer loans if you want to go back to school.
NCO has hundreds, maybe thousands of complaints against them with the BBB, and the FTC. I recommend that you do all you communications with them in writing. Check out this link. [Edited]
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