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Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

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Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

Recently had a collection agency (Reliance Capital Solutions) pick up my DOE education. Account has NOT been paid in several years. In speaking to the company, they quickly requested me to upload financial documents, pay wages, medical/dental insurance payments, etc. into their portal. 

 

I did confirm with DOE that they are the current holders of the account. They have never sent me any documentation in the mail. The address they have had on file is outdated. I did update it with them and STILL have not recieved anything. The documents I've printed out on their website DOES show DOE info, but NOT their company info. Reviews from both individuals and past employees are negative. 

 

Additionally, my conversations within the company have been negative. I've even been passed onto a supervisor with the same attitude. I'm not saying I don't want to pay, I just want validation. In addition, some have complained about their payments not being posted and such. 

 

Is it possible to reach out to another company and request they buy my loan? Is this acceptable? If so, is there a specific company that anyone suggests over another? And of course, I have bad credit and wouldn't be able to consolidate in a favorable situation. 

(WX) '13START TU500 EQ592 & 19'RESET TU545
(YZ) '13START TU586 -> 621 EQ612 & PAID OFF ALL FOR 19'RESET EXP589
Message 1 of 6
5 REPLIES 5
Valued Contributor

Re: Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

In helped someone with their federal student loans in default. The sooner you're out of default (and you only have one attempt to do so) the sooner you can overcome this hit to your score.
I hope you don't take anything I say as a judgement against you. Many people, including myself, have "overlooked" their student loans. Now's a great time to make it right. If DOE says this is the right collection agency, accept that. They probably suck; imo most of them do. They're often rude. They make mistakes often. You can't switch though. You just have to keep a close watch to be aware if there might be any errors so you can catch anything before it becomes a problem. They didn't have to send you anything before they start collection attempts. But you can request copies of everything you agree to. If they are asking for financial information, it's because they will use it to come up with an affordable payment plan (rather than your loan's hefty normal monthly payment. )
You have a limited amount of time before they will probably try to start the process to garnish your wages. You cannot choose who collects against you.
I highly suggest you keep the loan as a federal loan. There are protections you have that you will not get back if you privatize it. To get out of default you have two options: rehabilitation and consolidation. Rehabbing is ~9 payments that can be adjusted to affordable payments. Necessary expenses can offset your income. This step is required. After rehabbing your default will be removed, sometimes even your lates, and it will return to a regular servicer. Consolidation requires only a few payments but does not remove the default. It will make the loan show up on your credit report as one, new loan loan at 100% utilization.
Beyond garnishment, they can also take your tax refunds . If you rehab your score will likely recovery a lot in a year's time (read experiences of other members on here). If you default again, it stays that way until you pay the loan off completely. Once a rehabbed or consolidated loan gets sent back to a servicer, you'll have access to payment plans such as the Income-driven repayment plan.
Good luck.



Message 2 of 6
Established Member

Re: Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

Definitely rehab! Beat thing I could done. Ive seen upwards of a 50 point gain as soon as my my new lender reported. I had FMS (great company) just waiting for my perkins loans to finish the rehab process, and be done (last derog) Whatever you do, finish rehab. Sabii, and MyFico forum has been very helpful with my questions, and what to do. But imo, definitely do rehab, worth the effort and work.
Message 3 of 6
Valued Contributor

Re: Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

Emcarthur: You're welcome!
Btw have you seen the loan forgiveness on some of the Perkins Loans?? 70% forgiveness in 4 years or 100% in 5 from what I'm understanding. It's a certain percentage forgiveness per year, including that year's interest. Want the link?



Message 4 of 6
Established Member

Re: Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

Oh, really? I have not seen that! Yes! Id love the link. Thats the only student loan I'm fighting with thus far! Oh, and it appears they have removed my student loan lates! Only accounts showing are my nelnet that are closed due transfer, and showing paid in time!
Message 5 of 6
Valued Contributor

Re: Dirty Reliance Capital Solutions Rehab - Can I Change DOE Collection Agencies?

Message 6 of 6
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