FH Cann

[Anonymous]

Hello all,

Anyone out there handle their loan rehabilitation with this company?

what was the end result? Were they able to/did they remove lates?  How long did it take them to remove the default status and did you receive a score bump?   
I fully understand everyone's credit situation may not react the same way but I'm just trying to figure out what may happen in a few months when I'm rehabbed...

also we're you notified who your took over your loans?   
thanks in advance !

[Egaffne2]

Having dealt with them personally rehabbing my loans I feel obligated to tell u it's 100% worth it. I'm assuming they told u too that lates will be removed? Now that has yet to happen for me and I'm about 5 months post rehabilitation. I'm dealing with it now I just sent out a Goodwill request I'll keep ppl posted u can check my thread I started the other day for updates. And I'm referring to the lates not on the defaulted accounts but the original lates on my Mohela account. When I started missing payments they were transfered out to a different dept of ed account being collected by FH Cann. I will tell you those collection accounts I guess u would call them were wiped out when I completed my rehabilitation. I'm assuming they will do that for u too and that will definitely help your score.

As u know it's 9 payments. They allow u to pay up to 20 days early so I made sure my last payment was as early as possible to get the transfer process going immediately. They can't send them out until u have made the 9th payment. Suprisingly they processed my accounts very fast. It was only like 3 weeks from my last payment. Apparently it can take up to 90 days but if all your paperwork is in and correct, make that last payment early and it should be quick.

Your score will also benefit from having your accounts renewed in good status. Those accounts will still hold their original age so for me I didn't have any open installments and then all the sudden I had 2 in good standing over 10 years old over night. I don't know how much u owe but for me I was somewhat close to getting them to 91% paid so I dished out the money to get them above that threshold which gave me an additional benefit. If u can do that then go ahead it will help. Overall I probly netted like 20 points at least from the process depending on bureau. I can't say the exact will happen for u, maybe better who knows but this is just my experience. Like I said I'm working on getting the original lates removed but even if they screw me on that it was still worth it and better for my score than not rehabbing and strictly paying through FH Cann. 

Good luck!!!

[Anonymous]

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@Egaffne2 wrote:

Having dealt with them personally rehabbing my loans I feel obligated to tell u it's 100% worth it. I'm assuming they told u too that lates will be removed? Now that has yet to happen for me and I'm about 5 months post rehabilitation. I'm dealing with it now I just sent out a Goodwill request I'll keep ppl posted u can check my thread I started the other day for updates. And I'm referring to the lates not on the defaulted accounts but the original lates on my Mohela account. When I started missing payments they were transfered out to a different dept of ed account being collected by FH Cann. I will tell you those collection accounts I guess u would call them were wiped out when I completed my rehabilitation. I'm assuming they will do that for u too and that will definitely help your score.

As u know it's 9 payments. They allow u to pay up to 20 days early so I made sure my last payment was as early as possible to get the transfer process going immediately. They can't send them out until u have made the 9th payment. Suprisingly they processed my accounts very fast. It was only like 3 weeks from my last payment. Apparently it can take up to 90 days but if all your paperwork is in and correct, make that last payment early and it should be quick.

Your score will also benefit from having your accounts renewed in good status. Those accounts will still hold their original age so for me I didn't have any open installments and then all the sudden I had 2 in good standing over 10 years old over night. I don't know how much u owe but for me I was somewhat close to getting them to 91% paid so I dished out the money to get them above that threshold which gave me an additional benefit. If u can do that then go ahead it will help. Overall I probly netted like 20 points at least from the process depending on bureau. I can't say the exact will happen for u, maybe better who knows but this is just my experience. Like I said I'm working on getting the original lates removed but even if they screw me on that it was still worth it and better for my score than not rehabbing and strictly paying through FH Cann. 

Good luck!!!

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Thanks for the in-depth reply!  It helped me understand a few things..

as far as debt I'm in the hole roughly 20 grand so I'm not even close to the amount payed off that you have..

im curious about the lates falling off my credit report though.   These loans are from 2010-2012 so I'm curious if they will fall off just based off the length this loan has been open.. any thoughts on this?   Thanks again and I will be following your post !   Good luck with the GW letters!

[Egaffne2]

Yeah I would assume that if those late payments are 7 years old then they should be gone. I would go find out exactly when those late payments were by pulling your report