I will try to make this as brief as possible, but really I am so upset, confused, and just outright flabbergasted that I can barely breathe.
I spoke with GC services (company collecting on my student loans) They offered rehabilitation to make 9 monthly payments within 10 months. They originally offered payments of $77 and asked if that were acceptable. I advised I would need a lower program. They proceeded to ask about income and expenses. Using my last two pay stubs I answered questions about my income and deductions. By end of conversation the rep basically tells me based on the info I have provided I would be eligble for the lowest payment possible at $5 per month. I told him I would like to do a little more than that. They send me a form with all the expenses we went through and asked that I send back the paystubs we calculated the payment based on as well as a statement about the vehicle I own.
Fast forward... I receive an email today recalculating the payment (based on the information I provided) which is exactly the information I provided over the phone. This information was actually prefilled. The new payment they came up with is $170!!!! They say sign this paper to agree to this payment amount and begin rehabilition. Of course I am not signing that!!!!
Beneath the payment amount they calculated is a bolded clause that states, "If you object to the payment that we calculated, we will recalculate your monthly payment based on more detailed information related to your financial circumstances"...
My questions for you guys here at myFico forums are this:
Has anyone had this happen to them?
Why would the amounts changed so drastically when the information provided to them was exactly what was on my most recent paystub?
Why do they offer to recalculate based on more detailed information to my circumstances when they told me that is what they were doing initially?
Should I be concerned because I already gave them my debit card info to take the montly payments out (higher than the $5 they said would qualify)?
I am just so upset, I cannot even contact them about this until the morning. The rehab program seemed very promising, especially with the removal of the derogatory infomation after completion of the rehab. Now I feel quite foolish for giving them access to my banking info and extremely concerned about my ability to rehab these loans because there is no way I can afford that amount on top of my monthly bill for my child and I.
I would appreciate any and all feedback on how to approach this situation. And what I should do before calling them. I have to respond within 15 days of the letter which I received via email today.
