My wife was contacted recently about a loan she took about years ago that she forgot about (before anyone asks, YES, this is a valid debt, but nobody has contacted her about this in a long time and she forgot it existed). Her debt has obviously defaulted, but the lady on the phone at Account Control Technology said she can rehab her loan. She asked her some questions about her financial situation, and my wife told her she was about to be on maternity leave and would not have any income. The lady said this was good news (uhh... really?) and that in order to rehab her loan she would need to make 9 consecutive payments of $5 (yes FIVE DOLLARS) and the debt would be rehabbed and she'd be back in good standing. Anyways, the lady on the phone tried to get her to give her bank account info righ then and there but she wasn't having it. After she spoke with me my wife called ACT and another lady told her she doesn't know why that lady said her payment would be $5 but it was wrong, but she wanted my wife's info to start making payments. My wife obviously said she's not giving any info without seeing paperwork and we're completely confused. Now, a few weeks later I get three different envelopes in the mail. They're all from ACT. We just moved and the forwarding took a while I guess. They're dated 9/3, 9/4 and 9/4. And with these letters I'm just as confused as ever.
The 9/3 letter is titled 'REHABILITATION CONFIRMATION' it basically says congrats on making the commitment to repay your loan... it says they've established a payment plan under the ED guidelnes and gives me an overview of the rehab program.
Then there are two letters dated 9/4.
One says 'REQUEST FOR REQUIRED DOCUMENTION REHABILITION PROGRAM BASED ON 15% GI CALCULATION" Again, congrats on making the committment to repay your loan through a payment plan based on 15% of your adjusted gross income, in order to move forward with the payment plan we discussed during our recent conversation we must obtain documentation of your income and expenses. Etc.
The last one says 'REHABILITATION PROGRAM" It says "we have calculated your monthly repayment amount to be $5.00 based on infomration about your income that you have provided to us. If you agree to make these payemnts, sign the agreement and return it to us..." Then there is a separate form With 13 rules about when to pay, how many payments, dollar amount, what happens if I don't pay, what happens when the program is done, etc. And at the bottom it asks my wife to sign and it says her name.
I know this is a lot of information but I'M SO CONFUSED. The two letters dated 9/4 seem to conflict eachother. The first seems to say if you want to rehab please send us financial documents so we can calculate what you owe, the second says you us $5/month sign here to confirm. I'm pretty sure I have 30 days to return this, due to these forms getting lost in the mail I'm freaking out. I need to get this in the mail tomorrow morning and get this handled. Should I have her sign the agreement to $5/month and get this rehabbed? Or do I send the financial documents? Can she buy some more time by calling someone at ACT or once this process starts going there's no way to stop it and if we don't handle this within 30 days we're SOL?
Thanks so much for your help
