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Studentgotinoverhead

Desperate-in way over my head

15 posts in this topic

I really REALLY need help/advice. I am trying to get my life/credit back on track, but when debts are really old, it can be really difficult. 

The problem here is student loan debt. I had a lot of debt in general, and filed CH13 in 2013 and many were discharged, but of course not most student loans.

I was very unintelligent, and had no idea what was going on during the college situation. My mother had bad credit, and was very irresponsible with money, so all parent loans were denied, and all loans are in my name. The problem is, I didn't really even know about most of them. She wanted me to go to college and did what she thought she should in order to make that happen. I didn't even apply for any of the loans myself, she would just use my social, sign electronically, and school was paid for. My own fault, but at the time, I never thought anything of it, and didn't know how bad it was getting. I assumed she was paying at least part of it with real cash money (turns out it was all loans). 

To sum up the issue, the loans go back as far as 2003, and none of them have ever really been paid, except a few here and there. And I paid off one Perkins loan myself in the last year. 

The remainder of the loans, are hard to even know what I still owe any more. Credit reports - all three show different accounts. Some show the accounts as "closed". 

The three different major credit agencies show these amounts of total debt: $9,000ish, $0, and $55,000 ish. When I now know that school cost at least $76,000 over the course of multiple years. 

The loans have been sold over and over, I have no idea who I owe what. I have no idea if some of the debts were discharged (it appears some through Wells Fargo were discharged even though they are student loan debt)

I know this is all my fault, I should never have been so naive, and such an idiot, as to let her manage this, as now she has no idea either. I know this is my responsibility and my fault, but I can't seem to fix it myself (been trying). 

I have read on this forum that you shouldn't use credit repair agencies, and that you can do it all yourself- but it really seems like too much for me, such a HUGE giant tangled mess of stuff, back over a decade ago. 

I currently have no credit cards, no accounts of any kinds other than these student loans, and my score is in the low 500's. I really want to fix it all. (of course, funds are limited, but I work on commission, and would like to just pay off "chunks" of it, one at a time.  There may be as many as 19 loans, anywhere from $600-9,000 each. 

Is there anyone who can offer even the smallest bit of advice?

I do not mind paying for help with this, in fact, it would be a major relief to find someone trusted/recommended who knows what they are doing, and I would gladly pay for a valuable service. 

 

 

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Clydesmom    953
32 minutes ago, Studentgotinoverhead said:

Please? I'm literally begging for some insight or even a path, or a recommendation for a service

For the love of GOD give it time for people to respond.  We are volunteers here not paid employees.  

First start by getting PAPER copies of your credit reports (not free ones) by ordering the from the bureaus directly.  You need to know what is reporting.  Once you determine what will drop off soon (and when) and whether or not you can be sued then you can begin to tackle the loans and settle them.

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35 minutes ago, Clydesmom said:

For the love of GOD give it time for people to respond.  We are volunteers here not paid employees.  

First start by getting PAPER copies of your credit reports (not free ones) by ordering the from the bureaus directly.  You need to know what is reporting.  Once you determine what will drop off soon (and when) and whether or not you can be sued then you can begin to tackle the loans and settle them.

I know everyone is volunteer, and I really appreciate it. I can wait. Just wanted to make everyone knew how desperate I am for any kind of .... even a point in the right direction. I am to the point where it just seems so hopeless. 

I was under the impression that student loans never "drop off". Is that true?

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For instance, one of the student loans has a new entry on my credit report (the same student loan from around 2003/2004. But now it says opened in 2015- when I KNOW no loans were opened in 2015. I haven't been in school for nearly a decade, there should be no newer student loans. Is this "re-ageing" or what ever that term is where companies try to make an old debt look new? 

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Clydesmom    953
21 minutes ago, Studentgotinoverhead said:

For instance, one of the student loans has a new entry on my credit report (the same student loan from around 2003/2004. But now it says opened in 2015- when I KNOW no loans were opened in 2015.

The clock on the student loans does not start kicking until you were due to start repaying them NOT when you were in school.  When did you graduate?  

The "opened" date is the date the collection agency got the account not the date the loans were taken out or payments started/defaulted.

Again, you need hard copies of your credit reports to see what is reporting and how.  If it is an illegally re-aged trade line then you would need a consumer attorney to sue them for the FDCPA and FCRA violations.

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2 minutes ago, Clydesmom said:

The clock on the student loans does not start kicking until you were due to start repaying them NOT when you were in school.  When did you graduate?  

The "opened" date is the date the collection agency got the account not the date the loans were taken out or payments started/defaulted.

Again, you need hard copies of your credit reports to see what is reporting and how.  If it is an illegally re-aged trade line then you would need a consumer attorney to sue them for the FDCPA and FCRA violations.

Hi Clydesmom, I never actually graduated (extenuating circumstances got in my way, I am hoping to someday get a degree anyway, but for now, just working on getting finances back on track). 2009 was the last year I attended school. I am not sure what date I was scheduled to start paying these loans, my mom had the addresses set up as a PObox, and I've only seen very occasional correspondences, when the creditors found a real address for me (And even that's only been 2 out of the several creditors that have actually contacted me. I assume most of them still have the now defunct PO box address, and probably most of them have given up on sending things? I am not really sure though.)

I will get a hard copy of credit reports 

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Not to sound dramatic, but I keep reading that I'll never even be able to get a tax return without the government taking it to cover these. That I'll never be able to retire, because even social security will be taken to cover these federally backed student loans. Basically that if I don't pay every penny (which seems near impossible, especially with the interest), that I'll go to the grave a poor pauper, who still owes the government thousands in student loans from decades before that. It's so depressing, and like I mentioned, I am feeling hopeless and depressed about it all. 

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Clydesmom    953
37 minutes ago, Studentgotinoverhead said:

Not to sound dramatic, but I keep reading that I'll never even be able to get a tax return without the government taking it to cover these. That I'll never be able to retire, because even social security will be taken to cover these federally backed student loans. Basically that if I don't pay every penny (which seems near impossible, especially with the interest), that I'll go to the grave a poor pauper, who still owes the government thousands in student loans from decades before that. It's so depressing, and like I mentioned, I am feeling hopeless and depressed about it all. 

Unfortunately if these are Federal loans that is accurate.  They are nearly impossible to get rid of even if you are permanently disabled.  The government has a LOT of draconian ways to collect without ever suing you.  Before you go off the deep edge though we need to know WHO is reporting these loans as they may not all be federally backed.  If they are private it may be possible they are due to drop off soon.

 

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1. Education Credit Management Corp

2. Debt Management and Collections System

3. USA Funds, Inc 

 

USA Funds May also go by the name "Navient". Or Navient bought the loans?  Navient is the only company that has contacted me at home through the mail, and the amounts match up with this USA Funds loan. 

The other contact I got was for a Federal Perkins loan, and I have since already paid that one off (Perkins loan and Navient are the two I have actual documentation on. 

Also, Wells Fargo has many on my report with an open date of July 2014, and those were supposedly dismissed in my bankruptcy in 2013 (they were not federally backed)

 

There are more also, but it's pretty complicated to me, as in each report many of the loans are listed more than once/duplicated of the same amounts. And then across the three reports, nearly nothing matches up. 

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More creditors on some of the reports: 

ACS/Wells fargo 2004

AES/Barclays bank 2006

Dept of Ed/Navient

ECMC

US Dept of Education

U S DEPT OF ED/GSL/ATL

Navient Solutions

All of these appear under "closed accounts" 

None of the reports have anything for my under "open accounts"

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It's hard to believe that there are no trusted company or reputable companies out that, that I could pay to help me unravel this giant mess that is my credit/finances. I google and read forums but find nothing to go on. 

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Clydesmom    953
22 minutes ago, Studentgotinoverhead said:

It's hard to believe that there are no trusted company or reputable companies out that, that I could pay to help me unravel this giant mess that is my credit/finances.

WHY would you pay money to a debt settlement company when you can do this yourself?  It is a lot of hard work but well worth it in the end as you will have a crystal clear understanding of your credit and how it works.

You can also seek out a credit counselor.  There are some good non-profit organizations that might help.  You are not the first to get into this mess and won't be the last either.  It doesn't happen overnight and you won't fix it that way either.

 

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Why would I?  If it were just one or two loans, and I had any idea what to do with them, of course I'd see what you mean. Unfortunately the reason why I'd pay, is because the level of overwhelmed I feel is inexplicable. Not to mention that I have a more than full time job (to try and live, let alone pay down some of this stuff), and other responsibilities, and this is extremely time consuming even if I did know what I was doing. 

It's so far out of hand, I'd do just about anything for help from someone who actually knows what they are doing. Me, or my family just seems to make it worse. 

Either way, there seems to be no one, so I will just hope that I can somehow crawl out of this before I am a senior citizen, with help from forums like this and the internet in general. 

19 different loans (I think), serviced by multiple different companies each, reported multiple different ways, on multiple credit reporting services, some of which are federally backed, some not-which supposedly were discharged, but re-added a year later to at least one CR agency.

 

I will look into the non profits, in case I can find one to help

How does anyone know if a debt will eventually fall off, or just "go away" if they wait long enough? 

 

 

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Clydesmom    953
10 hours ago, Studentgotinoverhead said:

Why would I?  If it were just one or two loans, and I had any idea what to do with them, of course I'd see what you mean. Unfortunately the reason why I'd pay, is because the level of overwhelmed I feel is inexplicable. Not to mention that I have a more than full time job (to try and live, let alone pay down some of this stuff), and other responsibilities, and this is extremely time consuming even if I did know what I was doing. 

It's so far out of hand, I'd do just about anything for help from someone who actually knows what they are doing. Me, or my family just seems to make it worse. 

Either way, there seems to be no one, so I will just hope that I can somehow crawl out of this before I am a senior citizen, with help from forums like this and the internet in general. 

19 different loans (I think), serviced by multiple different companies each, reported multiple different ways, on multiple credit reporting services, some of which are federally backed, some not-which supposedly were discharged, but re-added a year later to at least one CR agency.

 

I will look into the non profits, in case I can find one to help

How does anyone know if a debt will eventually fall off, or just "go away" if they wait long enough? 

 

 

You are getting WAY ahead of yourself.  First get PAPER copies of your credit reports.  THEN you can put them side by side and start comparing.  Once you can break down what is reporting, by whom, and how THEN we can begin to help you attack it.  Right now all we have is several jumbled frantic posts with very little factual information we can rely on to give you sound advice.

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