RNJ Posted April 11, 2005 Report Share Posted April 11, 2005 Please Help!!!I have lots of students loans with 3 different banks. I am in the process of consolidating them into one Loan (probably with Citibank since about 3/4 of the loans are with them). Since graduating in 1999, I've haven't really found employment sutiable to pay all my bills, including my student loans. About two years ago, I just tried to ignore the loans, hoping they would just go away. They never did. Now older and wiser this has killed my credit. I want to repair it in hopes that I can regain some stability in my life. Currently I am not in default on any of the loans, I've never been in default on these loans, and they are all in forberence.Once I consilidate them, will the old information with the bad history be taking off my Credit Reports? If not, Is there anyway I can get it off my reports? I hope someone out there can really help me. I am just now getting afloat, and I don't want to keep feeling like this ship is sinking... Please Help.Thank You Rj Link to comment Share on other sites More sharing options...
LynnInMN Posted April 11, 2005 Report Share Posted April 11, 2005 "Once I consilidate them, will the old information with the bad history be taking off my Credit Reports? If not, Is there anyway I can get it off my reports? "Your loan will be marked as paid with a zero balance but the negative will remain. You can try a goodwill letter but if you simply ignored the loans, it is not likely they will remove it. Did you apply for and use all your deferments or forbearances?? Link to comment Share on other sites More sharing options...
RNJ Posted April 11, 2005 Author Report Share Posted April 11, 2005 Did you apply for and use all your deferments or forbearances??Lynn...I did apply for forberances and/or deferments, BUT sometimes some loans were covered and other were not. I have no clue for each loan ever taken out, you had to apply for these protections for each one. In the past two years until recently, I suffered from Major Depressive Disorder and Dysthmia another Depressive disorder...While under care for these illnesses, I lost my mother to cancer.... I just didnt care about anything at that time, including my student loan debt. Its not that I didn't care... I wasn't well enough to care. If I can provide proof of sub standard income and history of being serverly ill, will they allow me to backdate a deferment or Forberance?RJ Link to comment Share on other sites More sharing options...
LynnInMN Posted April 11, 2005 Report Share Posted April 11, 2005 Some do, some dont. Technically they are no obligation however if you call and explain the situation....maybe even ask for a supervisor. It is worth a shot! Link to comment Share on other sites More sharing options...
tryn2dotherightthing Posted April 30, 2005 Report Share Posted April 30, 2005 I am in the same boat. I have about 8 loans all have negative stuff reported. I recently consolidated. I have written a goodwill letter to the CEO of all of the companies that hold my loans. I will let you know what happens Link to comment Share on other sites More sharing options...
jpm121 Posted May 2, 2005 Report Share Posted May 2, 2005 Depending on how you do the consolidation, I've heard that after 12 months of timely payments, they will clean off all the old tradelines. This is strictly anecdotal, however.I'll let you know in 11 months, if I can be a good boy. Link to comment Share on other sites More sharing options...
LynnInMN Posted May 2, 2005 Report Share Posted May 2, 2005 Depending on how you do the consolidation, I've heard that after 12 months of timely payments, they will clean off all the old tradelines. This is strictly anecdotal, however.I'll let you know in 11 months, if I can be a good boy.I think you are getting consolidation and rehabilitation mixed up. Rehabs are for defaulted loans only and and yes the negative tradelines from the loan holders will be cleaned up. However, if there was a lender involoved, such as Sallie Mae, that rule does not apply to them. Link to comment Share on other sites More sharing options...
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