swtprncess281 Posted January 3, 2009 Report Share Posted January 3, 2009 Hi All,I have a big one here and need your help. I have several loans with SM. To my knowledge my loans had all been consolidated, then placed in forbearance, and now paid as agreed since the moment they came out of forbearance. I had a separate loan listed on my report as a charge off (As of 2002) which I've been disputing constantly for the past year. I finally get to the bottom of it this month while going through the process of buying a home. I find out that this one loan for $2,400 is a private loan and was NEVER placed in forbearance or consolidated with the others. It is in default and now being held by NCO financial. They are not listed anywhere on my credit report and I have never heard from them. They said they only received the loan on Dec. 8 and Sallie Mae would be willing to settle it with me for $1,300. I need openings of a few things because this is having a very bad effect of my ability to get a home.1. Once paid in full, does Sallie Mae change the "charge off" status on my credit report?2. Can NCO ever place the account on my credit even after I pay them?3. I played around on my Sallie Mae account, after registering online and found a way to send a payment directly to them for JUST THAT loan (balance on SM $1,230). Would it be better to pay SM directly? Or would they most likely apply that to my other student loans and then I'd be out of the money?I know it's a lot, but this is probably the only thing standing between me and my home. Had I been more concerned with my credit and even taking a yearly glimpse at my report, this probably would have never happened. Link to comment Share on other sites More sharing options...
BTO429 Posted January 3, 2009 Report Share Posted January 3, 2009 Have you called sallie mae, i have student loans with them and have found they are pretty easy to work with. Link to comment Share on other sites More sharing options...
swtprncess281 Posted January 3, 2009 Author Report Share Posted January 3, 2009 They are wonderful with the other $18K I've been paying on every month, but for this measly private loan of 1K as soon as I bring it up I get transferred and transferred. Most of the time it disconnects the line, but now it sends me directly to NCO. I guess I could keep calling and telling them I want to pay THEM. Link to comment Share on other sites More sharing options...
coroner27 Posted July 14, 2010 Report Share Posted July 14, 2010 I am in a similar situation I guess. I have 2 defaulted SM loans. They went to NCO and I was paying $185 a month which was a nice break from the some $270 SM wanted. I made a few payments then I was not working due to having a baby. In April I could only pay $100 so I called them and they accpeted that. In May, when I was off work, I couldn't make a payment. I called NCO and they said just try to make a payment. I could not. Then in June they call me at work and the girl, Nicole, was very rude and threatening, saying that I was going to be sued by a lawyer and end up owing $50k. I tried to explain that I called in May and a June payment wasn't even due yet. She still continued to threaten so I swore at her and she hung up on me. I called right back and talked to a supervisor. He was nice and set me up on $200 a month for 3 months, then interest would stop. The day of the payment due I could only pay $100. I called and had to talk to Nicole. She again threatened me and I said, do you want the payment or not? She transferred me to the same supervisor, Ian. He is not so nice this time. He tells me that $100 isn't acceptable and my account will be turned over to lawyer. I ask him, "are you telling me you won't accept my payment?" He won't answer. I ask his name which he tells me Ian. I ask for a last name or a id number to which he tells me I am the only Ian here. I said "well i don't belive you." He got mad and told me he would not accpet my payment and hung up on me. I called back like 5 minutes later and was told my account was no longer with them its now with Gordon & Weinberg. I just got the letter from them. Sorry, point being. I also would like to just make my payments to Sallie Mae. They won't even talk to me about this account though, I get transferred to the lawyer. I did try to make a small payment through the website but it doesnt show up under Payments so not sure where it went. It came out my account though. Could I just mail the payment to sallie mae and skip the attonry all together?? Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted July 15, 2010 Report Share Posted July 15, 2010 (edited) Be very careful with NCO.. They never contact you.. they don't call, they don't send letters.. they simply sue.. I am not kidding... They are known for it.. in fact my lawyer says they hit this area around June. Every June for the past few years she gets a ton of them that come through her office.When I worked out a payment plan with them I asked about this, they confirmed it.. they don't bother with paperwork and phone calls they just issue summons.. they get more default judgements that way since most people don't show up and few fight it.So in THEIR case make sure you realize silence doesn't mean you are off the radar.. fix this, NCO is a bad seed.Also SM may not deal with you while its in collections.. the good news is that if SM owns it they may not go that route and it may end up back in their hands, but thats a risk you need to be aware of.Also Charge off will stay on your credit report, though they will mark it paid and yes NCO can add themselves as a factoring company. Edited July 15, 2010 by CarolinaBlueEyes Link to comment Share on other sites More sharing options...
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