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AES student loan disputes


MIPH80
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I have been out of school since 2003 and have paid my student loans on time every month until somehow they got bought by AES. Now I have 3 Loans left and have derogatory marks on my account (past due 90 days). I consolidated with a company called Great lakes right after graduation for 2.8% interest. A few years later Great Lakes sold them to Xpress Loan Servicing and an interest rate of 2.36% (since i paid on time for so long). Last year, somehow, Xpress went out of business and the loans got sold to AES. Neither AES nor Xpress notified me, AES was sending letter to a really old address (so they say anyway) even though Xpress loans had my corrected address where I have lived for over 4 years. I could go on and on at the ridiculousness and incompetence of the customer service at AES, but that would take too long.

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In a nutshell, when I finally tracked my loans down I called AES, got my address fixed, got my balances and account numbers, and wanted to speak to a manager about having these derogatory marks removed. They basically told me to go fly a kite and that they legally could not remove them. I insisted that they could and I'd like to know how to proceed. Finally I got a guy who seemed to know what he was doing, and he more or less agreed that they did make a mistake in not having my correct address and that I should send a letter.

AES also jacked my interest up to 4.5% - Can they do that?

Has anyone ever dealt with AES and have any advice on what has worked? Does anyone have a template I could use? If the nice letters don't work, what is my next option, a lawyer?

Oh and of course now we are really looking to buy a house but now my score and worthiness look bad. :( AES is so incompetent.

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  • 1 month later...

AES has struck again with unethical practices.In a previous post I mentioned I co-signed a student loan that was given an increase in monthly payments by AES despite being in good standing with that company. Now I would like to share the story about the horrible treatment I've received from a second loan with AES that was a part of their Private Loan Rehabilitation Program. In July 2011 my daughter defaulted on her private student loan, for which I co-singed. However in September AES assigned us to the Loan Rehabilitation Program. The program was designed to put people who have defaulted on their private loans a chance to return to good standing. The terms of the program were clear: pay $1200 down payment, $150 month for 10 months. After ten months of on-time payments we would return to our previous payment agreement and receive a Loan Rehabilitation Closure Statement. In addition our credit report would show the monthly payments. We did everything we were suppose to do; we paid the deposit, made on time monthly payments from 9/201-2/12. However without notice AES pulled us out of the program on 3/21/12 and sent the account to Weldman, Weiberg, & Reis, an attorney/collection agency in Ohio. Again, we did everything we met all terms of the agreement but we were still sent to collections. When we called AES/NCT we were told, "We decided we wanted to collect all the money." They acknowledged the payments were made on time and we kept our end of the agreement. Despite all of this we are now in collections and are expected to pay $33,000 in one shot. The attorneys even said they could; garnish our wages, place a lien on our bank accounts and home, and sue us for the full amount. We are working diligently to resolve this issue. All we want is to continue with the payments of the Loan Rehabilitation program.

Throughout all of this I have become a little despondent. I can see if we were trying to avoid paying our loan, it would make sense if we were sued. However we followed all of the terms of the agreement and yet we are in worse circumstances than if we never paid. How can a company alter the agreement of their program without warning? As I pray for a solution I keep this scripture in mind, " What shall we then say to these things?If God is for us who can be against us(Romans 8:31,KJV)?"

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Hi, while I can't offer you an advice, I can refer you to a book that got good reviews and I actually just ordered one for myself as well.

you can see reviews on amazon for yourself - DANA NEAL BestCredit: How to Win the Credit Game (2nd ed.) Amazon.com: BestCredit: How to Win the Credit Game, 2nd Edition (9781581605013): Dana Neal: Books

How can a company alter the agreement of their program without warning?

they can't. if it's a private loan, if I were you, I would stop all pmts and when/if sued, respond to a lawsuit, do discovery, and walk away from the entire debt. you can do it pro se (no lawyer involved), all by yourself, as the information on this forum is sufficient to answer and go through a lawsuit if ypu're willing to put the time into it and learn the steps. also, the book I recommended will give you a lot of help.

good luck!

Edited by flashback
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