This company is supposed to help you consolidate educational loans. The application process was not hard however the approval process takes forever. It also is very confusing to the consumer on what they recieve as communication.
One year ago my daughter consolidated her student loans from Unsub and Sub loans from Sallie Mae and AES. We received confirmation that it was consolidated. She also received a letter stating when the repayment period would begin in June of 2011. This was the first communication since the approval letter.
In June of 2011 she received an Interest Statement showing a total unpaid interest and a note that tells about making a payment to reduce interest captialization. It does not indicate that it is a bill, it leads you into thinking that you have the option of making a payment or not. She did not receive any billing statements until October of 2011 at which time they informed her she was 142 days past due.
She was able to speak to someone at their customer service center. The clerk claims that her account shows that all bills have been mailed and that there were various emails that were sent also. The clerk assured her that there wasn't any late charges assessed to her account but it had been reported to the credit bureau.
That email was checked and also the spam was checked and it does not show any communications from this department. I have prior correspondence up to the approval letter the letter showing when the repayment process will begin but no billing statements for the months of June July August or September where are they? Why would I keep all the other correspondence and toss the billing statements? Does that even make any sense? I also did not receive any phone calls from a collection agency. As I recall the same thing happened when I consolidated my Parent Plus loan too.
As my credit report and her credit report will show when pulled we are not dead beets when it comes to paying our bills. Please don't misunderstand we are not perfect either but it would be a rarity for us not pay something. It would be usually due to something like this that we have missed a payment.
This department thinks they are perfect and everyone else out there is not. It doesn't matter if you are resonable they are not. And of course because their computer has a log of all correspondence sent it must have been. Heaven for bid that they acknowledge that humans actually work for them to input the information on the computer. Here's a news flash no human is infailable. Your people working for you can and do make errors your just willing to cover it up by accusing the consumer of being unresponsible.
What I would like to happened is that her credit be exhonorated the reality I'm expecting is absolutely nothing will be done or this will somehow once again be flipped back and we are the faulty party when that is the farthest thing from the truth. However, I don't think we are the first people that this has happened too. I would like for some to investigate exactly how many people have consolidated their loans and what percentage have been late in making their first payments through this agency. I believe this agency does this purposefully to ruin peoples credit rating.
They are credit crashers so beware when using them to consolidate your loans.