• Report: #847649

Complaint Review: ECMC

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  • Submitted: Fri, March 02, 2012
  • Updated: Fri, March 02, 2012

  • Reported By: NeverConsolidate — Your City Nationwide United States of America
ECMC
Internet United States of America

ECMC Educational Credit Management Corporation When I consolidated my loans they dubbled my principal. Internet

*Consumer Suggestion: Read the documents before you sign

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I originally borrowed $41,000 for school. I consolidated some loans and later I consolidated again. Last year I consolidated with ECMC. They never told me that as soon as I signed the papers that my loan principle would double from $65,000 to almost $140,000 overnight. When I began investigating what happened I learned that each time I consolidated my principle was doubled. Not just by ECMC. My payment is now over a thousand per month and my total repay amount is $364,000.  For $41,000 in loans! 

This report was posted on Ripoff Report on 03/02/2012 11:16 AM and is a permanent record located here: http://www.ripoffreport.com/r/ECMC/internet/ECMC-Educational-Credit-Management-Corporation-When-I-consolidated-my-loans-they-dubbled-m-847649. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Read the documents before you sign

AUTHOR: Larry - (U.S.A.)

You got screwed over your student loans and you got screwed out of an education.  How could you sign an agreement to consolidate $65,000 worth of student loans without reading what you were signing.  By law they had to disclose how much you had to repay.  How could you miss those terms?

There may be some good news:  ECMC should have paid off your original guaranteed student loan, which cannot be discharged under bankruptcy.  The amounts now owed to ECMC are not guaranteed by the government, thus you can file for bankruptcy and discharge these outrageous loans.

Even if ECMC did not pay off the loans and is making payments with the money you pay to ECMC, you can still discharge the amount owed to ECMC.
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