I consolidated my student loans through Sallie Mae and was making payments on time when they notified me via e-mail that the loans were put into deferment, I notified them via e-mail that I didn't want my loans put into deferment but was told I had no rights when it came to my loans. Over seven years later I get an e-mail saying my loans were late and my credit is now being ruined if I don't send them so and so amount immediately.
So I call, from work where I had happened to check my e-mail to give them my address so I could receive a payment book or something, I'm not going to just send a check out without seeing something. About 4 hours later I get a call from some angry guy demanding to know why I don't pay my bills, calling me a deadbeat and threatening to take my certifications, degrees and even personal property! I explained to him the situation and that a payment is on the way the minute I get an invoice but he is under no circumstances to call me again at my work. I got two more calls on that day and an average of three calls every day after.
I was furious and called to tell them that I don't do business like that, I thought I was a customer and deserved to be treated like one. I told them at that time to turn my loan back over to the guaranteer of my loan which I assumed was the Federal Government, I would rather pay them interest than a company that derives it's income from harassment and threats.
I really don't understand the Sallie Mae business model at all, If you wanted your money why force a deferment on me and why treat your customers the way you do? An army of minimum wage slaves to harass your customers? Who else does business that way, who could survive with that business model? I recently called Sallie Mae and talked to nothing but eastern Indians.
I borrowed my money in US dollars and got my education at a US tech school, so why am I speaking to somebody from India whom I can't understand, who can't help me at all, can't make any decisions for the company and spent all of their time trying to confirm my identity after I already had to punch in my social security number, birth date and area code just to get that far.
Now I get Pioneer credit Recovery, a division of Sallie Mae, who apparently bought my bad loan for the full amount (bad debt is usually bought for pennies on the dollar but pioneer credit recovery pays full price for bad loans, somebody needs to tell the banks.) and added another 10k or so on top of it.
I called up Pioneer Credit recovery and offered to start making payments with 6 thousand dollars down and up to 2 thousand a month until the bill is settled but they first said they don't believe me and that I was calling to harass them, then they required I submit all of this new loan information and credit references. I'm not trying to make any new loans, thanks, just trying to pay off the one I have now as quickly as possible. They wouldn't take my payments and ended up hanging up on me. Can you imagine the poor soul who gave these parasites a reference? Not on your life. So you see they simply are not set up to receive payment and are satisfied charging you excessive late fees and garnishing your wages like they are the IRS or something.
They have told me repeatedly that I have no rights regarding my loan but I know I never had an agreement or a signed contract with pioneer credit recovery and I don't dispute the Sallie Mae payoff amount or my agreement with them. There is simply no one in charge at pioneer who can make any decisions. Just low brow collection bots reading from a script. When I called to pay I gave them all the information they needed to garnish my wages because they didn't have to, I could afford to pay, but they want to and are set up to do only that.
With this tough economic climate and Sallie Mae stock plummeting like it is you would expect they would welcome somebody trying to pay them and have some sort of way to accept payments but they don't seem to. Only petty criticisms and threats coming from angry, low paid, bill collectors.