NCO Financial Systems, INC. Collection agency for student loan defaults LIES BY OMISSION: Excluded sale of Loan as qualifier for Loan Rehab Program Horsham, Pennsylvania

My husband has outstanding debt for student loans. He made this debt prior to our marriage ten years ago and due to unforeseen circumstances was unable to pay back these loans in a timely manner. I, being the type of person I am, have been slowly trying to repay all the debt we both over the past ten years. I am currently disabled and my husband works full time. We have five children, only one of which is ours together.

To say the least, living in a state that pays little and jobs are hard to come by we have struggled to pay this debt as most people have in recent years. Prior to June 17, 2011 I entered into an agreement with NCO Financial Systems as the woman I spoke to was very kind and was willing to work with me to fix this debt.

To make a very long story short, I spoke with both the loan collector as well as her supervisor and they informed me of the loan forgiveness program with which I agreed to verbally on my husband's behalf. They told me that the payments would come out of my account; it would have to be by the end of June and at the first of the month each month for ten months in order to make this account current. Once this was complete he would be current with the department of Education and they could work an arrangement to lower the amount paid each month until the debt was paid. Wage garnishment would not occur, taxes would not be taken away and further action would cease. I just needed to agree to the payment arrangement, sign the form and we would be alright.

What they did not inform me and I was not made aware of was that in order to qualify for the loan rehab program, the loan was going to be sold and the new lender was going to establish a new due date, calculate a new monthly payment which may substantially increase and I can assume a new interest rate, which will probably far exceed the current rates of between 2% to 3%.

I have not signed any paper and do not plan too; plus I think it is my husband who would have to sign it and he isn't willing. How can they do this? There was no disclosure to the fact that the loan was going to be sold or that there would be a new lender, interest rate or say anything that would have made me turn away from an agreement with them. Is there such a thing as full disclosure? Or are they aloud to skirt the issue and pray that I am so desperate as to sign away any rights to a fair loan agreement?

 I am disgusted that our country would allow this to happen. Shame on the U.S. government for allowing the fleecing of the poor!