I had a student loan with the Vermont Student Assistance Corporation. I had recently entered a reduced payment agreement and had just sent in a payment last month (which brought me current). Today I was contacted by someone at Wyndham Professionals who had a FRIGHTENING amount of personal information about me, my family, my income - even my bank account.
This person told me that if I acted within the next few days, I could avoid having my wages garnished and if I agreed to a HUGE payment (originally $1300/month - - once he "heard" my circumstances that changed to $500/month)... Then magically, in 18 months, I could have my credit report read as if I had never missed a student loan payment. I mentioned that I had not been in default and asked how my loan came to be sold. He clicked a mouse (presumably) and after a moment of "research" said that he had heard before that this company had been bad about posting payments and said that they'd declared me in default and sold my loan.
He insisted on details of my expenses - I am a single mother with health problems who has been STRUGGLING but managing to make the minimum payments to keep my student loan out of default - even though I do not have reliable monthly income. Before finding this site - at the advice of a friend who insisted that this HAS to be against the law - I was literally in tears and unable to work because this man convinced me that I absolutely HAD TO pay AT LEAST $500 by the end of the month.
He said that if I did not, he would garnish my wages. I told him I didn't have wages - I'm a writer - I have royalties when a piece is published. He said that this company has access to federal resources and could EASILY simply take money from my bank account. Alternatively, I had to prove that I made AT LEAST enough to cover my expenses plus $500/month to cover their "minimum" payment in order to enter into their special "rehabilitation program". I'm honestly not sure what to do. He had banking information and information on the same contacts that I actually gave to the original organization where I took out my student loans. If this company interferes with my royalty income - my children and I will either have to go hungry or go on some charity program.
I'd love some guidance on this.
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