I cosigned for a student loan with my daughter in the amount of $17,000 for the fall 2006 semester of her junior year at ISU. It was originally scheduled to be paid back soon after she graduated. The stipulation was that if she did well, I would pay it for her. She did very well, so I began paying it back for her in $3000 payments beginning approximately mid-term.
In January, I went to the AES website, got my payoff number and made what I thought was my last payment. However, this loan was scheduled to be paid off beginning at graduation and lasting approximately 10 years from then. I paid it off, but had apparently accrued a $32 interest fee due to the lag between the reported payoff and the actual receipt of the last payment.
I was sent a letter stating I owed $48 by now, and I contacted them via the web to find out what it was for and why, with no response. The website is very difficult to navigate, and finding information to contact them is daunting at best.
Two months later (March 09) I began receiving mechanized phone calls without any identification, telling me I needed to call a phone number and that it was very important. After about a week of getting those calls 6 days a week from morning until evening, I finally used caller ID and called them back. I found out that it was a collection agency for these people. I asked what it was concerning, as I had paid this off. They told me I owed $48 for accrued interest. I asked for proof and said I would then pay it if it was warranted, as I have no idea who these people are.
That is when they filed a credit report under all three of their company names, shutting off any credit I had. I believe this is a gross overreaction and caused me a great deal of trouble over $48.
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